journalise the following transactions in the books of balan

Skip to content. A journal entry records a business transaction in the accounting system of an organization. (iii) Purchased goods of list price of 30,000 from Amrit at 20% trade discount. View full document. 2. Experts are tested by Chegg as specialists in their subject area. You are required to draw up a trial balance correctly stating reasons in brief. 50,000. By going through the above journal entries we can identify the list of ledger accounts affected by these transactions. 3,000 4 Purchased goods on credit Rs. Goods/Stock a/c. : 2018 : Mar.2: Sold goods to Dilip of the list price of 62,000 for 60,000. 3200 endorsed to Sonam has been dishonoured and the noting charges amounted to Rs.. We are not permitting internet traffic to Byjus website from countries within European Union at this time. 500. 25, 000; Cash at bank - Rs. 2,00,000, 12% debentures of Rs. 85,000 . What Journal Entry will be made in the books of the Company for an issue of 5,000, 15% Debentures of Rs. Question3: Journalise the following transactions in the books of M/s. See Page 1. 20,000, Furniture Rs. Question 1. (c) Bank paid Rs. Illustration - Working Notes. 25,000. He bought goods of Rs. Commenced business with cash - 2,00,000 2. 75,000 against a cheque. Received full payment in cash. 1994 September 1. 40,000. Journalise the following transactions in the books of Dixit & Sons. Apr Debit Balances on the date of acquisition: 1st: Cash in hand Rs. (ii) Received from . Journalise the following transactions in the books of Afzal, Kolkata and post them to the Ledger: Solution Suggest Corrections 13 Same exercise questions Q. Journalise the following transactions in books of kanishk traders Report ; Posted by Harman Gill 2 years, 1 month ago. 1 Purchased goods worth 1,50,000 from Prashant & Co., less 10% Trade Discount. 38,000 in settlement of his dues of Rs. (e) Withdrawn cash from Bank for personal expenses Rs. You cannot access byjus.com. 8,000, Cash at Bank Rs. Q10. "The process of recording a transaction in a journal is called journalizing the transactions." Meigs and Meigs and Johnson Read out the full article: How to make Journal Entries in Accounting - Explanation Journal Entries in Accounting are the process of analyzing and recording business transactions in chronological (day to day) order. You can specify conditions of storing and accessing cookies in your browser, Journalise the following transactions in the Books of Balan, ABC company limited issued 20000 equity shares at rupees 10 each the amount was paybal is as follows Courses . 1. Journalise the following transactions in Balan's books: 1985 Jan 1 Balan started business by investing cash Rs. From the following list of balances, prepare a trial balance as on 30.6.2012: Illustration 5: The accountant of a business firm wrongly prepared the following trial balance. Capital a/c. 10,000. Sold goods to Naresh who paid the amount through net banking - 5,000 6. 1 Answer to Journalise the following transactions in the books of Mr. Vas. 2,18, 000; Bills receivable - Rs.86,000; Debtors - Rs 2,23,000; Stock - Rs 3,12,000; Creditors - Rs 3,12,400; Equipment - Rs. ), (Being goods purchased on credit from Mr. Amit Sharma @ 10%T.D. 3,000 4-Purchased goods on credit Rs. 5,84,000; Capital Rs 25,00,000 and. Feb 2 Mr. Tahir commenced business with Rs . 50,000, paid into Bank Rs. (ii) Received a cheque of 12,900 from Chandradev and allowed discount 300 to him. Journalise the following transactions in the books of Gupta Bros., Lucknow (UP): CGST and SGST is levied @` 9%` each on intra-state (within the state) sale and purchase and IGST is levied @ `18%` on inter-state (Outside the state) sale and purchase. 2,000, Traders Discount 10% and cash discount 5%. Answer : A transaction should be recorded first in a journal because journal provides complete details of a transaction in one entry. Journalise the following transactions in the books of Ranbir. When goods are withdrawn stock decreases so credit stock. June 4: Purchased goods from Aniket worth Rs. Cash a/c. on first and final call rs 5 rupees application were received for 25000 shares axcess application money refunded and the money was dully received expect the first and final call on 500 shares held by Akash the directors forfeited these shares and then re issue to Sagar at rupees 7 per share as fully paid up pass the necessary journal entries. 4 Sold goods to Mr. Amit Sharma 70,000 at 10% Trade Discount on credit. Further, a journal forms the basis for posting the transactions into their respective accounts into ledger. 750. 23. 100 each at a discount of 6% but repayable after 8 years at a premium of 5%. 2,500 5- Paid cartage Rs. He bought goods of Rs. 30,000 directly for insurance premium of Basu. 30 Sold shares of 10,000 for 15,000 and the amount received by cheque. Journal Entries. We review their content and use your feedback to keep the quality high. Checkout Hindi version of Tutor's Tips Insta; Youtube; . Journalise the following transactions: (i) Sold goods to Brijesh of the list price of 10,000 at trade discount of 5%. R.K. & Co.: (i) Purchased goods at list price of Rs 20,000 from Vishal at 20% trade discount against cheque payment. 2.1M subscribers Journalise the following transactions in the books of Gupta Bros., Lucknow (UP): CGST and SGST is levied @` 9%` each on intra-state (within the state) sale and purchase and IGST. 3. Journalise the following transactions in the books of Sundar who is a bookseller. Do FASB Codification Topic 450 and IAS 37 provide managers too much discretion in recognizing and estimating the amounts of contingent liabilities? Purchased goods from Ishtiaq & Co. Rs. Requested URL: byjus.com/question-answer/journalise-the-following-transactions-in-the-books-of-afzal-kolkata-and-post-them-to-the-1/, User-Agent: Mozilla/5.0 (iPhone; CPU iPhone OS 14_6 like Mac OS X) AppleWebKit/605.1.15 (KHTML, like Gecko) Version/14.1.1 Mobile/15E148 Safari/604.1. 8,000. 2 - Purchased building for Rs. Refresh the page or contact the site owner to request access. As a result of the EUs General Data Protection Regulation (GDPR). myCBSEguide. Transaction 1 The opening ledger balances of were as follows: Cash in hand - Rs. 25,000, Stock of goods Rs. (v) 5,000 due from Sunny are now bad debts. 3. He had the following transaction in the month of December 2014. 14.000. Also prepare a trial balance as on that date. So debit prepai. 8,000, Cash at Bank Rs. 2,000, Buildings Rs. 10,000. Journalise the following transactions in the books of Bhushan Agencies: (i) Received from Bharat cash 20,000, allowed him discount of 500. 10. 28 Sold an old Furniture of 20,000 for 12,000. 1500 as travelling expenses to salesman Opened a bank account with - 50,000 5. 2,000, Buildings Rs. No tracking or performance measurement cookies were served with this page. Requested URL: byjus.com/question-answer/journalise-the-following-transactions-in-the-books-of-m-s-r-k-co-i-purchased/, User-Agent: Mozilla/5.0 (Macintosh; Intel Mac OS X 10_15_7) AppleWebKit/537.36 (KHTML, like Gecko) Chrome/103.0.0.0 Safari/537.36. Journalise the following transactions. explain in brief .. Refresh the page or contact the site owner to request access. Q2 Journalise the following transactions in the books of M/s Chand & Sons: S.No. 5,84,000; Capital - Rs 25,00,000 and Building - Rs 10 . Journal entries for books of Balan A/C are: This site is using cookies under cookie policy . Journal entry from the building blocks of the double entry accounting system that has been used for centuries to keep financial records. 40,000 at 20% Trade Discount and 1/5th amount paid in cash. The cheque was deposited into Bank on the same day. Journalise the following transactions in the books of Basu: (a) Basu sold goods to Chowdhary for Rs. 14,000 endorsed to Nisha has been dishonoured and noting charges have been p. Journalise the following transactions in the Books of Balan 1999 Dec.1 3 (ii) Received from Vikas 35,000 by cheque, allowed him discount of 750. 8. Transaction 1 The opening ledger balances of were as follows: Cash in hand - Rs. Purchased goods from Star and Co for cash Rs 20,000. No tracking or performance measurement cookies were served with this page. M/s Ruchi trader started their cash book with the following balances on Dec. 01 2010: cash in hand 1,354 and balance in bank current account 7,560. Journalise the following transactions in the books of Kamalakar. (ii) Received from Vikas Rs. 35,000 by cheque, allowed him discount of Rs. Journalise the following transactions (Or) Record the following transactions in a Journal Working Notes in problem solving Wherever we need to build certain notes which would help in the process of deriving the ultimate solution, they should be appropriately included as a part of the solution by marking the workings distinctly as working notes. 2003-2022 Chegg Inc. All rights reserved. 1,500 is declared Insolvent and 65 paise in a rupee is received as final dividend from his estate. 2. 2. 2,40,000 furniture 100,000 and stock worth Rs . Reasons: 1. 11,000. (iii) Received from Akhil Rs. 2,18, 000; Bills receivable - Rs.86,000; Debtors - Rs 2,23,000; Stock - Rs 3,12,000; Creditors - Rs 3,12,400; Equipment - Rs. Bought from Kumar, goods on credit for Rs 30,000. goods to Ravi for Rs 5,000 against a. 30,000 . 4,000 and furniture of Rs. Record the following transactions in the journal and post them into the ledger of Mr. Mahdi. 20. 500. They make it possible to track what a business has used its resources for, and where those resources came from and are used in the business. Journalise the following transactions in the books of Dr. Chandan:- (1) Biroo who owed Rs. 25, 000; Cash at bank - Rs. (ii) Purchased goods of list price of 20,000 from Naman at 15% trade discount against cash. 17 Paid for Proprietors house Rent 12,000. Sold goods for Rs. 2 Purchased building for Rs. Furniture a/c. You cannot access byjus.com. 100 each at par and are redeemable at a premium of 5%. Cost of Goods sold = `1/2` of purchases on 9th April, 2019, Selling price of Goods sold = `120/100 1,00,000 = 1,20,000`, Loss on sale of furniture = Cost of furniture - Selling price, Profit on sale of shares = Selling price - Cost of shares, Chapter 3: Journal - Practical Problems [Page 87], Balbharati Book-keeping and Accountancy 11th Standard HSC Maharashtra State Board, Maharashtra Board Question Bank with Solutions (Official), Mumbai University Engineering Study Material, CBSE Previous Year Question Paper With Solution for Class 12 Arts, CBSE Previous Year Question Paper With Solution for Class 12 Commerce, CBSE Previous Year Question Paper With Solution for Class 12 Science, CBSE Previous Year Question Paper With Solution for Class 10, Maharashtra State Board Previous Year Question Paper With Solution for Class 12 Arts, Maharashtra State Board Previous Year Question Paper With Solution for Class 12 Commerce, Maharashtra State Board Previous Year Question Paper With Solution for Class 12 Science, Maharashtra State Board Previous Year Question Paper With Solution for Class 10, CISCE ICSE / ISC Board Previous Year Question Paper With Solution for Class 12 Arts, CISCE ICSE / ISC Board Previous Year Question Paper With Solution for Class 12 Commerce, CISCE ICSE / ISC Board Previous Year Question Paper With Solution for Class 12 Science, CISCE ICSE / ISC Board Previous Year Question Paper With Solution for Class 10, HSC Commerce (Marketing and Salesmanship) 11th Maharashtra State Board, HSC Commerce 11th Maharashtra State Board, (Being the balances of previous year brought forward), (Being the goods purchased on credit from Prashant & Co. at 10% T.D. Also prepare a trial balance as on that date. This is an Expert-Verified Answer 4,000 and furniture of Rs. Journalise the following transactions in the Books of Balan 1999 Dec.1 3 Balan commenced business with a capital of Bought go arjuncpl10 arjuncpl10 30.10.2021 Accountancy Secondary School answered 2. (ii) Goods given away as charity 1,000. 10,00,000 of which 25% amount was borrowed from wife. 10,000 3 Purchased goods for cash Rs. . 5, 00,000. Journalise the following transactions: (10) 2018 Rs. Journalise the following transactions in Balan's books: 1985 Jan 1- Balan started business by investing cash Rs. 1st PUC Accountancy Recording of Transactions II Twelve Marks Questions and Answers. We are not permitting internet traffic to Byjus website from countries within European Union at this time. (2) Sold goods to Kitty list price Rs. 20. Purchased goods for Rs. Journalise the following transactions in the books of Prakash: (i) Opened a current account with Punjab National Bank 1,00,000. R.K. & Co.: (i) Purchased goods of list price of 20,000 from Vishal at 20% trade discount against cheque payment. (d) Cash deposited into Bank Rs. on application 2 rupees R.K. & Co.: (i) Purchased goods of list price of 20,000 from Vishal at 20% trade discount against cheque payment. Rent Paid a/c. 12 Sold Goods to Aditya Ray of 90,000 @ 28% GST. 50,000 cash Car valued Rs . Sonam informs Ranbir that Salmans acceptance for Rs. Journalize the following transactions in the books of Gaurav, post them into ledger and prepare trial balance for June 2016 : June 1: Gaurav started business with Rs. Journalise the following transactions in the books of M/s. 50,000. Question 4: Journalise the following transactions in the books of Bhushan Agencies: (i) Received from Bharat cash 20,000, allowed him discount of 500. Journalise the following transactions in books of kanishk traders. (b) Received as commission Rs. Journalise the following transactions in the books of M/s. 1. Each account in Double entry has an equal amount. 4 Purchased goods on account from Ali Rs . , s And what items are recorded in realization account . (iii) Purchased machinery for 1,00,000, payment made by cheque. M/s Ramdas & Brothers a/c. Ask questions, doubts, problems and we will help you. 20 Sold half of the goods purchased on 9th April at 20% Profit and 28% GST. "It also includes the balances of Cash and bank taken from the Cash Book". Dec 2017. (iv) Outstanding wages 3,000. para el tiempo de 15 segundos cual es el valor de la aceleracin, what is realization account ? Prepare an Accounting Equation on the basis of the following transactions: (i) Started business with cash 70,000. 2010 (rs) 2010 (rs) dec 1 hema started business with cash 1,00, 000 dec 2 open a bank account with sbi 30,000 dec 4 purchased goods from ashu 20,000 dec 6 sold goods to rahul for cash 15,000 dec 10 bought goods from tata from cash 40,000 dec 13 sold goods to suman 20,000 dec 16 received cheque from suman 19,500 discount allowed 500 dec 20 cheque Trial balance is a statement prepared to check the arithmetical accuracy of the books of ledger accounts. On allotment RS 3 rupee June 7: Cash purchases Rs. First step recording of transactions . Journalise the following transactions in the books of Bhushan Agencies: (i) Received from Bharat cash Rs 20,000, allowed him discount of Rs. 5,000 and machinery for Rs. The goods are withdrawn for personal use which increases drawings so debit drawings. (ii) Credit purchase of goods 18,000. 6. Journalise the following transactions in the Book of Ms Beauti Traders Also post them in the Ledger2011RsDec 1Started business with Cash200000Dec 2Bought Of Record the following transactions in the journal and post them into the ledger of Mr. Mahdi. 20,000. . Bought furniture for Rs. 500. 10,000 3- Purchased goods for cash Rs. 25 Purchased Furniture 1,80,000 @ 12% GST and amount paid by RTGS. Transcribed image text: Q2 Journalise the following transactions in the books of M/s Chand & Sons: S.No. 10,000. 9 Purchased goods for cash 2,00,000 @ 28% GST amount paid by NEFT. 3. 22. 2,500 5 Paid cartage Rs. Bank a/c. Nisha informs Kamalakar that Shantis acceptance for Rs. 2019 April (iii) Received from Akhil 38,000 in settlement of his dues of 40,000 in cash. Journalise the following transactions in the Books of Balan 1999 Dec 1 Balan commenced business with a capital of -1,00,000 3 Bought goods for cash-60,000 4 Sold goods for cash-50,000 5 Deposited in IOB-40,000 6 Bought goods from Ravi -30,000 7 Bought furniture for cash-4,000 8 Sold goods to Nathan-40,000 9 Paid cash to Seenu-10,000 25,000, Stock of goods Rs. Sol.9. Bought office furniture for cash Rs 7,500. ), (Being goods purchased with 28% GST and amount paid by NEFT), (Being goods sold on credit with 28% GST to Aditya Ray), (Being proprietor's house rent paid from business fund), (Being the goods sold at 20% profit with 28% GST), (Being furniture purchased with 12% GST and amount paid by RTGS). The solution of Question No 10 Chapter No 5 - D.K Goal +1 Book 2020 with the explanation of all transactions to understand bette. Started business with Rs. The double-entry accounting system is required in every business which affects two accounts on an equal basis; one credit and one debit. 15 Paid for Rent 5000 and Salary 18,000. 28,000 6 Paid Rs . Journalise the following transactions in the books of Bhushan Agencies: (i) Received from Bharat cash Rs 20,000, allowed him discount of Rs 500. Illustration 1: Journalise the following transactions in the books of Mr. Ram Krishna: 2007 () July 1 Mr. Ram Krishna Started business with cash 2,00,000 July 4 Goods purchased in cash 20,000 July 5 He deposited in Bank 40,000 July 7 Goods sold 15,000 July 10 Goods purchased from Mr. Kamlesh on credit 25,000 July . You'll get a detailed solution from a subject matter expert that helps you learn core concepts. X Ltd. issued Rs. Discount allowed is an expense and therefore it has a debit balance. June 1 Cash sale of Ashok 18,000 June 2 Bought goods from Vinod 10,000 June 2 Paid cartage on the goods bought 200 June 3 Old newspapers sold 100 June 4 Paid Municipal taxes by cheque 900 June 4 Paid for repairs to machinery 600 June 8 Received commission by cheque 1,700. Apr Debit Balances on the date of acquisition: 1st: Cash in hand Rs. As a result of the EUs General Data Protection Regulation (GDPR). (iii) Charge interest on capital of 5,00,000 @ 7% p.a. 40,000 in cash. 2. Journalise the following transactions in the books of Hero Enterprises: Balance on 1st April 2019 Cash at Bank 80,000, Sundry Debtors Ram 20,000, Rahim 30,000, Stock 55,000, Building 1,50,000. Credit Balances on 1st April 2019 Sundry Creditors Swapna 20,000, Rohit 30,000, Bank Loan 50,000. Rent paid in advance increases the prepaid expenses and reduces cash as cash is paid. 20,000, Furniture Rs. CBSE; Entrance Exam . CBSE > Class 11 > Accountancy . Journalise the following transactions in the books of Hero Enterprises: Cash at Bank 80,000, Sundry Debtors Ram 20,000, Rahim 30,000, Stock 55,000, Building 1,50,000. Credit Balances on 1st April 2019Sundry Creditors Swapna 20,000, Rohit 30,000, Bank Loan 50,000. Journalise the following transactions in the books or Mr. Tahir for the month of February 2021 . Bought goods from X and Co. on credit - 80,000 4. 1. Trial Balance is the list of debit and credit balances taken out from ledger to test the arithmetical accuracy of the books. Vas started his business with cash Rs 1,00,000. 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