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

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One Word Answer

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

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Solution

Anything taken by proprietor from business for his private use. - Drawings

Concept: Journal
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Chapter 3: Journal - Exercises [Page 81]

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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.

Journalise the following transactions in the books of Gajanan

2019 May

3 Purchased goods for ₹ 90,000 and amounts paid by Bank directly.

7 Sold goods to Satish on credit ₹ 30,000.

9 Paid for Postage ₹ 10,000.

12 Paid for Wages ₹ 15,000.

15 Received cheque of ₹ 30,000 from Satish.

21 Received Dividend ₹ 5000.

25 Purchased Laptop of ₹ 40,000 and paid by cheque.

28 Deposited cash ₹ 10,000 into State Bank of India.

31 Purchased goods for ₹ 40,000 and paid by RTGS


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

2019 May

1 Received ₹ 5,000 from Ram on behalf of Bharat.

4 Purchased Goods for cash ₹ 55,000.

8 Paid for Salary ₹ 8,000.

12 Purchased goods from Ganesh ₹ 30,000 on credit.

17 Sold goods to Mrs. Neha ₹ 60,000 on credit.

20 Purchased Machinery of ₹ 80,000 @ 12% GST and amount paid by cheque.

25 Paid to SG & Sons by cheque ₹ 30,000.

28 Received Commission ₹ 10,000 from Ganesh.

30 Paid Rent ₹ 5000.

31 Purchased Shares of Atul Company Ltd. for ₹ 10,000 through Demat account.


Journalise the following transactions in the books of Sanjay General Stores:

2019 June

1 Started business with cash ₹ 50,000, Bank ₹ 1,00,000, Goods worth ₹ 50,000.

5 Purchased goods from Mohan on credit ₹ 80,000 at 10% Trade Discount.

9 Sold goods to Urmila ₹ 30,000 at 5% Trade Discount.

12 Paid into Dena Bank ₹ 40,000.

15 Goods worth ₹ 5000 were distributed as a free samples.

22 Paid for Commission ₹ 5,000 to Anand.

24 Received ₹ 28,000 from Urmila in full settlement of her account by Debit Card.

29 Paid for Advertisement ₹ 9,000.

30 Purchased Laptop for ₹ 20,000 @ 28% GST and amount paid by NEFT.


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.


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


Journalise the following transactions in the books of Varun

2018 Oct.

1 Purchased Machinery of ₹ 95,000 and paid ₹ 5,000 for freight.

3 Purchased goods for ₹ 1,50,000 and amount paid by Bank.

6 Purchased Laptop from Nagesh & Co. worth ₹ 1,80,000 @ 18% GST.

10 Paid into Bank of Baroda ₹ 70,000.

12 Paid for Rent ₹ 4,000 and Commission ₹ 3,000.

15 Bought goods from Tushar Company Ltd. ₹ 1,20,000 at 12% GST and paid 1/2 amount by RTGS.

16 Cash purchases ₹ 50,000 amount paid by cheque.

20 Invoiced goods to Satish ₹ 80,000 at 12% GST and the amount received by cheque.

25 Paid for Telephone charges ₹ 90,000

27 Mrs. Varsha bought goods from us ₹ 90,000 at a 12% Trade Discount.

28 Purchased goods from Abhijeet & Sons ₹ 1,50,000 at 18% GST.

30 Paid to Abhijeet & Sons and received 10% Cash Discount by cheque.

31 Paid for Advertisement ₹ 8,000 and Brokerage ₹ 12,000.


Journalise the following transactions in the books of Dhoni Auto Car Centre:

2018 Nov

1 Sold 1,000 shares for ₹ 100 each and paid brokerage @ 1% and the amount credited to our account.

4 Purchased goods from Ashish & Co. of ₹ 2,00,000.

6 Sold goods to Virat & Co. ₹ 1,50,000.

8 Paid for Advertisement ₹ 30,000 to Times of India.

10 Paid for Printing and Stationery ₹ 7,000.

12 Purchased goods from Prakash & Co. ₹ 1,50,000 @ 18% GST.

15 Paid for Transport charges ₹ 10,000 @12% GST.

20 Purchased goods from Vikram & Sons ₹ 1,20,000 @ 18% GST and paid half the amount immediately.

25 Paid to Prakash & Co. less 10% discount.

30 Invoiced Goods to Sanjay ₹ 60,000.

31 Sanjay returned goods of ₹ 10,000.

31 Sanjay became insolvent and recovered only 50 paise in a rupee as a final settlement from him.


Journalise the following transactions in the books of Harbhajan & Co. for the month of 1st April 2019:

Balance on 1st April 2019

Cash in hand ₹ 35,000, Cash at Bank ₹ 25,000, Furniture ₹ 1,50,000, Laptop ₹ 1,00,000

Debtors: Sangita ₹ 40,000, Viru ₹ 30,000

Creditors: Ganesh ₹ 10,000, Garima ₹ 40,000, Bank loan ₹ 50,000.

2019 April

1 Purchased goods from Ajay Kumar worth ₹ 2,50,000 at 10% Trade discount @ 18% GST and paid 1/4 amount in Cash.

5 Purchased shares of Infosys Company ₹ 50,000 and ₹ 500 paid as a brokerage for Demat A/c.

8 Sold goods to Raj worth ₹ 90,000 at 10% Trade discount and 1/3 amount received by cash and 5% cash discount is allowed.

12 Paid house rent of proprietor ₹ 9,000 and office rent ₹ 5,000.

15 Purchased Laptop of ₹ 60,000 @ 18% GST and paid amount by cheque.

20 Paid transport charges on the above Laptop ₹ 1,000 @ 18% GST.

25 Paid Commission ₹ 20,000 to Ram.

26 Paid Telephone Charges ₹ 1,000.

28 Transferred from private Bank A/c of proprietor to business Bank A/c ₹ 40,000.

30 Bought goods for ₹ 1,50,000 @ 12% as GST by cheque.

30 Exchanged our Furniture of ₹ 30,000 against a Motor car of the same value for business.


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