Journal Entries | Numerical Problems Part - 3 | Account

journal entries part 3

Journalize the following transaction in the books of Nyaupane Trade Concern.

March 1 Nyaupane invested Rs. 200,000 cash in  Nyaupane Trade Concern.

March 5 Office furniture purchased for Rs. 30,000 cash.

March 18 Nyaupane trade concern purchased goods for Rs. 35,000.

March 20 Nyaupane trade concern purchased goods on credit for Rs. 24,000.

March 28 Rent paid Rs. 10,000.

March 30 Salary paid to staff Rs. 25,000.

March 30 Goods sold to a customer costing Rs. 12,000 for Rs. 15,000 and received Rs. 5,000 cash and rest on accounts receivable.

March 31 Nyaupane withdraw Rs. 1,000 cash from Nyaupane trade concern. 

Required: JOURNAL ENTRIES.

 Date    Account Titles and ExplanationPR  Debit (Rs.) Credit (Rs.)
March 1 Cash a/c                              Dr. 
     To capital a/c
(For capital contributed by the owner)
  200,000 200,000
March 5 Furniture a/c                        Dr.
     To cash a/c
(For office furniture purchased on cash)
  30,000 30,000
March 18 Purchased a/c                       Dr.
      To cash a/c
(For goods purchased on cash)
  35,000 35,000
March 20 Purchased a/c                       Dr.
      To accounts payable a/c
(For goods purchased on credit) 
  24,000 24,000
March 28 Rent a/c                                Dr.
     To cash a/c 
(For rent paid)
  10,00010,000 
March 30 Salary a/c                             Dr.
     To cash a/c
(For salary paid to staff)
  25,000 25,000
March 30 Cash a/c                               Dr.
 Accounts receivable a/c       Dr.
      To sales a/c
(For goods sold to a customer costing Rs. 12,000 for Rs. 15,000 and received Rs. 5,000 cash and rest on accounts receivable
  5,000
10,000
 15,000
March 31 Drawings a/c                        Dr.
      To cash a/c
( Cash withdrawn by owner for personal use)
  1,000 1,000

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