Question

write journal entries for:
Raj commenced business operations by bringing in a capital amount of Rs.10,00,000.
A loan amounting to Rs.8,00,000 was taken from Citi Bank at interest of 10% p.a.(Payable at the end of the year)
Computers, Furniture’s and Machinery worth Rs.1,00,000, Rs.3,25,000 and Rs.2,00,000 respectively were purchased.
It was decided that a website would be developed in the name of the firm.
Expenses incurred were Rs.75,000.
Rs.50,000 was spent as advertisement expenses.
Paid Insurance premium Rs.24,000.
Cash purchases for the year Rs.2,00,000
Credit purchases for the year Rs.2,50,000
Cash sales for the year Rs.5,00,000.
Credit sales for the year Rs.3,00,000
Payment made to creditors Rs.70,000
The firm received bills of exchange from debtors of Rs.30,000.
Bills worth Rs.20,000 was discounted with the bank which involved discounting charges of Rs.1,000.
Wages were paid to the labourers Rs.8,000.
Salary paid to the employees Rs.7,00,000..
Paid Rs.20,000 as rent to landlord – Navmeeth (and also paid him Rs.10,000 as prepaid rent).
.Expenses worth Rs.7,500 incurred for repairs and maintenance work.
Outstanding salary Rs.10,000
Depreciation was charged as :-
Computers @ 5% p.a.
Furnitures @ 5% p.a.
Machinery @ 10% p.a.

Answer 1

Answer:

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