Problem Given in
http://mbaofindia.blogspot.com/2012/01/journal-entry-exercise-problem-2.html
Originally on
http://mbaofindia.blogspot.com/2012/01/journal-entry-exercise-problem-2.html
Originally on
(http:/ /knol.google.com/k/narayana-rao-kvss/journal-entry-exercise-problem-2/ 2utb2lsm2k7a/ 463)
Mr Ashok commenced business on 1st January, 1992 with a capital of Rs.1,00,000 in cash. On the same date he opened the bank account and deposited Rs.20,000. During the month of January 1992 the following transactions took place:
Rs.
Jan 1 Bought goods for cash 70,000
2 Sold good to Rahul & Co.(Credit) 38,000
15 Sold goods for cash 9,000
21 Rahul & co. paid by cheque 35,000
31 Paid rent by cash 2,000
Paid wages by cash 3,000
Withdrew cash personal use 5,000
Make journal entries for the transactions.
Date
|
Particulars
|
L.F.
|
Debit
Rs.
|
Credit
Rs.
|
1992 Jan 1
|
Cash A/c Dr.
To Capital A/c
(Ashok brought in capital of Rs.1,00,000 in cash)
|
1,00,000
|
1,00,000
|
|
1
|
Bank A/c Dr.
To Cash A/c
(Open the bank account and deposited Rs. 20,000)
|
20,000
|
20,000
|
|
1
|
Purchases A/c Dr.
To Cash A/c
(Bought goods for cash)
|
70,000
|
70,000
|
|
2
|
Rahul & Co A/c Dr.
To Sales A/c
(Sales on credit)
|
38,000
|
38,000
|
|
15
|
Cash A/c Dr.
To Sales A/c
(Cash sales)
|
9,000
|
9,000
|
|
21
|
Bank A/c Dr.
To Rahul & Co. A/c
(Rahul & Co. Paid by cheque and cheque deposited in bank)
|
35,000
|
35,000
|
|
31
|
Rent A/c Dr.
To Cash A/c
(Rent paid by cash)
|
2,000
|
2,000
|
|
31
|
Wages A/c Dr.
To Cash A/c
(Wages paid by cash)
|
3,000
|
3,000
|
|
31
|
Drawals A/c Dr.
To Cash A/c
(Withdrawal of money by Mr. Ashok for personal used
|
5,000
|
5,000
|
|
Articles explaining the basic accounting process in a simple way.
Originally posted in
http: //knol.google.com/k/narayana-rao/solution-to-journal-entry-exercise/2utb2lsm2k7a/ 506
Updated on 17 September 2019, 28 January 2012
http: //knol.google.com/k/narayana-rao/solution-to-journal-entry-exercise/2utb2lsm2k7a/ 506
Updated on 17 September 2019, 28 January 2012
