Question 2.
Journalise the following transactions of Mr. Rahul:
Answers
Answer:
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Journal Entries for the given transactions
Explanation:
In the books of Mr.Rahul
Journal entries:
1.1.18 Cash A/c Dr. Rs.1,00,000
To Capital A/c Rs.1,00,000
(Being fresh capital invested in business)
2.1.18 Bank A/c Dr. Rs.60,000
To Cash A/c Rs.60,000
(Being amount transferred into bank)
3.1.18 Purchases A/c Dr. Rs.20,000
To M/S Singh and Co. Rs.20,000
(Being goods purchased on credit)
Cartage A/c Dr.300
or Direct Expenses A/c
To Cash A/c Rs.300
4.1.18 Furniture A/c Dr. Rs.2000
To Cash A/c Rs.2000
(Being furniture purchased)
Advance paid A/c Dr. Rs.5000
To Cash A/c Rs.5,000
(Being order placed for HP Printers and advance payment made)
Calculator A/c Dr. Rs.1000
To Cash A/c Rs.1000
(Being calculator purchased)
Computer A/c Dr. Rs.13000
To Bank A/c Rs.13000
(Being computer purchased via cheque)
6.1.18 Postage A/c Dr. Rs.150
To Cash A/c Rs.150
(Being postage paid)
8.1.18 Cash A/c Dr. Rs.4000
To Sales A/c Rs.4000
(Being goods sold for cash)
9.1.18 M/s Sharda &Co. Dr. Rs.10,000
To Sales A/c Rs.10,000
(Being goods sold on credit)
9.1.18 Cartage A/c Dr. Rs.200
To Cash A/c Rs.200
(Being cartage paid)
15.1.18 M/s Singh and Co. A/c Dr. Rs.17,500
To Bank A/c Rs.17,500
(Being Payment made to Singh & Co. via bank)
25.1.18 M/s Ray & Co. A/c Dr. Rs.5600
To Sales A/c Rs.5600
(Being goods sold on credit)
27.1.18 Bank A/c Dr. Rs.9750
Discount Allowed A/c Dr. Rs.250
To M/s Sharda & Co. Rs.10,000
(Being amount due from M/s Sharda received)
31.1.18 Electricity Charges A/c Dr. 1000
Salary A/c Dr.1500
Rent A/c Dr. Rs.2500
Drawings A/c Dr. Rs.3500
To P&L A/c Rs.8500
(Being Expenses transferred to P&L A/c)
P&L A/c Dr. Rs.8500
To Cash A/c Rs.6000
To Bank A/c Rs.2500
(Being Expenses paid)