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Illustrations and Exercises accounts
Last Updated On: 27-Oct-2021Posted On: 27-Oct-2021
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Illustration 8
Jeyaseeli is a sole proprietor having a provisions store. Following are the transactions during the month of January, 2018. Journalise them.
Jan. Rs.
1 Commenced business with cash 80,000
2 Deposited cash with bank 40,000
3 Purchased goods by paying cash 5,000
4 Purchased goods from Lipton & Co. on credit 10,000
5 Sold goods to Joy and received cash 11,000
6 Paid salaries by cash 5,000
7 Paid Lipton & Co. by cheque for the purchases made on 4th Jan.
8 Bought furniture by cash 4,000
9 Paid electricity charges by cash 1,000
10 Bank paid insurance premium on furniture as per standing instructions 300
Solution
[img]https://img.brainkart.com/imagebk35/O5Dp3h1.jpg[/img]
[img]https://img.brainkart.com/imagebk35/KtIAB6g.jpg[/img]
Illustration 9
Ananth is a trader dealing in textiles. For the following transactions, pass journal entries for the month of January, 2018.
Jan. Rs.
1 Commenced business with cash 70,000
2 Purchased goods from X and Co. on credit 30,000
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