Question

Write Journal entry for the following transactions ​

Answer 1

Answer:

Explanation:

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   JOURNAL ENTRIES

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• Salary a/c dr. 75,000

To Purchase a/c cr. 75,000

(Being the entry made for

inventory taken by employee)

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• Machinery a/c dr. 18,000

To Cash a/c cr. 18,000

(Paid wages for machinery)

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• Drawings a/c dr. 1,17,000

To Petty cash a/c cr. 1,17,000

(Income tax of the proprietor

paid by business money)

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• Purchase a/c dr. 1,80,000

To Cash a/c cr. 1,75,000

To Discount a/c cr. 5,000

(Goods purchased allowed 10%

trade discount and 5,000 cash

discount)

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