Advertisements
Advertisements
Question
Journalise the following transactions in the books of Vasu and post them to ledger accounts.
| 2017 Nov | Particulars |
| 1 | Cash in hand ₹ 1,00,000; Cash at bank: ₹ 30,000 |
| 2 | Vasu sold goods to Jothi for ₹ 25,000 against a cheque and deposited the same in the bank |
| 4 | Received as commission ₹ 5,000 |
| 8 | Bank paid ₹ 15,000 directly for the insurance premium of Vasu. |
| 15 | Cash deposited into bank ₹ 30,000 |
| 20 | Cash withdrawn from bank for personal use ₹ 45,000. |
Advertisements
Solution
Journal entries in the Books of Vasu
| Date | Particulars | L.F. | Debit ₹ | Credit ₹ |
| 2017 Nov. 1 |
Cash A/c .........Dr. Bank A/c ......Dr. To Vasu's Capital A/c (Opening balance) |
1,00,000 30,000 - |
- - 1,30,000 |
|
| 2 | Bank A/c ........Dr. To Sales A/c (Vasu sold goods to Jothi and cheque received and deposited) |
25,000 - |
- 25,000 |
|
| 4 | Cash A/c .......Dr. To Commission A/c (Commission received) |
5,000 - |
- 5,000 |
|
| 8 | Insurance premium A/c .....Dr. To Bank A/c (Insurance premium paid by the bank) |
15,000 - |
- 15,000 |
|
| 15 | Bank A/c .....Dr. To Cash A/c (Cash deposited into the bank) |
30,000 - |
- 30,000 |
|
| 20 | Drawings A/c .........Dr. To Bank A/c (Cash withdrawn from bank for personal use) |
45,000 - |
- 45,000 |
Cash Account
Dr. Cr.
| Date | Particulars | J.F. | ₹ | Date | Particulars | J.F. | ₹ |
| 2017 | 2017 | ||||||
| Nov. 1 | To Balance b/d | 1,00,000 | Nov. 15 | By Bank A/c | 30,000 | ||
| 4 | To Commission received A/c | 5,000 | 30 | By Balance c/d | 75,000 | ||
| 1,05,000 | 1,05,000 | ||||||
| Dec. 1 | To Balance b/d | 75,000 |
Bank Account
Dr. Cr.
| Date | Particulars | J.F. | ₹ | Date | Particulars | J.F. | ₹ |
| 2017 | 2017 | ||||||
| Nov. 1 | To Balance b/d | 30,000 | Nov. 8 | By Insurance Premium A/c | 15,000 | ||
| 2 | To Sales A/c | 25,000 | 20 | By Drawings A/c | 45,000 | ||
| 15 | To Cash A/c | 30,000 | 30 | By Balance c/d | 25,000 | ||
| 85,000 | 85,000 | ||||||
| Dec. 1 | To Balance b/d | 25,000 |
Sales Account
Dr. Cr.
| Date | Particulars | J.F. | ₹ | Date | Particulars | J.F. | ₹ |
| 2017 | 2017 | ||||||
| Nov. 30 | To balance c/d | 25,000 | Nov. 2 | By Bank A/c | 25,000 | ||
| 25,000 | 25,000 | ||||||
| Dec. 1 | By balance b/d | 25,000 |
Commission Received Account
Dr. Cr.
| Date | Particulars | J.F. | ₹ | Date | Particulars | J.F. | ₹ |
| 2017 | 2017 | ||||||
| Nov. 30 | To Balance c/d | 5,000 | Nov. 4 | By Cash A/c | 5,000 | ||
| 5,000 | 5,000 | ||||||
| Dec. 1 | By Balance b/d | 5,000 |
Insurance Account
Dr. Cr.
| Date | Particulars | J.F. | ₹ | Date | Particulars | J.F. | ₹ |
| 2017 | 2017 | ||||||
| Nov. 8 | To Bank A/c | 15,000 | Nov. 30 | By Balance c/d | 15,000 | ||
| 15,000 | 15,000 | ||||||
| Dec. 1 | By Balance b/d | 15,000 |
Drawings Account
Dr. Cr.
| Date | Particulars | J.F. | ₹ | Date | Particulars | J.F. | ₹ |
| 2017 | 2017 | ||||||
| Nov. 20 | To Bank A/c | 45,000 | Nov. 30 | By Balance c/d | 45,000 | ||
| 45,000 | 45,000 | ||||||
| Dec. 1 | To Balance b/d | 45,000 |
APPEARS IN
RELATED QUESTIONS
Write the word, term, phrase, which can substitute the statement.
The process of extracting the balance and inserting it on lesser side of an account.
Write the word, term, phrase, which can substitute the statement.
A debit balance to personal Accounts.
Write the word, term, phrase, which can substitute the statement.
A credit balance to bank Account.
Select appropriate alternatives from those given below and rewrite the sentence.
In case of a credit transaction one of the account must be a …………….account
State whether the following statements are ‘True or False’ with reasons.
Balances of Nominal Accounts are carried forward to the next year.
If the total of the debit side of an account exceeds the total of its credit side, it means ____________.
What is debit balance?
What is credit balance?
Give Journal entries for the following transactions and post them to Cash a/c and Sales A/c.
| 2017 Aug. | Particulars | ₹ |
| 10 | Sold goods and cheque received but not deposited | 30,000 |
| 14 | Sold goods on credit to Gopi | 12,000 |
| 20 | Received cash from Gopi | 12,000 |
Put ‘4’ mark for the nature of balance for the following.
| Account | Dr. Balance | Cr. Balance |
| 1. Capital A/c | ||
| 2. Goodwill | ||
| 3. Bank Overdraft | ||
| 4. Bills Receivable | ||
| 5. Creditors | ||
| 6. Drawings | ||
| 7. Advertisement | ||
| 8. Prepaid Rent | ||
| 9. Outstanding Salary | ||
| 10. Bad debts |
