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practical problems for accounts

Very besht

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6 views

practical problems for accounts

Very besht

Uploaded by

tanagi8598
Copyright
© © All Rights Reserved
Available Formats
Download as TXT, PDF, TXT or read online on Scribd
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### Practical Problem: Journal Entries for Class 11 Accounts

#### Problem:
Prepare journal entries for the following transactions in the books of **M/s ABC
Traders**:

1. **April 1**: Started business with cash ₹1,00,000 and furniture ₹20,000.
2. **April 3**: Purchased goods worth ₹30,000 for cash.
3. **April 5**: Sold goods costing ₹10,000 for ₹15,000 in cash.
4. **April 8**: Paid ₹2,000 for office rent.
5. **April 10**: Purchased goods worth ₹50,000 on credit from M/s XYZ Ltd.
6. **April 12**: Paid ₹25,000 to M/s XYZ Ltd.
7. **April 15**: Received ₹5,000 as commission income.
8. **April 20**: Withdrew ₹3,000 cash for personal use.

---

#### Solution: Journal Entries

| **Date** | **Particulars** | **Debit (₹)** | **Credit (₹)**


|
|-----------------|---------------------------------|---------------|--------------
--|
| April 1 | Cash A/c Dr. | 1,00,000 |
|
| | Furniture A/c Dr. | 20,000 |
|
| | To Capital A/c | | 1,20,000
|
| | (Business started with cash and furniture) | |
|
| April 3 | Purchases A/c Dr. | 30,000 |
|
| | To Cash A/c | | 30,000
|
| | (Goods purchased for cash) | |
|
| April 5 | Cash A/c Dr. | 15,000 |
|
| | To Sales A/c | | 15,000
|
| | (Goods sold for cash) | |
|
| April 8 | Rent A/c Dr. | 2,000 |
|
| | To Cash A/c | | 2,000
|
| | (Office rent paid) | |
|
| April 10 | Purchases A/c Dr. | 50,000 |
|
| | To M/s XYZ Ltd. A/c | | 50,000
|
| | (Goods purchased on credit) | |
|
| April 12 | M/s XYZ Ltd. A/c Dr. | 25,000 |
|
| | To Cash A/c | | 25,000
|
| | (Part payment made to creditor)| |
|
| April 15 | Cash A/c Dr. | 5,000 |
|
| | To Commission Income A/c | | 5,000
|
| | (Commission received) | |
|
| April 20 | Drawings A/c Dr. | 3,000 |
|
| | To Cash A/c | | 3,000
|
| | (Cash withdrawn for personal use)| |
|

---

### Explanation:
- Each transaction is analyzed for **debit** and **credit** effects according to
the **Golden Rules of Accounting**.
- Use the journal format to record each transaction properly.

Let me know if you need more examples or clarification!

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