Question

Pass journal entries in the books of Sasi Kumar who is dealing in automobiles.

2017 Oct	Particulars	₹
1	Commenced business with goods	40,000
3	Cash introduced in the business	60,000
4	Purchased goods from Arul on credit	70,000
6	Returned goods to Arul	10,000
10	Paid cash to Arul on account	60,000
15	Sold goods to Chandar on credit	30,000
18	Chandar returned goods worth	6,000
20	Received cash from Chandar in full settlement	23,000
25	Paid salaries through ECS	2,000
30	Sasi Kumar took for personal use goods worth	10,000

Answer 1

journal of Mr. Sasi Kumar

Date	Particulars	L.F.	Debit ₹	Credit ₹
2017 Oct 1	Stock A/c ............Dr. To Sasi Kumar Capital A/c (Sasi Kumar started business with Stock)		40,000 -	- 40,000
3	Cash A/c .........Dr. To Sasi Kumar A/c (Cash introduced in the business)		60,000 -	- 60,000
4	Purchase A/c ..........Dr. To Arul A/c (Bought goods from Arul)		70,000 -	- 70,000
6	Arul A/c ..........Dr. To Purchases return A/c (Returned good to Arul)		10,000 -	- 10,000
10	Arul A/c ........Dr. To Cash A/c (Paid Cash to Arul account)		60,000 -	- 60,000
15	Chandar A/c ..........Dr. To Salse A/c (Sales good to Chandar on credit)		30,000 -	- 30,000
18	Sales Return A/c .........Dr. To Chandar A/c (Chandar Returned goods)		6,000 -	- 6,000
20	Cash A/c .......Dr. Discount allowed A/c ......Dr. To Chandar A/c (Received cash from Chandar in full settlement)		23,000 1,000 -	- - 24,000
25	Salaries A/c .......Dr. To Bank A/c (Paid salaries through ECS)		2,000 -	- 2,000
30	Drawing A/c .........Dr. To Purchases A/c (Goods taken by Sahil for personal use)		10,000 -	- 10,000