We WOA (World of Account) are presenting all Accounting Cycle concept using blog & videos starting from Transaction, journal entries, Posting, Trail balance, Worksheet, Adjusting journal entries, Financial Statement, Closing of Books. Let's start to have an "ACCOUNTING WINNER WINNER CHICKEN DINNER"

Deal, Discount & Offers

Translate

Search This Blog

Journal Entry - Purchase Return / Sales Return, Discount Received / Discount Allowed, Cash withdrawn for personal use (Drawings).

Journal Entry Problem 2

Journal Entry - Purchase Return / Sales Return, Discount Received / Discount Allowed, Cash withdrawn for personal use (Drawings).





Pass Journal Entries for the following in the books of Mr. Madhusudhan. Year 2008

July-1 Cash bought into the business        60000
July-2 Sold goods to Ashok                8000
July-4 Bought from Siva                        3000
July-6 Purchased type writer paid by Cheque        2000
July-8 He withdrew cash for his domestic use         1000
July-11 Furniture purchased                4000
July-14 Goods returned to Siva                800
July-17 Goods returned from Ashok                500
July-19 Paid from Advertisement        1000
July-21 Deposited cash with Andhra Bank        2000
July-24 Goods taken for Personal use                400
July-26 Cash paid to Rajesh                8900
        Discount received                        100
July-28 Stationery Expenses                200
July-29 Rent Paid                        2000
July-30 Received Cash from Prasad                2050
        Discount Received                        150
July-31 Sold goods to Raja Stores                2000
July-31 Cash withdrawn from Bank for Office use 7000
July-31 Cash paid to Praveen                 1000
July-31 Goods sold to Diwakar                 12000

Date
Particular
LF (Ledger Folio)
Debit
Credit
Explanation
July 1
Cash A/c….Dr
   To Capital A/c

60000

60000
Cash came into the business - Debit Cash & Cash brought for business purpose known as Capital A/c. Credit Capital A/c
July 2
Ashok A/c……..dr
   To Sales

8000

8000
We sold goods to Ashok for credit. Debit party name Ashok a/c instead of Cash. And Credit Sales a/c as goods going out.
July 4
Purchase A/c………..Dr
      To Siva A/c

3000

3000
Purchase on Credit. Debit Purchase A/c. Credit Party Name
July 6
Type Writer A/c ………Dr
     To Bank A/c

2000

2000

Type writer coming in “Debit”. Cash going out but from Bank - “Credit” Bank A/c
July 8
Drawing A/c ……….DR
     To Cash

1000

1000
Cash is taken for personal use known as drawing. Debit Drawing account. Credit Cash a/c as cash is going out.
July 11
Furniture A/c………….Dr
   To Cash A/c

4000

4000
Furniture Coming in “Debit”. Cash Going Out “Credit”
July 14
Siva A/c…………DR
   To Purchased Return

800

800
Goods purchase on July 4th from Siva we have returned him. Siva the receiver Debit & Credit Purchase return A/c
July 17
Sales Return A/c………….Dr
    To Ashok A/c

500

500

Goods sold on 2nd July to Ashok was returned by Ashok. Debit Sales Return a/c & Credit the giver “Ashok a/c”
July 19
Advertisement A/c……….Dr
    To Cash

1000

1000
Cash paid on advertisement - Cash going out “Credit”


July 21


Andhra Bank A/c…….Dr
   To Cash A/c



2000



2000


Cash goes out credit & Bank taken cash debit the receiver
July 24
Drawings A/c…………Dr
   To Stock A/c

400

400
Goods use for personal use. Drawing Debit & Stock Credit”. as stock is decreasing due to personal use.
July 26
Rajesh A/c…………..Dr

To Cash A/c
To Discount Received

9000


8900
1000
Cash going out “Credit”. Rajesh is the receiver “Debit”
Discount received is an Income “Credit”.
All three rules are in this transaction.
July 28
Stationery Expenses A/c….dr
    To Cash A/c

200

200
Expenses “Debit”
Cash going out “Credit”
July 29
Rent A/c……………Dr
    To Cash A/c

2000

2000
Rent Expenses “Debit”. Cash going out “Credit”


July 30


Cash A/c…………….Dr
Discount Allowed A/c……Dr
    To Prasad A/c





2050
150




2200
Cash received from Prasad. Prasad the giver “Credit”. Cash coming in “Debit”. Discount Allowed is expenses “Debit”
July 31
Raja Stores A/c……….Dr
    To Sales A/c

2000

2000
Sold goods to Raja Stores on credit. Raja Stores the receiver “Debit”. Sales is income “Credit”
July 31
Cash A/c……………Dr
   To Bank A/c

7000

7000
Cash withdrawn from office use. Cash comes in “Debit”. Bank is the giver “Credit”
July 31
Praveen A/c…………Dr
   To Cash A/c

1000

1000
Praveen the Receiver “Debit”. Cash going out “Credit”
July 31
Diwakar A/c………..Dr
   To Sales A/c

12000

12000
Sold goods on Credit. “Debit Party name” the receiver.
Sales is Income “Credit”.


0 comentários:

World of Accounts

Total Pageviews