Question

Write a journal entry for the following transactions:
1. Purchased goods for cash — ₹5000
2. Sold goods for cash — ₹7000
3. Telephone expenses paid — ₹800
4. Insurance received — ₹1500
5. Purchased goods from Akshay — ₹6000
6. Sold goods to Kamal — ₹1000
7. Returned goods to Akshay — ₹2000
8. Kamal returned goods — ₹3000​

Answer 1

Journal Book

Transaction 1 :

Purchase A/c . . . Dr - 5000

• To cash A/c - 5000

( Being goods purchased )

Transaction 2 :

Cash A/c . . . Dr - 7000

• To sales A/c - 7000

( Being goods sold )

Transaction 3 :

Telephone expenses A/c . . . Dr - 800

• To cash A/c - 800

( Being telephone expenses paid )

Transaction 4 :

Cash A/c . . . Dr - 1500

• To insurance received A/c - 1500

( Being insurance received )

Transaction 5 :

Purchase A/c . . . Dr - 6000

• To Akshay - 6000

( Being goods purchased on credit )

Transaction 6 :

Kamal . . . Dr - 1000

• To sales A/c - 1000

( Being goods sold to Kamal on credit )

Transaction 7 :

Akshay . . . Dr - 6000

• To purchase return A/c - 6000

( Being goods returned to Akshay )

Transaction 8 :

Sales return A/c . . . Dr - 3000

• To Kamal - 3000

( Being goods returned by Kamal )