Journal Entry - Purchase Return / Sales Return, Discount Received / Discount Allowed, Cash withdrawn for personal use (Drawings).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July-31 Cash withdrawn from Bank for Office use 7000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”.
|
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