Question

The following transactions of Mr Amir are given to you:  

i. Mr. Amir started business with Rs. 100,000 ii. He purchased goods for Rs. 50,000  

iii. He deposited Rs. 40,000 into bank. iv. He paid staff salary Rs. 20,000 by cheque  

v. Commission received Rs. 10,000. vi. Sold furniture costing Rs. 1600 at Rs. 2,000

Required: Journal entries

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Answer 1

question

Following transactions are given –

Shyam started business with cash Rs.200,000 and furniture of Rs. 25,000

Purchased goods from Ram of Rs.40,000

Sold goods to Shiva of Rs.5,000

Settled Ram’s account receiving discount at 10%.

Interest on drawing Rs. 5,000.

Required – Journalise entries.

Answer

ᴀɴsᴡᴇʀ ❶

Cash A/c Dr. = 2,00,000 Rupees

Furniture A/c Dr. = 25,000 Rupees

To capital A/c = 2,25,000 Rupees

ᴀɴsᴡᴇʀ ❷

Purchase A/c Dr. = 40,000 Rupees

To Ram A/c = 40,000 Rupees

ᴀɴsᴡᴇʀ ❸

Shiva A/c Dr. = 5,000 Rupees

To sell A/c = 5,000 Rupees

ᴀɴsᴡᴇʀ ❹

Ram A/c Dr. = 40,000 Rupees

Received discount = 4,000 Rupees

To cash A/c = 36,000 Rupees

ᴀɴsᴡᴇʀ ❺

Drawing A/c Dr. = 5,000 Rupees

To interest on drawing = 5,000 Rupees

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