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Journal Entries for Business Transactions

M/s Mallika Fashion House started business with Rs. 2,00,000 cash. It opened a bank account with Rs. 80,000 and purchased goods and office machines using a mix of cash and cheque payments. Goods were sold on credit and cash sales were made. Salary of Rs. 6,000

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Anand Kumar Jha
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1K views2 pages

Journal Entries for Business Transactions

M/s Mallika Fashion House started business with Rs. 2,00,000 cash. It opened a bank account with Rs. 80,000 and purchased goods and office machines using a mix of cash and cheque payments. Goods were sold on credit and cash sales were made. Salary of Rs. 6,000

Uploaded by

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

(Journal Entry 1)

1. Sonu Business commenced with a capital of Rs. 6,00,000.


2. Rs. 4,50,000 deposited in a bank account.
3. Rs. 2,30,000 Plant and Machinery Purchased by paying Rs. 30,000 cash
immediately.
4. Purchased goods worth Rs. 40,000 for cash and Rs. 45,000 on account.
5. Paid a cheque of Rs. 2, 00,000 to the supplier for Plant and Machinery.
6. Rs. 70,000 cash sales (of goods costing Rs. 50,000).
7. Withdrawn by the proprietor Rs. 35,000 cash for personal use.
8. Insurance paid by cheque of Rs. 2,500.
9. Made Salary of Ram Rs. 5,500.
10.
Furniture of Rs. 30,000 purchased in cash.
(Journal Entry 2)
Journalise the following transactions of M/s Mallika Fashion House and post the
entries to the Ledger:
Date Details Amount
June 05 Business started with cash 2,00,000
June 08 Opened a bank account with Syndicate Bank 80,000
June 12 Goods purchased on credit from M/s Gulmohar Fashion House 30,000
June 12 Purchase office machines, paid by cheque 20,000
June 18 Rent paid by cheque 5,000
June 20 Sale of goods on credit to M/s Mohit Bros 10,000
June 22 Cash sales 15,000
June 25 Cash paid to M/s Gulmohar Fashion House 30,000
June 28 Received a cheque from M/s Mohit Bros 10,000
June 30 Salary paid in cash 6,000.
(Journal Entry 3)
Journalise the following transactions of M/s Time Zone and post them to the
ledger accounts :
Date Details Amount
2005 Rs.
Dec. 01 Business started with cash 1,20,000
Dec. 02 Opened a bank account with ICICI 4,00,00
Dec. 04 Goods purchased for cash 12,000
Dec. 10 Paid cartage 500
Dec. 12 Goods sold on credit to M/s Lara India 25,000
Dec. 14 Cash received from M/s Lara India 10,000
Dec. 16 Goods returned from Lara India 3,000
Dec. 18 Paid trade expenses 700
Dec. 19 Goods purchased on credit from Taranum 32,000
Dec. 20 Cheque received from M/s Lara India for final settlement 11,500
and deposited sameday into bank
Dec. 22 Goods returned to Taranum 1,500
Dec. 24 Paid for stationery 1,200
Dec. 26 Cheque given to Taranum on account 20,000
Dec. 28 Paid rent by cheque 4,000

Dec. 29 Drew cash for personal use 10,000


Dec. 30 Cash sales 12,000
Dec. 31 Goods sold to M/s Rupak Traders 11,000

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