Question

Give journal entries of M/s Mohit traders, Post them to the Ledger from the following transactions:

August 2017		₹
1.	Commenced business with cash	1,10,000
2.	Opened bank account with H.D.F.C.	50,000
3.	Purchased furniture	20,000
7.	Bought goods for cash from M/s Rupa Traders	30,000
8.	Purchased good from M/s Hema Traders	42,000
10.	Sold goods for cash	30,000
14.	Sold goods on credit to M/s. 2020 Gupta Traders	12,000
16.	Rent paid	4,000
18.	Paid trade expenses	1,000
20.	Received cash from Gupta Traders	12,000
22.	Goods return to Hema Traders	2,000
23.	Cash paid to Hema Traders	40,000
25.	Bought postage stamps	100
30.	Paid salary to Rishabh	4,000

Answer 1

Date	Particulars	L.F.	Debit Amount Rs	Credit Amount Rs
2017
Aug.01	Cash A/c Dr.		1,10,000
	To Capital A/c			1,10,000
	(Commenced business with cash)
Aug.02	Bank A/c Dr.		50,000
	To Cash A/c			50,000
	(Bank account opened with H.D.F.C)
Aug.03	Furniture A/c Dr.		20,000
	To Cash A/c			20,000
	(Furniture purchased)
Aug.07	Purchases A/c Dr.		30,000
	To Cash A/c			30,000
	(Goods purchased for cash)
Aug.08	Purchases A/c Dr.		42,000
	To M/s. Hema Traders			42,000
	(Goods purchased from M/s. Hema Traders)
Aug.10	Cash A/c Dr.		30,000
	To Sales A/c			30,000
	(Goods sold for cash)
Aug.14	M/s. Gupta Traders Dr.		12,000
	To Sales A/c			12,000
	(Goods sold to M/s. Gupta traders)
Aug.16	Rent A/c Dr.		4,000
	To Cash A/c			4,000
	(Rent paid in cash)
Aug.18	Trade Expenses A/c Dr.		1,000
	To Cash A/c			1,000
	(Trade expenses paid in cash)
Aug.20	Cash A/c Dr.		12,000
	To M/s. Gupta Traders			12,000
	(Cash received from M/s. Gupta Traders)
Aug.22	M/s. Hema Traders Dr.		2,000
	To Purchases Return A/c			2,000
	(Goods returned to Hema traders)
Aug.23	M/s. Hema Traders Dr.		40,000
	To Cash A/c			40,000
	(Cash paid to Hema traders)
Aug.25	Postage Stamps A/c Dr.		100
	To Cash A/c			100
	(Postage stamps purchased)
Aug.30	Salaries A/c Dr.		4,000
	To Cash A/c			4,000
	(Salaries paid in cash)
	Total		3,57,100	3,57,100

 

Dr.	Cash Account						Cr.
Date	Particulars	J.F.	Amount Rs	Date	Particulars	J.F.	Amount Rs
2017				2017
Aug.01	Capital		1,10,000	Aug.02	Bank		50,000
Aug.10	Sales M/s. Gupta		30,000	Aug.03	Furniture		20,000
Aug.20	Traders		12,000	Aug.07	Purchases		30,000
				Aug.16	Rent Trade		4,000
				Aug.18	Expenses M/s. Hema		1,000
				Aug.23	Traders Postage		40,000
				Aug.25	Stamps		100
				Aug.30	Salaries		4,000
				Aug.31	Balance c/d		2,900
			1,52,000				1,52,000

 

Dr.	Capital Account						Cr.
Date	Particulars	J.F.	Amount Rs	Date	Particulars	J.F.	Amount Rs
2017				2017
				Aug.01	Cash		1,10,000
Aug.31	Balance c/d		1,10,000
			1,10,000				1,10,000

 

Dr.	Bank Account						Cr.
Date	Particulars	J.F.	Amount Rs	Date	Particulars	J.F.	Amount Rs
2017				2017
Aug.02	Cash		50,000
				Aug.31	Balance c/d		50,000
			50,000				50,000

 

Dr.	Furniture Account						Cr.
Date	Particulars	J.F.	Amount Rs	Date	Particulars	J.F.	Amount Rs
2017				2017
Aug.02	Cash		50,000
				Aug.31	Balance c/d		50,000
			50,000				50,000

 

Dr.	Purchases Account						Cr.
Date	Particulars	J.F.	Amount Rs	Date	Particulars	J.F.	Amount Rs
2017				2017
Aug.07	Cash		30,000
Aug.08	M/s. Hema Traders		42,000	Aug.31	Balance c/d		72,000
			72,000				72,000

 

Dr.	M/s. Hema Traders Account						Cr.
Date	Particulars	J.F.	Amount Rs	Date	Particulars	J.F.	Amount Rs
2017				2017
Aug.22	Purchases Return		2,000	Aug.08	Purchases		42,000
Aug.23	Cash		40,000
			42,000				42,000

 

Dr.	Sales Account						Cr.
Date	Particulars	J.F.	Amount Rs	Date	Particulars	J.F.	Amount Rs
2017				2017
				Aug.10	Cash		30,000
				Aug.14	M/s. Gupta Traders		12,000
Aug.31	Balance c/d		42,000
			42,000				42,000

 

Dr.	M/s. Gupta Traders Account						Cr.
Date	Particulars	J.F.	Amount Rs	Date	Particulars	J.F.	Amount Rs
2017				2017
Aug.14	Sales		12,000
				Aug.20	Cash		12,000
			12,000				12,000

 

Dr.	Rent Account						Cr.
Date	Particulars	J.F.	Amount Rs	Date	Particulars	J.F.	Amount Rs
2017				2017
Aug.16	Cash		4,000
				Aug.31	Balance c/d		4,000
			4,000				4,000

 

Dr.	Trade Expenses Account						Cr.
Date	Particulars	J.F.	Amount Rs	Date	Particulars	J.F.	Amoun Rs
2017				2017
Aug.18	Cash		1,000
				Aug.31	Balance c/d		1,000
			1,000				1,000

 

Dr.	Purchases Return Account						Cr.
Date	Particulars	J.F.	Amount Rs	Date	Particulars	J.F.	Amount Rs
2017				2017
				Aug.22	M/s. Hema Traders		2,000
Aug.31	Balance c/d		2,000
			2,000				2,000

 

Dr.	Postage Stamps Account						Cr.
Date	Particulars	J.F.	Amount Rs	Date	Particulars	J.F.	Amount Rs
2017				2017
Aug.25	Cash		100
				Aug.31	Balance c/d		100
			100				100

 

Dr.	Salaries Account						Cr.
Date	Particulars	J.F.	Amount Rs	Date	Particulars	J.F.	Amount Rs
2017				2017
Aug.30	Cash		4,000
				Aug.31	Balance c/d		4,000
			4,000				4,000