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Journal Entries 1. Journalise The Following Transactions in The Books of X LTD

The document lists journal entries for transactions from August 1-15 for a company named X Ltd. It records the company starting with Rs. 100,000 capital, purchasing and selling goods, depositing and withdrawing cash from the bank, purchasing furniture and a bicycle, receiving and returning goods, paying expenses and commission, and withdrawing cash for personal use. The journal entries debit and credit the appropriate accounts to record each transaction for X Ltd.

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Svijayakanthan Selvaraj
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1K views2 pages

Journal Entries 1. Journalise The Following Transactions in The Books of X LTD

The document lists journal entries for transactions from August 1-15 for a company named X Ltd. It records the company starting with Rs. 100,000 capital, purchasing and selling goods, depositing and withdrawing cash from the bank, purchasing furniture and a bicycle, receiving and returning goods, paying expenses and commission, and withdrawing cash for personal use. The journal entries debit and credit the appropriate accounts to record each transaction for X Ltd.

Uploaded by

Svijayakanthan Selvaraj
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOC, PDF, TXT or read online on Scribd
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JOURNAL ENTRIES

1. Journalise the following transactions in the books of X Ltd.


1-8-21 X commenced business with a capital of Rs.1,00,000
2-8-21 Bought goods for cash Rs.60,000
3-8-21 Sold goods for cash Rs.50,000
4-8-21 Deposited in IOB Rs.40,000
5-8-21 Bought goods from Ravi Rs.30,000
6-8-21 Bought furniture for cash Rs.4,000
7-8-21 Sold goods to Nathan Rs.40,000
8-8-21 Paid cash to Seenu Rs.10,000
9-8-21 Nathan returned goods worth Rs.2,000
10-8-21 Paid advertisement charges Rs.4,000
11-8-21 Returned goods to Ravi Rs.3,000
12-8-21 Withdrew cash from bank Rs.10,000
13-8-21 Bought a bicycle for office use Rs.3,000
14-8-21 Received commission Rs.1,000
15-8-21 Drew cash for personal use Rs.6,000

Journal entries in the books of X Ltd.


Date Particulars L. F. No Dr. [Rs.] Cr. [Rs.]
1-8-21 Cash A/c Dr. 1,00,000 ------
To X’s Capital A/c ------ 1,00,000
[Being X commenced business with capital]
2-8-21 Purchase A/c Dr. 60,000 -----
To Cash A/c ------ 60,000
[Being goods purchased for cash]
3-8-21 Cash A/c Dr. 50,000 -----
To Sales A/c ----- 50,000
[Being goods sold for cash]
4-8-21 Bank A/c Dr. 40,000 -----
To Cash A/c ------ 40,000
[Being cash deposited in I.O.B]
5-8-21 Purchase A/c Dr. 30,000 -----
To Ravi A/c ----- 30,000
[Being goods purchased from Ravi for credit]
6-8-21 Furniture A/c Dr. 4,000 -----
To Cash A/c. ------ 4,000
[Being furniture purchased for cash]
7-8-21 Nathan A/c Dr. 40,000 ------
To Sales A/c ------ 40,000
[Being goods sold to Nathan for credit]
8-8-21 Seenu A/c Dr. 10,000 -----
To Cash A/c ----- 10,000
[Being cash paid to Seenu]
9-8-21 Sales return A/c Dr. 2,000 -----
To Nathan A/c ----- 2,000
[Being sold goods returned by Nathan]
10-8-21 Advertisement A/c Dr. 4,000 ----
To Cash A/c ----- 4,000
Being advertisement charges paid in cash]
11-8-21 Ravi A/c Dr. 3,000 -----
To Purchase return A/c ----- 3,000
[Being purchased goods returned to Ravi]
12-8-21 Cash A/c Dr. 10,000 ------
To Bank A/c ------ 10,000
[Being cash withdrawn from bank]
13-8-21 Bicycle A/c Dr. 3,000 -----
To Cash A/c ------ 3,000
[Being Bicycle purchased for office use]
14-8-21 Cash A/c Dr. 1,000 -----
To Commission A/c ----- 1,000
[Being commission received in cash]
15-8-21 Drawings A/c Dr. 6,000 -----
To Cash A/c ------ 6,000
[Being cash withdrawn for personal use]
31-8-21 Total 3,63,000 3,63,000

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