0 Illustrations and exercises accounts second year intermediate

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Illustrations Depreciation problem and solving skills

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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