Question

Ram sales goods worth Rs. 5000

make journal entry pls​

Answer 1

Answer:

Firstly to understand this ,

U should know the difference between transaction and event.

Transaction :-any economic activity which results into change in financial position of the entity.

Eg. Purchase , sale, etc.

Event :- it is a consequence or result of the transactions.

Eg. Stock , profit, balances , etc.

Now let's take an example in order to answer that question.

1.Purchase goods from ram for rs 20,000.

2.Cash paid to ram rs. 15,000.

The entries for the above transaction are following.

1.purchase a/c Dr.20000

To ram 20000

(Goods purchased on credit)

2.ram Dr. 15,000

To cash a/c 15,000

(Cash paid to ram)

When we post this entries to ledger in ram a/c ,

His account has credit balance i.e. amount due to ram is 5000.

For this balance we shall not pass the journal entry.

In fact we bring forward the balance into next month/ year. As the case may be.

When amount due to ram is paid then we pass the journal entry.

Ram Dr.

To cash a/c.

Note:- we pass the opening entries at the beginning of the year to brought down all the balances into next accounting period.

We pass the opening entries as follows.

All debit balances are debited

All credit balances are credited.

If u are asking for opening journal entry then ram account will be credited

BY -- $K

Answer 2

Answer:

♻️For this balance we shall not pass the journal entry.

♻️In fact we bring forward the balance into next month/ year. As the case may be.

♻️When amount due to ram is paid then we pass the journal entry.

______________________________________

Ram Dr.

Ram Dr.To cash a/c.

Ram Dr.To cash a/c.Note:- we pass the opening entries at the beginning of the year to brought down all the balances into next accounting period.

Ram Dr.To cash a/c.Note:- we pass the opening entries at the beginning of the year to brought down all the balances into next accounting period.We pass the opening entries as follows:-

• All debit balances are debited.
• All credit balances are credited.

All credit balances are credited.If u are asking for opening journal entry then ram account will be credited.

_____________________________________

Hope it will be helpful :).....✍️