Question

Question 7.
Journalise the following transaction:

Answer 1

Answer:

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Answer 2

Journal Entries for the given transactions

Explanation:

a) Cash A/c          Dr. Rs.37,500

      To Shyam A/c         Rs.37,500

 (Being payment received from shyam's official receiver @75% of amount due as final settlement)

    Bad debts A/c     Dr.Rs.12500

              To Shyam A/c         Rs.12500

 (Being bad debts recognized)

b) Cash A/c    Dr. Rs.25,000

         To Bad debts recovered A/c  Rs.25,000

(Being bad debts of previous year recovered)

c) Rent A/c     Dr. Rs.40,000

         To Rent O/s A/c     Rs.40,000

(Being rent due to landlord)

d) Depreciation A/c      Dr. Rs.5,000

       To Furniture A/c            Rs.5,000

(Being furniture depreciated)

e) Salary A/c    Dr. Rs.50,000

          To Salary O/s A/c     Rs.50,000

(Being salary made due to staff)

f) Cash A/c    Dr. Rs.25,000

       To Commission A/c      Rs.12500

       To Advance Commission A/c Rs.12,500

(Being commission received half of which is in advance)