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Journal Entries - Questions

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329 views11 pages

Journal Entries - Questions

Uploaded by

dilipupadhyay1979
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Problem 1

Write Journal Entries for the transactions:


10th April: Commenced business with a capital of 1,00,000
11th April: Purchased goods from Veeru for 20,000
13th April: Purchased Goods for Cash 15,000
14th April: Purchased Goods from Abhiram for cash 9,000
16th April: Bought Goods from Shyam on credit 12,000
17th April: Sold goods worth 15,000 to Tarun
19th April: Sold goods for cash 20,000
20th April: Sold goods to Utsav for cash 6,000
21st April: Sold goods to Pranav on credit 17,000
22nd April: Returned goods to Veeru 3,000
23rd April: Goods returned from Tarun 1,000
25th April: Goods taken by the proprietor for personal use 1,000
26th April: Bought Land for 50,000
27th April: Purchased machinery for cash 45,000
28th April: Bought computer from Intel Computers for 25,000
28th April: Cash sales 15,000
29th April: Cash purchases 22,000
30th April: Bought furniture for proprietor's residence and paid cash 10,000
Problem 2

Problem – 2

Journalize the following transactions in the books of Rama & Sons:


3rd May: Cash deposited into bank 60,000
4th May: Loan given to Bhuvan 20,000
4th May: Paid cash to Veeru 20,000
5th May: Paid to Veeru by cheque 15,000
5th May: Cash received from Tarun 12,000
5th May: Took loan from Anush 15,000
6th May: Cheque received from Pranav 15,000
6th May: Paid to Intel Computers by cheque 17,000
6th May: Withdrew from bank 5,000 for personal use
7th May: Withdrew from bank for office use 8,000
7th May: Cash received from Bhuvan on loan account 10,000
8th May: Cash taken by proprietor for personal use 3,000
9th May: Bought furniture and paid by cheque 15,000
9th May: Paid to Anush by cheque on loan account 5,000
9th May: Brought additional capital of 25,000
Problem 3
10th June: Paid wages 12,000
11th June: paid rent by cheque 10,000
13th June: Paid salary to Mr. Charan 12,000
14th June: Purchased stationery from Kagaz & Co. and paid by cheque 5,000
15th June: Received interest 14,000
17th June: Received commission by cheque 6,000
18th June: Rent received from Mr. Mody 8,000
19th June: Interest received from Mr.Bijju by cheque 10,000
20th June: Carriage paid on purchase of goods 3,000
22nd June: Carriage paid on sale of goods 2,000
Problem 4
1. Started business with Rs.10,000 cash 29,000 stock, 34000 of
machine.
2. Goods of Rs 125000 were sold to sunil less 20% trade discount
and received current dated cheque under 2% cash discount.
3. Received Rs 975 from ram in full settlement of his account of
Rs. 1000
4. Recovered a final 70 paisa in a rupee from the official receiver
Mr. Rao who owed Rs. 5000.
5. Paid Rs 11000 into bank for opening an account.
6. Settled shri hari’s account of Rs.3000 at 6% discount.
7. Purchased a second hand machine of 13000 and spent Rs. 270
on repairs.
8. Paid tax of 200
9. Goods costing Rs. 380 destroyed by fire. ( sales price 500)
10. Goods of Rs. 700 were distributed as free samples. ( sales price
1000)
11. Paid Rs. 300 for installing of machine
12. Goods worth Rs. 2500 were stolen during the year.
13. Bought 2 horses worth Rs. 80000 and a wooden cart of 10000 to
supply the goods in the rural area.
Problem - 5
1. Started business with cash 10000, furniture 25000, machinery
12000, land and building 275000, bank balance of 24000 and a
loan which was taken worth Rs. 100000.
2. Mr. X’s cheque worth Rs. 10000, who was a customer was
dishonored and returned back from the bank. The customer
was also given a discount of Rs. 500.
3. Additional Capital worth Rs. 250000, furniture of Rs. 50000,
machine of Rs. 170000 was brought in the business.
4. Goods worth Rs.5000 destroyed in fire, and the Insurance
Company accepted claim RS.4000.
5. Goods worth Rs.15000 destroyed by fire, and the Insurance
claim of 60% was received.
6. A old piece of furniture having a book value of Rs. 15000 was
replaced with a new furniture worth Rs. 30000. the old
furniture was sold for Rs. 10000.
7. Purchased Shares of Reliance Ltd worth Rs. 150000.
8. During the month the scrap of goods worth Rs.3000 was sold for
1500.
9. Purchased 300 shares of ITC Ltd @ Rs. 90 per share ( face value
Rs.100) and also paid a 2% brokerage.
10. Company issued 1000 shares at Rs. 100 each.
11. Sold 100 shares of ITC @ 95 per share and paid Rs. 200
brokerage.
12. Company Redeemed debentures worth Rs. 20000 during the
year.
13. The company will get an order to supply goods worth Rs. 25000
to Mehta & Company.
14. Dividend of Rs. 2000 was paid during the year.
15. During the year the cash income from the investments worth
Rs. 65000 was transferred to capital Reserve.
16. During the year equity shares worth Rs.500000 were converted
into 10% p.a. Debentures.
17. Company paid quarterly interest to the debenture holders.

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