Journal Entries/Ledger | Numerical Problems Part - 5

Journal entries and ledger

 

You have been provided with the following transactions:

Jan 1 Bhandari invested Rs. 100,000 cash in Bhandari trade concern.

Jan 5 Office furniture purchased for Rs. 15,000 cash.

Jan 16 A new saving account opened with Rs. 50,000 in NB Bank.

Jan 18 Purchased goods for Rs. 25,000 cash.

Jan 20 Purchased goods on credit for Rs. 22,000.

Jan 28 Rent expenses Rs. 1,000.

Jan 29 Salary paid to staff Rs. 5,000 by cheque.

Jan 30 Charged depreciation on furniture Rs. 200.

Required:

  1. Journalize the above transactions.
  2. Posting into Capital account , Furniture account, Rent account, Bank account. Use standard T- form ledger

1. solution:

                     Journal Entries in the book of Bhandari Trade Concern
 Date Particulars PR Debit (Rs.) Credit (Rs.)
 Jan 1 Cash a/c                          Dr.
     To capital a/c
(For cash invested by owner)
  100,000


 100,000
 Jan 5 Furniture a/c                   Dr.
     To cash a/c
(For office furniture purchased on cash)
  15,000


 15,000
 Jan 16 NB Bank a/c                   Dr.
     To cash a/c
(For a new saving account opened by
depositing cash)
  50,000



 50,000

 Jan 18 Purchase a/c                    Dr.
     To cash a/c
(For goods purchased on cash)
  25,000


 25,000
 Jan 20 Purchase a/c                    Dr.
     To accounts payable a/c
(For goods purchased on credit)
  22,000 22,000
 Jan 28 Rent a/c                           Dr.
     To cash a/c
(For rent paid)
  1,000


 1,000
 Jan 29 Salary a/c                        Dr.
     To Bank a/c
(For salary paid to the staff by cheque)
  5,000


 5,000
 Jan 30 Depreciation a/c              Dr.
     To furniture a/c
(For depreciation charged on furniture)
  200


 200

2. Solution :
         Dr.                                        Capital Account                                                             Cr.
 Date Particulars PR Amt. (Rs.) Date ParticularsPR Amt. (Rs.) 
 Jan 31


 To Balance c/d


 100000
100000

 Jan 1

 Feb 1
 By cash a/c

To Balance c/d
  100000
 100000
 100000

          Dr.                                              Furniture Account                                                  Cr.
 Date Particulars PR Amt. (Rs.) Date ParticularsPR Amt. (Rs.) 
 Jan 5

 
 Feb 1
 To cash a/c


To Balance b/d
  15000

 15000
 14800
 Jan 30
 Jan 31


 By Depreciation a/c
 By Balance c/d


  200
 14800
 15000
 

          Dr.                                                  Rent Account                                                       Cr.



 Amt. (Rs.) Date     ParticularsPR Amt. (Rs.) 
 Jan 28

 Feb 1
 To cash a/c

To Balance b/d
  1000
 1000

 1000
 Jan 31


 By Balance c/d


  1000
 1000

 
          Dr.                                                   Bank Account                                                     Cr.

 Date Particulars PR Amt. (Rs.) Date ParticularsPR Amt. (Rs.) 
 Jan 16


 Feb 1
 To cash a/c

 
To Balance b/d
  50000
           
 50000
 45000
 Jan 29
 Jan 31


 By salary a/c
 By Balance c/d 


  5000
 45000
 50000



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