Pass the following Journal Entries
1. Paid Income Tax ammounting to Rs.20,000 throughcheque.
2. Received a VPP for goods of Rs.490 , sent an employee who paid Rs.5 for Rickshaw Charges.
3. Cash A/c -Rs. 30,000; Closing Stock - Rs. 30,000 ;Machinery - Rs. 70,000;Debtors - Rs. 30,000 ; Creditors- Rs. 26,000 ;Capital - Rs. 1,18,000
4. Mohan's claim admitted Rs. 1000
5. Cashier reported a loss of Rs. 70 from the Cash Book.
6. Income Tax surplus .
7. Cheque received and retained of Rs. 20,00,000
8. Treatment of Sales Tax.
| Journal | |||||
Date | Particulars | L.F. | Debit Amount Rs | Credit Amount Rs | ||
1 | Drawings A/c Dr. To Bank A/c | Dr. |
| 20000 |
20000 | |
| ( Being Income tax Paid) |
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2 | Purchases A/c Dr. Cartage A/c Dr. |
|
| 490 5 |
| |
| To cash A/c |
|
|
| 495 | |
| ( Being VPP received) |
|
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| |
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3 | Cash A/c Dr. Stock A/c Dr. Machinery A/c Dr. Debtors A/c Dr. To Creditors A/c To Capital A/c* |
|
| 30000 30000 70000 30000 |
26000 134000* | |
| (Being balance brought forward) |
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4 | Returns Inward A/c Dr.*/ Mohan Dr. To Mohan A/c/ Returns Outward ( Being Goods Returned by/to Mohan) |
|
| 1000 |
1000 | |
|
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5 | Suspense A/c Dr. To Cash A/c |
|
| 70 |
70 | |
| ( Being Loss of Cash recorded) |
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6 | Cash A/c Dr. To Capital A/c |
|
| xxx |
xxx | |
| ( Being Income tax surplus received) |
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7 | Cash A/c Dr To Debtors A/c |
|
| xxx |
xxx | |
| (Being Cheque received and retained) |
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8 | Cash A/c Dr. To Sales A/c To sales Tax A/c And Sales Tax A/c Dr. To Cash A/c |
|
| xxx
xxx
|
xxx xxx
xxx | |
| ( Being Sales tax recorded) |
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*In Entry 3 the amount of capital includes Rs 1,18,000 as provided in question and Rs 16,000 is balancing figure.
In Entry 4 Mohan's claim is admitted against some previous sale or purchase made by him. so both the entries possible are provided to you in solution.