Ledger Entry: Problem no. 4
As we are preparing Building account, we will only post entries which are related to buildings only.
1.st transaction: Purchase of building 125000 we pass journal as follows:
Building A/c.........Dr 125000
To Cash A/c 125000
In Ledger we are preparing Building account and under building account we have posted "To Cash"
Post "To Cash" Debit side of Ledger Account of Building.
2nd transaction: Purchase of building material 75000 we pass journal as follows:
Building Material A/c.........Dr 75000
To Cash A/c 75000
Building Expenses are related to building and we are paying cash, therefore post "To Cash"
Debit side of Ledger Account of Building.
3rd transaction: Purchase building 100000 we pass journal as follows:
Building A/c.........Dr 100000
To Suchir A/c 125000
In Ledger we are preparing Building account and under building account we have to post "To Suchir"
Debit side of Ledger Account of Building.
4th transaction: Paid Depreciation on building 30000 we pass journal as follows:
Depreciation A/c.........Dr 30000
To Building A/c 30000
In Ledger we are preparing Building account and under building account we have to post "By Depreciation "
Debit side of Ledger Account of Building..
Now Balance both side: Debit Showing 300000
Credit Showing: 30000
Debit - Credit is 270000 Balance carried down is 270000. (On last day of the month)
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