Make Journal Entries For the Following Transaction.
- Jayant started business with cash Rs. 10000,
Bank Rs. 20000, and Stock Rs. 40000, Furniture Rs. 20000, For this purpose he
arranges Rs. 40000, from own sources balance through loan from Ankit.
- Cash withdrawn by owner for private use
Rs.10000.
- Goods purchased for cash Rs. 10000 plus GST@5% which is eligible for input credit.
- Cash paid to Vishal Rs. 1000 in full settlement of Rs. 1020.
- Ram became insolvent & received from his official receiver a sum of Rs. 30 Paise in a Rupee as first & final dividend for his debt of Rs.1000.
- Depreciate Machinery by Rs. 10000.
- Reimbursed Petrol Bill of Sales Men Rs. 600.
Solution 1.
Cash A/c Dr 10,000
Bank A/c
Dr 20,000
Stock A/c
Dr 40,000
Furniture A/c Dr 20,000
To
Capital A/c Cr 40,000
To Loan from Ankit A/c Cr 50,000
(Being business started by Jayant with Assets and Capital and by taking loan From Ankit)
Drawing A/c
Dr 10,000
To Cash A/c Cr 10,000
(Being Cash withdrawn by owner for Private use RS. 10000)
Solution 3.
Purchase A/c
Dr 10,000
Input GST@5% A/c Dr 500
To Cash A/c Cr 10,500
Vishal A/c
Dr 1020
To Cash A/c Cr. 1000
To Discount
Received A/c Cr. 20
(Being Cash paid to Vishal Rs. 1000 in Full settement of Rs. 1020.)
Cash A/c Dr 300
Bed debts A/c
Dr 700
Depreciation A/c
Dr 10,000
Petrol Expense
A/c
Dr 600