Books of Accounts > Journal

Answer in One Sentence:
Which account is credited, when goods are sold on credit?

Journalise the following transactions in the books of Anand General Merchants.

2019 April

1 Mr. Anand started the business with cash of ₹ 60,000.

5 Purchased goods for cash ₹ 30,000.

7 Sold goods of ₹ 10,000 to Suresh.

10 Purchased Furniture from Mr. Govind on credit ₹ 30,000.

15 Paid for Rent ₹ 3000 and paid by debit card.

21 Purchased goods from Urmila on credit ₹ 70,000.

27 Paid for Transport ₹ 1,000 to United Transport.

30 Paid to Urmila ₹ 20,000 on behalf of Sharmila.

Give one word/term or phrase for the following statement:
A book of prime entry.

Journalise the following transactions in the books of Kunal Stores.

2018 August

1 Purchased goods of ₹ 90,000 at 10% Trade Discount and 10% Cash Discount from Rakesh and 1/3rd amount paid by cheque.

5 Opened current account in State Bank of India by depositing ₹ 60,000.

8 Cash purchases ₹ 85,000.

10 Goods sold on credit to Tushar ₹ 20,000 @ 10% Trade Discount.

12 Paid Salary ₹ 4,000.

16 Tushar returned goods of ₹ 250.

17 Goods taken by Kunal for his private use ₹ 2,000.

20 Purchased Laptop of ₹ 40,000 from Joshi Electronics @ 18% GST and paid by cheque.

22 Rent paid by cheque ₹ 15,000.

25 Purchased Motor car worth ₹ 2,00,000 for cash @ 18% GST and paid by Bank.

26 Goods distributed as free sample ₹ 4,000.

28 Purchased goods from Amit of ₹ 60,000 on credit.

30 Paid by ECS cash to Amit ₹ 58,500, who allowed us a discount of ₹ 1,500.

30 Sold goods ₹ 5,000 at a loss of ₹ 1,000

31 Sold goods for ₹ 20,000.

State whether the following statement is True or False with reasons.
Drawings made by the proprietor increases his capital

Correct the following statement and rewrite the statement:
Journal is a book of Secondary entry.

Journalise the following transactions in the books of Nina General Stores.

2018 Sept

1 Sold goods of ₹ 50,000 at 10% Trade Discount and 10% Cash Discount to Raj and received 50% by cheque and 20% by cash.

3 Bought goods worth ₹ 60,000 from Prashant at 7.5% Trade Discount and half amount paid by cash.

5 Returned goods worth ₹ 550 to Prashant.

7 Sold goods worth ₹ 90,000 to Ranvir on credit at 10% Trade Discount.

12 Received Commission ₹ 4,500.

15 Received cheque of ₹ 80,000 from Ranvir in full settlement of his account.

18 Purchased Computer worth ₹ 80,000 from Reliance Company by cheque at 28% GST.

22 Wages paid ₹ 13,000.

23 Paid for Life Insurance premium ₹ 17,000.

27 Sold goods worth ₹ 28,000 to Tushar who paid us ₹ 18,000 immediately

Give one word/term or phrase for the following statement:
Anything taken by proprietor from business for his private use.