Journal Entries | Numerical Problems Part - 4 | Account

Journal entries part 4

Kusumita started a boutique shop on 1st July, 2020 with cash Rs. 600,000 as "Fashion Care Boutique Shop" at New Road Kathmandu. Kusumita provided you the following transactions:

July 3 She purchased a computer of RS. 60,000 for office use from ABC Company paying cash Rs. 10,000 & the balance through bank loan.

July 5 Office furniture purchased from Ratna Steel Furniture Pvt. Ltd Rs. 50,000.

July 7 Bought goods for Rs. 60,000 and paid Rs. 20,000 in cash and balance credit.

July 9 Goods worth Rs. 40,000 sold to Roshani for Rs. 45,000 and payment received in cash.

July 15 Goods worth Rs. 2,500 lost by theft and insurance company admitted claim for only Rs. 2,000.

July 26 Kusumita withdrew goods worth Rs. 5,000 & cash Rs. 2,000 from business for her private use.

July 28 Rs. 24,000 paid to Ratna Steel Furniture Pvt. Ltd after deducting Rs. 1,000 discount.

July 30 Paid the bank loan Rs. 52,000 with interest Rs. 2,000.

Required: Journalize the above transaction in the books of Kusumita.


 Date Account Titles and Explanation PRDebit (Rs.)  Credit (Rs.)
 July 1Cash a/c                               Dr.
     To capital a/c
(For a boutique shop started with cash)
  600,000 600,000
 July 3Computer a/c                       Dr.
     To cash a/c
     To Bank a/c
(For a computer purchased on cash and credit)
  60,000



10,000
50,000
 July 5Furniture a/c                        Dr.
    To Ratna Steel Furniture a/c
(For office furniture purchased from Ratna 
Steel Furniture Pvt. Ltd)
  50,000



 50,000

 July 7Purchase a/c                        Dr.
    To Cash a/c
    To Accounts payable a/c
(For goods purchased on cash and credit)
  60,000



20,000
40,000

 July 9Cash a/c                               Dr.
    To sales a/c
(For goods sold on cash)
  45,000


 45,000
 July 15Insurance company a/c         Dr.
Goods lost by theft a/c          Dr.
    To Purchase a/c
(For goods lost by theft and insurance
company admitted claim)
 2,000
500



 2,500
 July 26Drawing a/c                         Dr.
    To cash a/c
    To purchase a/c
(For goods and cash withdrawn for
private use)
 7,000



 
2,000
5,000


 July 28Ratan Steel Furniture a/c    Dr.
     To cash a/c
     To discount a/c
(Being cash paid to Ratan Steel
Furniture Pvt.Ltd after deducting 
discount)
  25,000





24,000
1,000


 July 30Bank loan a/c                      Dr.
Interest on bank loan a/c      Dr.
     To cash a/c
(Being Bank loan paid with interest)
 50,000
2,000


 52,000

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