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- Tips for Accounting Equation, Journalizing and Posting
Analysis of Transactions – Journalising – Numerical Questions
11. Journalize the following transactions in the books of Himanshu:
| 2014 | Rs. | |
|---|---|---|
| Dec.01 | Business started with cash | 75,000 |
| Dec.07 | Purchased goods for cash | 10,000 |
| Dec.09 | Sold goods to Swati | 5,000 |
| Dec.12 | Purchased furniture | 3,000 |
| Dec.18 | Cash receieved from Swati In full setlement | 4,000 |
| Dec.25 | Paid rent | 1,000 |
| Dec.30 | Paid salary | 1,500 |
| Date | Particulars | L.F | Debit Amount ₹ |
Credit Amount ₹ |
|---|---|---|---|---|
| Dec.01 |
Cash A/CDr. To Capital A/C (Being Business started with cash) |
75,000 | 75,000 | |
| Dec.07 | Purchase A/CDr. To Cash A/C (Being goods Purchased goods for cash) |
10,000 | 10,000 | |
| Dec.09 | Swati A/CDr. To Sales A/C (Being Goods sold to Swati) |
5,000 | 5,000 | |
| Dec.12 | Furniture A/CDr. To Cash A/C (Being furniture purchased) |
3,000 | 3,000 | |
| Dec.18 | Cash A/C | 4,000 | ||
| Discount Allowed A/CDr. To Swati A/C (Being cash received from Swati in full settlement) |
1,000 | 5,000 | ||
| Dec.25 | Rent A/CDr. To Cash A/C (Being rent paid) |
1,000 | 1,000 | |
| Dec.30 | Salary A/CDr. To Cash (Being salary paid) |
1,500 | 1,500 | |
| Total c/f | 1,00,500 | 1,00,500 |
12. Enter the following transactions in the journal of Mudit:
| 2015 | Rs. | |
|---|---|---|
| Jan.01 | Commenced business with cash | 1,75,000 |
| Jan.01 | Building | 1,00,000 |
| Jan.02 | Goods purchased for cash | 75,000 |
| Jan.03 | Sold goods to Ramesh | 30,000 |
| Jan.04 | Paid wages | 500 |
| Jan.06 | Sold goods for cash | 10,000 |
| Jan.10 | Paid for trade expenses | 700 |
| Jan.12 | Cash received from Ramesh Discount allowed |
29,500 500 |
| Jan.14 | Goods purchased from Sudhir | 27,000 |
| Jan.18 | Cartage paid | 1,000 |
| Jan.20 | Drew cash for personal use | 5,000 |
| Jan.22 | Goods use for house hold | 2,000 |
| Jan.25 | Cash paid to Sudhir Discount received |
26,700 300 |
| Date | Particulars | L.F | Debit Amount ₹ |
Credit Amount ₹ |
|---|---|---|---|---|
| Jan.01 | Cash A/CDr. | 1,75,000 | ||
| Building A/CDr. To Capital A/C (Being Business started with cash and building) |
100,000 | 2,75,000 | ||
| Jan.02 | Purchases A/CDr. To Cash A/C (Being goods purchased for cash) |
75,000 | 75,000 | |
| Jan.03 | Ramesh A/CDr. To Sales A/C (Being goods sold to Ramesh) |
30,000 | 30,000 | |
| Jan.04 | Wages A/CDr. To Cash A/C (Being wages paid) |
500 | 500 | |
| Jan.06 | Cash A/CDr. To Sales A/C (Being goods sold for cash) |
10,000 | 10,000 | |
| Jan.10 | Trade Expenses A/CDr. To Cash A/C (Being trade expenses paid) |
700 | 700 | |
| Jan.12 | Cash A/CDr. | 29,500 | ||
| Discount Allowed A/CDr. To Ramesh A/C (Being cash received from Ramesh in full settlement) |
500 | 30,000 | ||
| Jan.14 | Purchases A/CDr. To Sudhir A/C (Being goods purchased from Sudhir on credit) |
27,000 | 27,000 | |
| Jan.18 | Cartage A/CDr. To Cash A/C (Being cartage paid) |
1,000 | 1,000 | |
| Jan.20 | Drawings A/CDr. To Cash A/C (Being cash withdrawn for self) |
5,000 | 5,000 | |
| Jan.22 | Drawings A/CDr. To Purchases A/C (Being goods withdrawn for household use) |
2,000 | 2,000 | |
| Jan.25 | Sudhir A/CDr. To Discount Received A/c To Cash A/C (Being cash paid to Sudhir and received discount) |
27,000 | 300 26,700 |
|
| Total c/f | 4,83,200 | 4,83,200 |
13. Journalize the following transactions:
| 2014 | Rs. | |
|---|---|---|
| Dec.01 | Hema started business with cash | 1,00,000 |
| Dec.02 | Open a bank account with SBI | 30,000 |
| Dec.04 | Purchased goods from Ashu | 20,000 |
| Dec.06 | Sold goods to Rahul for cash | 15,000 |
| Dec.10 | Bought goods from Tara for cash | 40,000 |
| Dec.13 | Sold goods to Suman | 20,000 |
| Dec.16 | Received cheque from Suman | 19,500 |
| Discount allowed | 500 | |
| Dec.20 | Cheque given to Ashu on account | 10,000 |
| Dec.22 | Rent paid by cheque | 2,000 |
| Dec.23 | Deposited into bank | 16,000 |
| Dec.25 | Machine purchased from Parigya | 10,000 |
| Dec.26 | Trade expenses | 2,000 |
| Dec.28 | Cheque issued to Parigya | 10,000 |
| Dec.29 | Paid telephone expenses by cheque | 1,200 |
| Dec.31 | Paid salary | 4,500 |
| Date | Particulars | L.F | Debit Amount ₹ |
Credit Amount ₹ |
|---|---|---|---|---|
| Dec.01 | Cash A/CDr. To Capital A/C (Being business started with cash) |
1,00,000 | 1,00,000 | |
| Dec.02 | Bank A/CDr. To Cash A/C (Being bank account opened with SBI) |
30,000 | 30,000 | |
| Dec.04 | Purchases A/CDr. To Ashu A/C (Being goods purchased from Ashu) |
20,000 | 20,000 | |
| Dec.06 | Cash A/CDr. To Sales A/C (Being goods sold to Rahul for cash) |
15,000 | 15,000 | |
| Dec.10 | Purchases A/CDr. To Cash A/C (Being goods bought from Tara for cash) |
40,000 | 40,000 | |
| Dec.13 | Suman A/CDr. To Sales A/C (Being goods sold to Suman) |
20,000 | 20,000 | |
| Dec.16 | Bank A/CDr. | 19,500 | ||
| Discount allowed A/CDr. To Suman (Being cheque received from Suman and discount allowed) |
500 | 20,000 | ||
| Dec.20 | Ashu A/CDr. To Bank A/C (Being cheque given to Ashu on account) |
10,000 | 10,000 | |
| Dec.22 | Rent A/CDr. To Cash A/C (Being rent paid by cheque) |
2,000 | 2,000 | |
| Dec.23 | Bank A/CDr. To Cash A/C (Being cash deposited into bank) |
16,000 | 16,000 | |
| Dec.25 | Machine A/CDr. To Parigya A/C (Being machine purchased from Parigya) |
10,000 | 10,000 | |
| Dec.26 | Trade Expenses A/CDr. To Cash A/C (Being trade expense paid in cash) |
2,000 | 2,000 | |
| Dec.28 | Parigya A/CDr. To Bank A/C (Being cheque issued to Parigya) |
10,000 | 10,000 | |
| Dec.29 | Telephone expenses A/CDr. To Bank A/C (Being telephone expenses paid by cheque) |
1,200 | 1,200 | |
| Dec.31 | Salary A/CDr. To Cash A/C (Being salary paid in cash) |
4,500 | 4,500 | |
| Total c/f | 3,00,700 | 3,00,700 |
14. Journalize the following transactions in the books of Harpreet Bros.:
- ₹ 1,000 due from Rohit are now bad debts
- Goods worth ₹ 2,000 were used by the proprietor.
- Charge depreciation @ 10% p.a for two months on machine costing ₹ 30,000
- Provide commission on capital of ₹ 1,50,000 at 6% p.a for 9 months
- Rahul who owed ₹ 2,000 became insolvent. A final dividend of ₹ 60 paise in a rupee is received from his estate.
| Date | Particulars | L.F | Debit Amount ₹ |
Credit Amount ₹ |
|---|---|---|---|---|
| (a) | Bad Debt A/CDr. To Rohit A/C (Amount due from Rohit is now bad debt.) |
1,000 | 1,000 | |
| (b) | Drawings A/CDr. To Purchases A/C (Goods drawn by the proprietor) |
2,000 | 2,000 | |
| (c) | Depreciation A/CDr. To Machine A/C (Charge depreciation @ 10% p.a for two months on machine costing ₹30,000) |
500 | 500 | |
| (d) | Commission A/CDr. To Capital A/C (commission on capital of ₹1,50,000 at 6% p.a for 9 months) |
6,750 | 6,750 | |
| (e) | Cash A/CDr. |
1,200 | ||
| Bad Debt A/CDr. To Rahul A/C (Rahul who owed ₹ 2,000 became insolvent. A final dividend of 60paise is received from his estate.) |
800 | 2000 | ||
| Total c/f | 12,250 | 12,250 |
15. Prepare Journal from the transactions given below:
- Cash paid for installation of machine ₹ 500
- Goods given as charity ₹ 2,000
- Interest charge on capital @7% p.a. when total capital was ₹ 70,000
- Received ₹ 1,200 of a bad debts written-off last year.
- Goods destroyed by fire ₹ 2,000
- Rent outstanding ₹ 1,000
- Interest on drawings ₹ 900
- Sudhir Kumar who owed me ₹ 3,000 has failed to pay the amount. He pays me a compensation of ₹ 45 paise in a rupee.
- Commission received in advance ₹ 7,000
| Date | Particulars | L.F | Debit Amount ₹ |
Credit Amount ₹ |
|---|---|---|---|---|
| (a) | Machine A/CDr. To Cash A/C (Cash paid for installation of machine ₹500) |
500 | 500 | |
| (b) | Charity A/CDr. To Purchases A/C (Goods given as charity ₹2,000) |
2,000 | 2,000 | |
| (c) | Interest on Capital A/CDr. To Capital A/C (Interest received on capital @7% p.a. when total capital was ₹70,000) |
4,900 | 4,900 | |
| (d) | Cash A/CDr. To Bad Debts Recovered A/C (Received ₹1,200 of a bad debts written-off last year) |
1,200 | 1,200 | |
| (e) | Loss of Goods A/CDr. To Purchases A/C (Goods destroyed by fire ₹2,000) |
2,000 | 2,000 | |
| (f) | Rent A/CDr. To Rent Outstanding A/C (Rent outstanding ₹1,000) |
1,000 | 1,000 | |
| (g) | Drawings A/CDr. To Interst on Drawings A/C (Interest on drawings ₹900) |
900 | 900 | |
| (h) | Cash A/CDr. | 1,350 | ||
| Bad Debt A/CDr. To Sudhir Kumar A/C (Sudhir Kumar who owed me ₹3,000 has failed to pay the amount. He pays me a compensation of ₹ 45 paise in a rupee) |
1,650 | 3,000 | ||
| (i) | Cash A/CDr. To Commission in Advance A/C (Commission received in advance ₹7,000) |
7,000 | 7,000 | |
| Total c/f | 22,500 | 22,500 |
You might also want to refer the following pages.
- Introduction to Accounting
- Theory Base of Accounting
- Recording of Transactions – I
- Answers to Theoretical Questions
- Accounting Equation Numerical Questions Solutions
- Journalising Numerical Questions Solutions
- Posting Numerical Questions Solutions
- Tips for Accounting Equation, Journalizing and Posting
- Recording of Transactions – II
- Bank Reconciliation Statement