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Basic Accounting Procedures – II Journal

Alex J
04 Aug 0 0

I. Journalise the following Transactions – Chapter 4 (Book Examples)

Jan 1, 2004 – Saravanan started the business with Rs. 1,00,000.

Jan 3, 2004 – Received cash from Balan Rs. 25,000

Feb 7, 2004 – Paid cash to Perumal Rs.37,000.

Feb 8, 2004 – Bought goods for cash Rs. 80,000

Mar 10, 2004 – Cash sales Rs.90,000.

Mar 15, 2004 – Sold goods to Jaleel on credit Rs.1,00,000.

Mar 18, 2004 – Purchased goods from James on credit Rs.1,50,000.

Mar 20, 2004 – Returned goods from Jaleel Rs.5,000.

Mar 25, 2004 – Goods returned to James Rs.7,000.

Mar 26, 2004 – Paid salaries in cash Rs.6,000.

Mar 27, 2004 – Paid to Mohan on account Rs 3,000

Apr 14, 2004 – Commission received Rs.5,000.

Apr 15, 2004 – Saravanan withdrew for personal use Rs. 20,000.

Apr 16, 2004 – Drew cash from the bank for office use Rs 10,000

Apr 17, 2004 – Opened a current account with Indian Overseas Bank Rs.10,000.

Apr 18, 2004 – Rent paid by cheque Rs. 5,000.

Apr 19, 2004 – Received cheque from Elavarasan Rs.20,000.

Apr 20, 2004 – Cheque received from Santhosh Rs.30,000 and immediately banked.

Apr 21, 2004 – Paid into bank Rs 5,000.

Jul 15, 2004 – Jamuna who owed us Rs.10,000 is declared insolvent, and 25 paise in a rupee is received from her.

Jan 18, 2005 – Received cash for a Bad debt written off last year Rs.7,500.

Ans:

Journal

Date

Particulars

L.F

Debit
Rs

Credit
Rs

2004
Jan 1

Cash A/c                                                                  Dr.

 

1,00,000

 

To Capital A/c

 

 

 1,00,000

(Amount invested in the business)

 

 

 

3

Cash A/c                                                                  Dr.

 

25,000

 

To Balan’s A/c

 

 

 25,000

(Cash received from Balan)

 

 

 

Feb 7

Perumal A/c                                                              Dr.

 

37,000

 

To Cash A/c

 

 

 37,000

(Cash paid to perumal)

 

 

 

8

Purchase A/c                                                             Dr.

 

80,000

 

To Cash A/c

 

 

 80,000

(Goods purchased for cash)

 

 

 

Mar 10

Cash A/c                                                                  Dr.

 

90,000

 

To Sales A/c

 

 

90,000

(Goods sold for cash)

 

 

 

15

Jaleel A/c                                                                 Dr.

 

1,00,000

 

To Sales A/c

 

 

 1,00,000

(Goods sold on credit)

 

 

 

18

Purchase A/c                                                            Dr.

 

1,50,000

 

To James A/c

 

 

 1,50,000

(Goods purchased on credit)

 

 

 

20

Sales Return A/c                                                       Dr.

 

5,000

 

To Jaleel A/c

 

 

 5,000

(Goods returned from jaleel)

 

 

 

25

James A/c                                                                Dr.

 

7,000

 

To Purchases Return A/c

 

 

 7,000

(Goods returned to James)

 

 

 

26

Salary A/c                                                                Dr.

 

6,000

 

To Cash A/c

 

 

 6,000

(Salaries paid)

 

 

 

27

Mohan A/c                                                                Dr.

 

3,000

 

 

To Cash A/c

 

 

3,000

 

(Paid to Mohan)

 

 

 

Apr 14

Cash A/c                                                                  Dr.

 

5,000

 

 

To Commission A/c

 

 

5,000

 

(Commission received)

 

 

 

15

Drawings A/c                                                            Dr.

 

20,000

 

 

To Cash A/c

 

 

 20,000

 

(Amount withdrawn for personal use)

 

 

 

16

Cash A/c                                                                  Dr.

 

10,000

 

 

To Bank  A/c

 

 

10,000

 

(Amount withdrawn from bank for office use)

 

 

 

17

Indian Overseas Bank A/c                                          Dr.

 

10,000

 

 

To Cash A/c

 

 

 10,000

 

(Open a current Account in IOB)

 

 

 

18

Rent A/c                                                                   Dr.

 

5,000

 

 

To Bank A/c

 

 

5,000

 

(Rent paid by cheque#)

 

 

 

*19

Cash A/c                                                                   Dr.

 

20,000

 

 

To Elavarasan A/c

 

 

20,000

 

(Cheque received but not paid into bank)

 

 

 

*20

Bank A/c                                                                  Dr.

 

30,000

 

 

To Santhosh A/c

 

 

 30,000

 

(Cheque received & immediately banked)

 

 

 

21

Bank A/c                                                                  Dr.

 

5,000

 

 

To Cash A/c

 

 

5,000

 

(Cash paid into bank)

 

 

 

July 15

Cash A/c                                                                  Dr.

 

2,500

 

 

Bad Debts A/c                                                          Dr.

 

 7,500

 

 

To Jamuna A/c

 

 

 10,000

 

(25 paise in a rupee is received on her insolvency)

 

 

 

2005 Jan 18

Cash A/c                                                                 Dr.

 

7,500

 

To Bad Debts Recovered A/c

 

 

 7,500

 

(Bad Debts Recovered)

 

 

 

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