Tell me the journal entries
1. Paid Rent Rs 2000 and wages Rs 3000
2. Salary paid to Anil Rs 1000
3. Sold goods to sumit Rs 100000
4. Received from sumit in full settlement of his account Rs 9800.
Answers
Answer :
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
1. Rent A/C DR ₹ 2000
Wages A/C DR ₹3000
To Cash A/C ₹ 5000
(Being Paid Rent ₹ 2000 and wages ₹ 3000)
2. Salary A/C DR ₹ 1000
To Cash A/C ₹ 1000
(Being Salary paid to Anil ₹ 1000 )
3. Sumit's A/C DR ₹ 1,00,000
To Sales A/C ₹ 1,00,000
(Being Goods sold to sumit ₹ 1,00,000)
4. Cash A/C DR ₹ 9800
Discount Allowed A/C DR ₹ 2000
To Sumit's A/C ₹ 1,00,000
(Being Received from sumit in full settlement of his account ₹ 9800)
Answer:
paid salery expense rs 2000