Journalise the following transaction and post these to the ledger.
2014
jan 1 commenced business with cash. 80000
jan 5 deposited in bank 60000
jan 7 bought goods from cash 10000
jan 9 sold goods to Jay 5000
jan 12 received cash from jay 3900 discount allowed 100
jan 13 bought goods from pooja 10200
jan 15 paid pooja cash 7800 discount received 200
jan 16received cash for goods sold 5500
Jan 18 bought goods of das 4700
Jan 19 withdrew for private expenses 2000
jan 20 received cash from john and deposited into bank 1000
jan 21 paid sundry trade expenses 500
jan 23 paid rent 900
jan 24 paid cash to das 4600
jan 26 discount allowed 100
jan 27 wason buys goods from us 9500
jan 30 paid for carriage 100
The solution to your query is provided below:
*Transaction dated Jan 20 is not correct as in this question business has just commenced and there is no person named 'John' from whom money was receivable so all of a sudden we cannot receive money from him on any account. Thus, it is advisable that you re-check your query and get back to us.
Accordingly, we cannot prepare Ledger accounts since a transaction is incorrect.
Journal | |||||
Date | Particulars | L.F. | Debit Amount (Rs) |
Credit Amount (Rs) |
|
2014 | |||||
Jan 1 | Cash A/c | Dr. | 80,000 | ||
To Capital A/c | 80,000 | ||||
Jan 5 | Bank A/c | Dr. | 60,000 | ||
To Cash A/c | 60,000 | ||||
Jan 7 | Purchases A/c | Dr. | 10,000 | ||
To Cash A/c | 10,000 | ||||
Jan 9 | Jay’s A/c | Dr. | 5,000 | ||
To Sales A/c | 5,000 | ||||
Jan 12 | Cash A/c | Dr. | 3,900 | ||
Discount Allowed A/c | Dr. | 100 | |||
To Jay’s A/c | 4,000 | ||||
Jan 13 | Purchases A/c | Dr. | 10,200 | ||
To Pooja’s A/c | 10,200 | ||||
Jan 15 | Pooja’s A/c | Dr. | 8,000 | ||
To Cash A/c | 7,800 | ||||
To Discount Received A/c | 200 | ||||
Jan 16 | Cash A/c | Dr. | 5,500 | ||
To Sales A/c | 5,500 | ||||
Jan 18 | Purchases A/c | Dr. | 4,700 | ||
To Das’s A/c | 4,700 | ||||
Jan 19 | Drawings A/c | Dr. | 2,000 | ||
To Cash A/c | 2,000 | ||||
Jan 21 | Sundry Expenses A/c | Dr. | 500 | ||
To Cash A/c | 500 | ||||
Jan 23 | Rent A/c | Dr. | 900 | ||
To Cash A/c | 900 | ||||
Jan 24 | Das’s A/c | Dr. | 4,700 | ||
To Cash A/c | 4,600 | ||||
To Discount Received A/c | 100 | ||||
Jan 27 | Wason’s A/c | Dr. | 9,500 | ||
To Sales A/c | 9,500 | ||||
Jan 30 | Cartage A/c | Dr. | 100 | ||
To Cash A/c | 100 | ||||
*Transaction dated Jan 20 is not correct as in this question business has just commenced and there is no person named 'John' from whom money was receivable so all of a sudden we cannot receive money from him on any account. Thus, it is advisable that you re-check your query and get back to us.
Accordingly, we cannot prepare Ledger accounts since a transaction is incorrect.