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Third Day Tally Contents (Journal Entry Part - 1)

The document describes journal entries for transactions made by a business. It provides examples of 15 journal entries recording transactions like starting a business with cash, buying and selling goods for cash and credit, paying expenses, receiving income. For each entry it lists the accounts involved, whether they are debited or credited, and the accounting rule applied. The purpose is to demonstrate how to properly record business transactions through journal entries in the accounting books.

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Kamlesh Kumar
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112 views12 pages

Third Day Tally Contents (Journal Entry Part - 1)

The document describes journal entries for transactions made by a business. It provides examples of 15 journal entries recording transactions like starting a business with cash, buying and selling goods for cash and credit, paying expenses, receiving income. For each entry it lists the accounts involved, whether they are debited or credited, and the accounting rule applied. The purpose is to demonstrate how to properly record business transactions through journal entries in the accounting books.

Uploaded by

Kamlesh Kumar
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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TALLY

JOURNAL ENTRY
WHAT IS JOURNAL ENTRY ?

A journal entry is a record of the business


transactions in the accounting books of a business.
A properly documented journal entry consists of
the correct date, amounts to be debited and
credited, description of the transaction and a
unique reference number, such as the bill no.
JOURNAL ENTRY
1. Commenced business with cash Rs.10, 000.
2. Deposit into bank Rs. 15,000
3. Bought office furniture Rs.3,000
4. Soled goods for cash Rs.2,500
5. Purchased goods form Mr X on credit Rs.2,000
6. Soled goods to Mr Y on credit Rs.3,000
7. Received cash form Mr. Y on account Rs.2,000
8. Paid cash to Mr X Rs. 1,000
9. Received commission Rs. 50
10. Paid salary Rs. 500
1. Commenced business with cash Rs.10, 000.

Account Involved Debit / Credit Rule Applied

Cash A/c Debit Real A/c – Dr. what comes in

To Capital A/c Credit Personal A/c – Cr. the Giver

2. Deposit into bank Rs. 15,000.

Account Involved Debit / Credit Rule Applied

Bank A/c Debit Personal – Dr. the Receiver

To Cash A/c Credit Real A/c – Cr. what goes out


3. Bought office furniture Rs.3,000

Account Involved Debit / Credit Rule Applied

Furniture A/c Debit Real A/c – Dr. what comes in

To Cash A/c Credit Real A/c – Cr. what goes out

4. Soled goods for cash Rs.2,500

Account Involved Debit / Credit Rule Applied

Cash A/c Debit Real A/c – Dr. what comes in

Nominal A/c – Cr. all income


To Sales A/c Credit
and gain
5. Purchased goods form Mr X on credit Rs.2,000

Account Involved Debit / Credit Rule Applied

Purchase A/c Debit Nominal A/c – Dr. all expenses

To Mr. X A/c Credit Personal A/c – Cr. the Giver

6. Soled goods to Mr Y on credit Rs.3,000

Account Involved Debit / Credit Rule Applied

Mr. Y A/c Debit Personal – Dr. the Receiver

Nominal A/c – Cr. all income


To Sales A/c Credit
and gain
7. Received cash form mr. Y on account Rs.2,000

Account Involved Debit / Credit Rule Applied

Cash A/c Debit Real A/c – Dr. what comes in

To Mr. Y A/c Credit Personal A/c – Cr. the Giver

8. Paid cash to Mr X Rs. 1,000.

Account Involved Debit / Credit Rule Applied

Mr. X A/c Debit Personal – Dr. the Receiver

To Cash A/c Credit Real A/c – Cr. what goes out


9. Received commission Rs. 50

Account Involved Debit / Credit Rule Applied

Cash A/c Debit Real A/c – Dr. what comes in

Nominal A/c – Cr. all income


To Commission A/c Credit
and gain

10. Sold goods to Mohan with cash Rs. 2000.

Account Involved Debit / Credit Rule Applied

Cash A/c Debit Real A/c – Dr. what comes in

Nominal A/c – Cr. all income


To Sales A/c Credit
and gain
11. Paid salary Rs. 500.

Account Involved Debit / Credit Rule Applied

Salary A/c Debit Nominal A/c – Dr. all expenses

To Cash A/c Credit Real A/c – Cr. what goes out

12. Paid for advertisement Rs.500

Account Involved Debit / Credit Rule Applied

Advertisement A/c Debit Nominal A/c – Dr. all expenses

To Cash A/c Credit Real A/c – Cr. what goes out


13. Purchased goods for cash Rs. 800.

Account Involved Debit / Credit Rule Applied

Purchase A/c Debit Nominal A/c – Dr. all expenses

To Cash A/c Credit Real A/c – Cr. what goes out

14. Sold goods for cash Rs. 1,500.

Account Involved Debit / Credit Rule Applied

Cash A/c Debit Real A/c – Dr. what comes in

Nominal A/c – Cr. all income


To Sales A/c Credit
and gain
15. Purchase office Computer Rs. 15000/-

Account Involved Debit / Credit Rule Applied

Computer A/c Debit Real A/c – Dr. what comes in

To Cash A/c Credit Real A/c – Cr. what goes out

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