Make Journal Entries For the Following Transaction.
1. 1. Jayant started business with cash Rs. 10000,
Bank Rs. 20000, and Stock Rs. 40000, Furniture Rs. 20,000. For this purpose he
arranges Rs. 40000, from own sources balance through loan from Ankit ,
C 2. Cash withdrawn by owner for private use Rs.10000.
3. 3. Goods purchased for cash Rs. 10000 plus GST@5% which is eligible for input credit.
4. 4 Cash paid to Vishal Rs. 1000 in full settlement of Rs. 1020.
5. 5. Ram became insolvent & received from his official receiver a sum of Rs. 30 paise in a Rupee as first & final dividend for his debt of Rs.1000.
6. 6. Depreciate Machinery by Rs. 10000.
7. 7. Reimbursed Petrol bill of Sales men Rs. 600.
Solution : Journal of Jayant for the Year / Month…
Cash A/c dr
Bank A/c dr
Stock A/c
To Capital A/c
To Loan from Ankit A/c
|
Date |
Particulars |
Amount Dr. (Rs) |
Amount Cr. (Rs) |
|
1. |
Cash A/c Bank A/c Stock A/c Furniture A/c To Capital A/c To Loan from Ankit A/c
(Being business started by Jayant with Assets and Capital and by taking loan From Ankit) |
10000 20000 40000 20000
|
40000 50000
|
|
2. |
Drawing A/c To Cash A/c
(Being Cash withdrawn by owner for Private use RS. 10000) |
10000 |
10000 |
|
Date |
Particulars |
Amount Dr. (Rs) |
Amount Cr. (Rs) |
|
3. |
Purchase A/c Dr 5% Input GST A/c Dr
To Cash A/c
(Being Goods purchased for cash Rs. 10,000 Plus GST@5%, which is Eligible for credit.) |
10000 500
|
10500
|
|
4. |
Vishal A/c Dr To Cash A/c To Discount Received A/c (Being Cash paid to Vishal Rs. 1000 in Full settlement of Rs. 1020.) |
1020
|
1000 20 |
|
5. |
Cash A/c Dr Bed debts A/c Dr
To Ram A/c |
300 700 |
1000 |
|
6. |
Depreciation A/c Dr To Machinery A/c |
10000
|
10000 |
|
7. |
Petrol Expense A/c To Cash A/c |
600 |
600 |
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