record the following transaction in the journal
Answers
Explanation:
refer the attachment for your answer.......
Answer
First lets Recall the rules of journal
Golden Rules of Journal
Personal account rule
Debit- The receiver.
Credit- The giver.
Real account rule
Debit- What comes in.
Credit- What goes out.
Nominal account rule.
Debit- All expenses and losses.
Credit- All incomes and gains.
Now
The journal entries will be
2. Sales Return A/C DR ₹ 2,000
To Mahaveer's A/C ₹ 2,000
(Being Goods Returned by mahaveer)
3. Purchases A/C DR ₹ 5,000
To Dinesh's A/C ₹ 5,000
(Being Purchased goods from Dinesh )
4. Dinesh's A/C DR ₹ 500
To Purchase Return A/C ₹ 500
(Being goods returned by Dinesh )
5. Cash A/C DR ₹ 7500
Discount allowed A/C DR ₹ 500
To Mahaveer's A/C ₹ 8000
(Being cash received from mahaveer in full settlement)
6. Refreshments A/C DR ₹ 100
To Cash A/C ₹ 100
(Being Paid for Refreshment)
7. Depreciation A/C DR ₹ 5000
To Machinery A/C ₹5000
b (Being Depreciation on machinery Worth ₹ 50,000 @10 % annum)
8. Drawings A/C DR ₹ 500
To Cash A/C ₹ 500
(Being withdrew cash for personal use)
Total amount is ₹ 31,000