Record the following transactions in the Journal Proper of Sharvi Patel:
(i) Purchase furniture of ` 4,000 by giving goods of ` 4,500
(ii) Bill accepted and return to us against payable of ` 7,000 by Detvi.
(iii) ` 5000 payable to Bhagvandas for interest.
(iv) An amount of ` 2000 is receivable from Garbarddas, Which cannot be
received now.
Answers
Answer:
Explanation:
Detvi A/c Dr. 7000
To bills Payable 7000
Bhagvandas A/c Dr. 5000
Outstanding Intrest A/c. 5000
Cash receivable A/c. Dr. 2000
Gabbardass A/c. 2000
Answer:
The journal that is kept to record transactions that are not documented in the special books is known as the journal proper. The Journal Proper is where transactions that don't fit in any of the subsidiary books, such as the Cash Book, Purchase Book, Sales Book, Bills Payable Book, Purchase, and Sales Return Book, are recorded.
Explanation:
For the given case;
Amount debited = 4000
Amount credited = 4500
The accounting cycle is a key procedure for concluding the bookkeeping duties of an organization. To finish the accounting cycle, the actions listed below should be done;
Determine the transactions
Keep a log of your transactions.
publication of each transaction
Trial balance without adjustment
equilibrium worksheet
Revision of journal entries
For the effective preparation of financial statements, all of the aforementioned stages must be followed in the appropriate order.
(ii)Bill accepted and return to us against payable of ` 7,000 by Detvi.
Detvi A/c Dr. 7000
To bills Payable 7000
(iii) ` 5000 payable to Bhagvandas for interest.
Bhagvandas A/c Dr. 5000
To Outstanding Intrest A/c. 5000
(iv) An amount of ` 2000 is receivable from Garbarddas, Which cannot be received now.
Cash receivable A/c. Dr. 2000
To Gabbardass A/c. 2000
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