Journal Entry - Problems for Exercise:
2008 Apr. 1st. Laxman commenced business with cash Rs. 50000.
His other transactions during the month were as follows.
Pass Journal Entries.
April 2: Cash Sales Rs. 5000
April 4 Cash Purchase Rs. 4000
April 6 Paid Salary Rs. 2500
April 7 Purchased Machinery Rs. 10000
April 9 Cash deposited with bank Rs. 2000
April 11 Cash paid to Rajesh Rs. 1000
April 14 Goods sold to Raghu Rs. 750
April 16 Purchased goods from Sita Rs. 800
April 17 Received cash from krishna Rs. 1400
April 19 Rent Rs. 1500
April 20 Postage Rs. 200
April 27 Cash used for personal use Rs. 1500
April 29 Sold goods to Sudhakar Rs. 8000
April 30 Cash Purchases from Madhu Rs. 3000
April 30 Audit Fee Rs. 500
Date
|
Particular
|
L.F (Ledger Folio)
|
Debit
|
Credit
|
Explanation
|
APRIL 2
|
CASH A/C
TO SALES
|
5000
|
5000
|
CASH SALES - CASH COMING IN BY SEELING GOODS “DEBIT - CASH” AS CASH COMING IN
“CREDIT” - SALES AS GOODS GOING OUT.
| |
APRIL 4
|
PURCHASED A/C
TO CASH
|
4000
|
4000
|
PURCHASED GOODS - CASH GOING OUT “CREDIT CASH” & “DEBIT PURCHASE A/C”
| |
APRIL 6
|
SALARIES A/C
TO CASH
|
2500
|
2500
|
WE PAID SALARY - WE DID EXPENDITURE - CASH GOING OUT. “CREDIT CASH” & “DEBIT SALARIES A/C”
| |
APRIL 7
|
MACHINERY A/C
TO CASH
|
10000
|
10000
|
PURCHASE MACHINERY. CASH GOING OUT - “CREDIT CASH”. MACHINERY COMING IN “DEBIT MACHINERY”
| |
APRIL 9
|
BANK A/C
TO CASH
|
2000
|
2000
|
CASH GOING OUR TO THE BANK - “CREDIT CASH” & “DEBIT BANK” AS CASH GOING TO BANK A/C.
| |
APRIL 11
|
RAJESH A/C
TO CASH
|
1000
|
1000
|
WE PAID CASH TO RAJESH. CASH GOING OUT “CREDIT CASH” & “DEBIT RAJESH” AS RAJESH TAKING CASH.
| |
APRIL 14
|
RAGHU A/C
TO SALES
|
750
|
750
|
GOODS SOLD TO RAGHU ON CREDIT. FOR CREDIT TRANSACTION MENTION PARTY NAME FROM WHOM CASH WILL COME IN FUTURE. “DEBIT PARTY NAME WHEN WE SELL ON CREDIT” & CREDIT SALES A/C.
| |
APRIL 16
|
PURCHASED A/C
TO SITA
|
800
|
800
|
PURCHASED FROM SITA ON CREDIT. “CREDIT PARTY NAME WHEN WE PURCHASE ON CREDIT” AND DEBIT PURCHASE A/C.
| |
APRIL 17
|
CASH A/C
TO KRISHNA
|
1400
|
1400
|
CASH TAKEN FROM KRISHNA - CASH COMING IN. “DEBIT CASH” & “CREDIT KRISHNA A/C” AS WE ARE RECEIVING CASH FROM KRISHNA.
| |
APRIL 19
|
RENT A/C
TO CASH
|
1500
|
1500
|
RENT PAID - IT’S A EXPENSES - CASH GOING OUT. “CREDIT CASH” & “DEBIT RENT” AS WE ARE PAYING RENT.
| |
APRIL 20
|
POSTAGE A/C
TO CASH
|
200
|
200
|
POSTAGE PAID - IT’S A EXPENSES - CASH GOING OUT. “CREDIT CASH” & “DEBIT POSTAGE” AS WE ARE PAYING RENT
| |
APRIL 27
|
DRAWING A/C
TO CASH
|
1500
|
1500
|
IF CASH IS USED FOR PERSONAL WE ALWAYS “CREDIT CASH A/C” AS CASH IS GOING OUT & WE DEBIT THE WORD “DRAWING” AS BUSINESS CASH IS USED FOR PERSONAL USE.
| |
APRIL 29
|
SUDHAKAR A/C
TO SALES
|
8000
|
8000
|
WE SOLD GOODS TO SUDHAKAR. WE WILL RECEIVE MONEY FROM HIM BUT IN FUTURE AS IT IS A CREDIT TRANSACTION. TILL WE RECEIVE MONEY WE MENTION SUDHAKAR NAME INSTAED OF CASH IN DEBIT SIDE & CREDIT SALES A/C
| |
APRIL 30
|
PURCHASED A/C
TO CASH
|
3000
|
3000
|
WE PURCHASED FROM MADHU AND GIVEN CASH. CASH GOING OUT - “CREDIT CASH A/C” & DEBIT PURCHASE A/C. NO NEED TO CONSIDER MADHU NAME AS ITS A CASH TRANSACTION.
| |
APRIL 30
|
AUDIT FEE A/C
TO CASH
|
500
|
500
|
AUDIT FEE IS EXPENSES - CASH GOES OUT - “CREDIT CASH A/C”. DEBIT THE EXPENSES NAME FOR WHICH WE PAID CASH. “DEBIT AUDIT FEE”.
|
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