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Assignment On Journal

The document provides a list of journal entry transactions for a business to record in its books. It includes purchases and sales of inventory and assets, expenses paid, income received, capital contributions and withdrawals, returns, bank deposits and withdrawals, owner transactions, discounts, opening entries, bad debts, depreciation, and accruals/deferrals. The business must record these various transactions through journal entries to properly maintain its accounting records over the period.

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NIKHIL GUPTA
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898 views

Assignment On Journal

The document provides a list of journal entry transactions for a business to record in its books. It includes purchases and sales of inventory and assets, expenses paid, income received, capital contributions and withdrawals, returns, bank deposits and withdrawals, owner transactions, discounts, opening entries, bad debts, depreciation, and accruals/deferrals. The business must record these various transactions through journal entries to properly maintain its accounting records over the period.

Uploaded by

NIKHIL GUPTA
Copyright
© © All Rights Reserved
Available Formats
Download as DOC, PDF, TXT or read online on Scribd
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Assignment

For the following business transactions pass the necessary journal entries, in the
books of journal.

PURCHASE ENTRIES

1. Goods purchased for cash Rs 10,000.


2. Materials purchased from “Universal Suppliers” of Rs 50,000.
3. Goods purchased by cheque from Abd Ltd Rs 12,000.
4. Furniture purchased from “ Modern Furniture House” Rs 25,000.
5. Machinary purchased for cash from TNT ltd for RS 5,00,000.
6. Goods purchased from M/s Ram Brothers Rs 24,000.
7. Goods worth of Rs 50,000 purchased out of which Rs 30,000 paid by cheque
and remaining by cash.

SALES ENTRIES

1. Goods sold for cash Rs 21000.


2. Goods sold to Mr shyam sundar on credit for Rs 25,000.
3. Old machinery sold to Mr Scrap Brothers for Rs 30,000 on cheque.
4. Goods sold to Miss lovely for Rs 25,000.
5. Goods sold by cheque to Mr jealous of Rs 65,000.

EXPENSES ENTREIS

1. Rent paid by cheque Rs 15,000.


2. Salary paid to staff Rs 2,00,000 for the month of August.
3. Wages paid to labourer Rs 60,000.
4. Electricity bill paid by cheque Rs 25,000.
5. Bought stationary Rs 5,000.
6. Paid to Cartage to Golden Transport Co. Rs 125
7. Paid trade expenses Rs 10.
8. Paid Advertisement expenses to Sunil Agencies Rs 2000.
9. Paid office expenses by cheque Rs 5000.
10.Paid audit fees to the auditor by cheque Rs 25,000.

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INCOME ENTRIES
1. Cash received from Geeta for commission Rs 20,000.
2. Interest received on investment Rs 10,000.
3. Received commission from Anil Rs 25,000.
4. commission received by cheque Rs 26,000.
5. Cash received as rent of the building for the partial Sub-let Rs 25,000.

Capital entries

1. Cash invested in business Rs 20,00,000.


2. Business Commenced with a cash of Rs 25,000.
3. Started business by investing Rs 50,000 in cash , bank balalnce Rs 25,000,
and a building worth of Rs 5,00,000.

RETURN-INWARD AND OUTWARD ENTRIES

1. Goods returned to Zaheer Abbas Rs 25,000.


2. Goods returned to Amar Akbar Rs 2500.
3. Goods returned by Sangeet Academy of Rs 15,000.
4. M/s Proud Ltd returned goods worth of Rs 50,000 to us.
5. Goods returned by sujal Rs 2000.

BANK DEPOSIT AND WITHDRAWL ENTRIES

1. Cash deposited bank Rs 50,000.


2. Cash withdrawn from Bank Rs 25,000.,
3. Cash with drawn from bank Rs 2,00,000 for the salary of office staff.
4. Cash deposited in the Bank of Baroda. Rs 25,000.

PRIVATE / PERSONAL TRANSACTIONS OF PROPRIETOR

1. Cash with drawn by the owner for personal use Rs 12,000.


2. Cash withdrawn by the owner for private use from the bank of Rs 25,000.
3. Goods taken by the owner for his residential use Rs 12,000.
4. Jewellery worth Rs 50,000 purchased for his wife.

DISCOUNT ENTRIES

1. Received cheque from rajesh ( discount allowed Rs 200) Rs 3800.


2. Cash paid to Hari Rs 240 / in full settlement of his account of Rs 250.

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3. Received cheque from Surya Bros Rs 17500 and discount allowed to them
Rs 500.
4. Paid Rs 15850 in full settlement of a loan amount of Rs 16000 to Miss
Sweety.
5. Goods purchased from Anil and he allowed us 10% trade discount Rs 3000.
6. Payment made to Modern Furniture House for a bill of Rs 50,000 after
getting two trade discount of 10% and 5%.

OPENING JOURNAL ENTRIES

1. On the beginning of the year the following assets and liabilities available with
the business pass the necessary opening journal entries:-
Assets:- Cash in hand Rs 2,000, Cash at Bank Rs 68,000, Stock of Goods Rs
40,000, Machinery Rs 1,00,000, Furniture Rs 10,000, M/s Surya Bros owe
RS 15,000.
Liabilities:- Loan Rs 50,000, Sum owing to Jain Ltd, Rs 20,000.
2. Balance of assests and liabilities at the beginning of the year are following
pass the necessary opening journal entries:- Cash in hand Rs 8,000, Cash at
Bank Rs 25,000, Stock of Goods Rs 20,000, Anil Rs 1000 and Madhu Rs
2000.

BAD DEBTS/ AND LOSS OF GOODS

1. Rs.50,000 owing by Sundarm Ltd become bad debt.


2. Mr Ram who owes us Rs 25,000 become bad debt.
3. M/s Sharma Associates who owes us Rs 20,000 become insolvent and a
sum of Rs 60 paise per ruppe realized from his in final settlement.
4. Goods lost by fire Rs 12,000.
5. Goods lost by accident Rs 20,000 out of which insurance company agreed
to pay only Rs 12,000 only.

DEPRECIATION / OUTSTANDING/ AND PREPAID ENTRIES

1. Deperciation of Rs 5000 charged on Furniture.


2. Machinery worth of RS 1,00,000 was depreciated by 10%.
3. Salary outstanding for the month of December Rs 25,000.
4. Rent paid in advance Rs 25,000.

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Do the answer in your accounting note book, will evaluate on
13/08/2019(Wednesday)

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