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Question
Journalise the following transactions, post to the ledger:
| 2017 | ₹ | |
| Nov.01 | Business started with | |
| (i) Cash | 1,50,000 | |
| (ii) Goods | 50,000 | |
| Nov.03 | Purchased goods from Harish | 30,000 |
| Nov.05 | Sold goods for cash | 12,000 |
| Nov.08 | Purchase furniture for cash | 5,000 |
| Nov.10 | Cash paid to Harish on account | 15,000 |
| Nov.13 | Paid sundry expenses | 200 |
| Nov.15 | Cash sales | 15,000 |
| Nov.18 | Deposited into bank | 5,000 |
| Nov.20 | Drew cash for personal use | 1,000 |
| Nov.22 | Cash paid to Harish in full settlement of account | 14,700 |
| Nov.25 | Good sold to Nitesh | 7,000 |
| Nov.26 | Cartage paid | 200 |
| Nov.27 | Rent paid | 1,500 |
| Nov.29 | Received cash from Nitesh | 6,800 |
| Discount allowed | 200 | |
| Nov.30 | Salary paid | 3,000 |
Journal Entry
Ledger
Solution
| Journal Entries | ||||
| Date | Particulars | L.F. | Debit Amount (₹) |
Credit Amount (₹) |
| 2005 | ||||
| Nov. 01 | Cash A/c ...Dr. | 1,50,000 | - | |
| Goods A/c ...Dr. | 50,000 | - | ||
| To Capital A/c | - | 2,00,000 | ||
| (Being Business started with cash and goods) | ||||
| Nov. 03 | Goods (Purchase) A/c ...Dr. | 30,000 | - | |
| To Harish A/c | - | 30,000 | ||
| (Being goods purchased from Harish) | ||||
| Nov. 05 | Cash A/c ..Dr. | 12,000 | - | |
| To sales A/c | - | 12,000 | ||
| (Being sold in cash) | ||||
| Nov. 08 | Furniture A/c ...Dr. | 5,000 | - | |
| To Cash A/c | - | 5,000 | ||
| (Being furniture purchased) | ||||
| Nov.10 | Harish A/c ...Dr. | 15,000 | - | |
| To Cash A/c | - | 15,000 | ||
| (Being cash paid to Harish) | ||||
| Nov. 13 | Sundry Expenses A/c ...Dr. | 200 | - | |
| To Cash A/c | - | 200 | ||
| (Being Sundry Expenses paid) | ||||
| Nov. 15 | Cash A/c ...Dr. | 15,000 | - | |
| To Sales A/c | - | 15,000 | ||
| (Being cash sales made) | ||||
| Nov. 18 | Bank A/c ...Dr. | 5,000 | - | |
| To Cash A/c | - | 5,000 | ||
| (Being cash deposited into bank) | ||||
| Nov. 20 | Drawing A/c ...Dr. | 1,000 | - | |
| To Cash A/c | - | 1,000 | ||
| (Being cash withdrawn for personal use) | ||||
| Nov. 22 | Harish A/c ...Dr. | 15,000 | - | |
| To Cash A/c | - | 14,700 | ||
| To Discount Received A/c | - | 300 | ||
| (Being cash paid to Harish for full settlement) | ||||
| Nov. 25 | Nitesh A/c ...Dr. | 7,000 | - | |
| To Sales A/c | - | 7,000 | ||
| (Being goods sold on credit) | ||||
| Nov. 26 | Cartage A/c ...Dr. | 200 | - | |
| To Cash A/c | - | 200 | ||
| (Being cartage paid) | ||||
| Nov. 27 | Rent A/c ...Dr. | 1,500 | - | |
| To Cash A/c | - | 1,500 | ||
| (Being rent paid) | ||||
| Nov. 29 | Cash A/c ...Dr. | 6,800 | - | |
| Discount Allowed A/c ...Dr. | 200 | - | ||
| To Nitsh A/c | - | 7,000 | ||
| (Being cash received from Nitesh and discount allowed | ||||
| Nov. 30 | Salary A/c ....Dr. | 3,000 | - | |
| To Cash A/c | - | 3,000 | ||
| (Bing salary paid) | ||||
| Total | 3,16,900 | 3,16,900 | ||
| Dr. | Cash Account | Cr. | |||
| Date | Particulars | Amount (₹) |
Date | Particulars | Amount (₹) |
| Nov. 01 | To Capital | 1,50,000 | Nov. 08 | By Furniture | 5,000 |
| Nov. 05 | To Sales | 12,000 | Nov. 10 | By Harish | 15,000 |
| Nov. 15 | To sales | 15,000 | Nov. 13 | By Sundry Expenses | 200 |
| Nov. 29 | To Nitesh | 6,800 | Nov. 18 | By Bank | 5,000 |
| Nov. 20 | By Drawings | 1,000 | |||
| Nov. 22 | By Harish | 14,700 | |||
| Nov. 26 | By cartage | 200 | |||
| Nov. 27 | By Rent | 1,500 | |||
| Nov. 30 | By Salary | 3,000 | |||
| Nov. 30 | Balance c/d | 1,38,200 | |||
| 1,83,800 | 1,83,800 | ||||
| Dr. | Goods Account | Cr. | |||
| Date | Particulars | Amount (₹) |
Date | Particulars | Amount (₹) |
| Nov. 01 | To Capital | 50,000 | |||
| Nov. 03 | To Harish A/c | 30,000 | |||
| Nov. 30 | By Trading A/c | 80,000 | |||
| 80,000 | 80,000 | ||||
| Dr. | Capital Account | Cr. | |||
| Date | Particulars | Amount (₹) |
Date | Particulars | Amount (₹) |
| Nov. 1 | By cash A/c | 1,50,000 | |||
| Nov. 1 | By Goods A/c | 50,00 | |||
| Nov. 30 | To Balance c/d | 2,00,000 | |||
| 2,00,000 | 2,00,000 | ||||
| Dr. | Harish Account | Cr. | |||
| Date | Particulars | Amount (₹) |
Date | Particulars | Amount (₹) |
| Nov. 10 | To Cash A/c | 15,000 | Nov. 03 | By Goods A/c | 30,000 |
| Nov. 22 | To Cash A/c | 14,700 | |||
| Nov. 22 | To Discount | 300 | |||
| 30,000 | 30,000 | ||||
| Dr. | Sales Account | Cr. | |||
| Date | Particulars | Amount (₹) |
Date | Particulars | Amount (₹) |
| Nov. 05 | By Cash A/c | 12,000 | |||
| To Trading A/c | 34,000 | Nov. 15 | By Cash A/c | 15,000 | |
| Nov. 25 | By Nitesh A/c | 7,000 | |||
| 34,000 | 34,000 | ||||
| Dr. | Furniture Account | Cr. | |||
| Date | Particulars | Amount (₹) |
Date | Particulars | Amount (₹) |
| Nov. 08 | To Cash A/c | 5,000 | Nov. 30 | By Balance c/d | 5,000 |
| 5,000 | 5,000 | ||||
| Dr. | Sundry Expenses Account | Cr. | |||
| Date | Particulars | Amount (₹) |
Date | Particulars | Amount (₹) |
| Nov. 13 | To Cash A/c | 200 | Nov. 30 | By Balance c/d | 200 |
| 200 | 200 | ||||
| Dr. | Bank Account | Cr. | |||
| Date | Particulars | Amount (₹) |
Date | Particulars | Amount (₹) |
| Nov. 18 | To Cash A/c | 5,000 | Nov. 30 | By Balance c/d | 5,000 |
| 5,000 | 5,000 | ||||
| Dr. | Drawing Account | Cr. | |||
| Date | Particulars | Amount (₹) |
Date | Particulars | Amount (₹) |
| Nov. 20 | To Cash A/c | 1,000 | Nov. 30 | By Balance c/d | 1,000 |
| 1,000 | 1,000 | ||||
| Dr. | Discount Account | Cr. | |||
| Date | Particulars | Amount (₹) |
Date | Particulars | Amount (₹) |
| Nov. 29 | To Nitesh A/c (allowed) | 200 | Nov. 22 | By Harish A/c (Received) | 300 |
| Nov. 30 | To Proft and loss A/c (b/f) | 100 | |||
| 300 | 300 | ||||
| Dr. | Nitesh Account | Cr. | |||
| Date | Particulars | Amount (₹) |
Date | Particulars | Amount (₹) |
| Nov. 25 | To Sales A/c | 7,000 | Nov. 29 | By Cash A/c | 6,800 |
| Nov. 29 | By Discount A/c | 200 | |||
| 7,000 | 7,000 | ||||
| Dr. | Cartage Account | Cr. | |||
| Date | Particulars | Amount (₹) |
Date | Particulars | Amount (₹) |
| Nov. 26 | To Cash A/c | 200 | Nov. 30 | By Profit and Loss A/c | 200 |
| 200 | 200 | ||||
| Dr. | Rent Account | Cr. | |||
| Date | Particulars | Amount (₹) |
Date | Particulars | Amount (₹) |
| Nov. 27 | To Cash A/c | 1,500 | Nov. 30 | By Profit and loss A/c | 1,500 |
| 1,500 | 1,500 | ||||
| Dr. | Salary Account | Cr. | |||
| Date | Particulars | Amount (₹) |
Date | Particulars | Amount (₹) |
| Nov. 30 | To Cash A/c | 3,000 | Nov. 30 | By Profit and loss A/c | 3,000 |
| 3,000 | 3,000 | ||||
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Books of Original Entry
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What is a journal? Give a specimen of journal showing at least five entries.
Journalise the following transactions in the books of Himanshu:
| 2017 | ₹ | |
| Dec.01 | Business started with cash | 75,000 |
| Dec.07 | Purchased goods for cash | 10,000 |
| Dec.09 | Sold goods to Swati | 5,000 |
| Dec.12 | Purchased furniture | 3,000 |
| Dec.18 | Cash received from Swati In full settlement | 4,000 |
| Dec.25 | Paid rent | 1,000 |
| Dec.30 | Paid salary | 1,500 |
Enter the following Transactions in the Journal of Mudit:
| 2017 | ₹ | |
| Jan.01 | Commenced business with cash | 1,75,000 |
| Jan.01 | Building | 1,00,000 |
| Jan.02 | Goods purchased for cash | 75,000 |
| Jan.03 | Sold goods to Ramesh | 30,000 |
| Jan.04 | Paid wages | 500 |
| Jan.06 | Sold goods for cash | 10,000 |
| Jan.10 | Paid for trade expenses | 700 |
| Jan.12 | Cash received from Ramesh 29,500 | 29,500 |
| Discount allowed | 500 | |
| Jan.14 | Goods purchased for Sudhir | 27,000 |
| Jan.18 | Cartage paid | 1,000 |
| Jan.20 | Drew cash for personal use | 5,000 |
| Jan.22 | Goods use for household | 2,000 |
| Jan.25 | Cash paid to Sudhir 26,700 | 26,700 |
| Discount allowed | 300 |
Journalise the following transactions:
| 2017 | ₹ | |
| Dec.01 | Hema started business with cash | 1,00,000 |
| Dec.02 | Open a bank account with SBI | 30,000 |
| Dec.04 | Purchased goods from Ashu | 20,000 |
| Dec.06 | Sold goods to Rahul for cash | 15,000 |
| Dec.10 | Bought goods from Tara for cash | 40,000 |
| Dec.13 | Sold goods to Suman | 20,000 |
| Dec.16 | Received cheque from Suman | 19,500 |
| Discount allowed | 500 | |
| Dec.20 | Cheque given to Ashu on account | 10,000 |
| Dec.22 | Rent paid by cheque | 2,000 |
| Dec.23 | Deposited into bank | 16,000 |
| Dec.25 | Machine purchased from Parigya | 10,000 |
| Dec.26 | Trade expenses | 2,000 |
| Dec.28 | Cheque issued to Parigya | 10,000 |
| Dec.29 | Paid telephone expenses by cheque | 1,200 |
| Dec.31 | Paid salary | 4,500 |
Jouranlise the following transactions in the books of Harpreet Bros:
(a) ₹ 1,000 due from Rohit are now bad debts.
(b) Goods worth ₹ 2,000 were used by the propriet
(c) Charge depreciation @ 10% p.a for two month on machine costing `30,000.
(d) Provide interest on capital of ₹ 1,50,000 at 6% p.a. for 9 months
(e) Rahul become insolvent, who owed is ₹ 2,000 a final dividend of 60 paise in a rupee is received from his estate.
Prepare Journal from the transactions given below:
| (a) | Cash paid for installation of machine | ₹ 500 |
| (b) | Goods given as charity | ₹ 2,000 |
| (c) | Interest charge on capital @7% p.a. when total capital were | ₹ 70,000 |
| (d) | Received ₹ 1,200 of a bad debts written-off last year | |
| (e) | Goods destroyed by fire | ₹ 2,000 |
| (f) | Rent outstanding | ₹ 1,000 |
| (g) | Interest on drawings | ₹ 900 |
| (h) | Sudhir Kumar who owed me ₹ 3,000 has failed to pay the amount. He pays me a compensation of 45 paise in a rupee. | |
| (i) | Commission received in advance | ₹ 7,000 |
Journalise the following transactions is the journal of M/s. Goel Brothers and post them to the ledger:
| 2017 | ₹ | |
| Jan.01 | Started business with cash | 1,65,000 |
| Jan.02 | Opened bank account in PNB | 80,000 |
| Jan.04 | Goods purchased from Tara | 22,000 |
| Jan.05 | Goods purchased for cash | 30,000 |
| Jan.18 | Goods sold to Naman | 12,000 |
| Jan.10 | Cash paid to Tara | 22,000 |
| Jan.15 | Cash received from Naman | 11,700 |
| Discount allowed | 300 | |
| Jan.16 | Paid wages | 200 |
| Jan.18 | Furniture purchased for office use | 5,000 |
| Jan.20 | Withdrawn from bank for personal use | 4,000 |
| Jan.22 | Issued cheque for rent | 3,000 |
| Jan.23 | Goods issued for household purpose | 2,000 |
| Jan.24 | Drawn cash from bank for office use | 6,000 |
| Jan.26 | Commission received | 1,000 |
| Jan.27 | Bank charges | 200 |
| Jan.28 | Cheque given for insurance premium | 3,000 |
| Jan.29 | Paid salary | 7,000 |
| Jan.30 | Cash sales | 10,000 |
Journalise the following transaction in the Books of the M/s Bhanu Traders and Post them into the Ledger.
| December 2017 |
₹ | |
| 1. | Started business with cash | 92,000 |
| 2. | Deposited into bank | 60,000 |
| 3. | Bought goods on credit from Himani | 40,000 |
| 6. | Purchased goods from cash | 20,000 |
| 8. | Returned goods to Himani | 4,000 |
| 10. | Sold goods for cash | 20,000 |
| 14. | Cheque given to Himani | 36,000 |
| 17. | Goods sold to M/s Goyal Traders | 3,50,000 |
| 19. | Drew cash from bank for personal use | 2,000 |
| 21. | Goyal traders returned goods | 3,500 |
| 22. | Cash deposited into bank | 20,000 |
| 26. | Cheque received from Goyal Traders | 31,500 |
| 28. | Goods given as charity | 2,000 |
| 29. | Rent paid | 3,000 |
| 30. | Salary paid | 7,000 |
| 31. | Office machine purchased for cash | 3,000 |
