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Make Journal Entries For the Following Transaction.

  1. 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.
  2.  Cash withdrawn by owner for private use Rs.10000.
  3.  Goods purchased for cash Rs. 10000 plus GST@5% which is eligible for input credit.
  4.  Cash paid to Vishal Rs. 1000 in full settlement of Rs. 1020.
  5. 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.
  6. Depreciate Machinery by Rs. 10000.
  7. 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)     


Solution   2.

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(Being Cash withdrawn by owner for   Private use RS. 10000)          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

(Being Goods purchased for cash Rs. 10,000 Plus GST@5%, which is Eligible for credit.) 
  Solution  4.


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.)
   Solution  5.

Cash A/c                                                                                    Dr  300       

Bed debts A/c                                                                           Dr  700

             To Ram A/c                                                                                                               Cr 1000
   Solution  6.

Depreciation A/c                                                                     Dr 10,000

             To Machinery A/c                                                                                                Cr  10,000
 Solution  7.

Petrol Expense A/c                                                               Dr 600

            To  Cash A/c                                                                                                       Cr.    600




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