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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| 20 | Cash withdrawn from bank for personal use ₹ 45,000. |
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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 To Bank A/c (Cash withdrawn from bank for personal use) |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 |
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