journalised the following transaction received a v p p from mohan lal for rs 2500 sent a poem - Accountancy - Recording of Transactions - I

Question

journalised the following transaction

​​received a v p p from mohan lal for rs 2500 sent
a poem to collect it who paid rs 20 as cartage
received rs 100 from sales of old newspapers and rs 500 from
sales of old chairs
goods given away as a charity goods costing rs 700
received cash from debtors written off as bad debt last year
2000
sold goods costing rs5000 to ashok on credit at a profit of 20%
on cost
sold goos costing 10000 for 14000
provide rs5000 as interest on capital
paid rent building rs 6000 half the building is used by the
proprietor for residential purpose
outstanding salary at the end of the year rs3000

Jayati Jawa · Accepted Answer

The solution to your query is provided below:

Journal

Date
Particulars
L F
Debit
Amount
(Rs)
Credit
Amount
(Rs)

1
Purchases A/c
Dr

2,500

Cartage A/c
Dr

20

To Cash A/c

2,520

(Purchased VPP and paid
cartage)

2
Cash A/c
Dr

600

To Sundry Receipts

100

To Furniture A/c

500

(Sold old newspapers and
chairs)

3
Charity A/c
Dr

700

To Purchases A/c

700

(Goods denoted)

4
Cash A/c
Dr

2,000

To Bad Debts Recovered A/c

2,000

(Bad debts recovered)

5
Ashok’s A/c
Dr

6,000

To Sales A/c

6,000

(Goods sold at a profit of 20% on
cost)

6
Cash A/c
Dr

14,000

To Sales A/c

14,000

(Goods sold at 4,000 profit)

7
Interest on Capital A/c
Dr

5,000

To Capital A/c

5,000

(Interest on capital
provided)

8
Rent A/c
Dr

3,000

Drawings A/c
Dr

3,000

To Cash A/c

6,000

(Paid rent for the building, half of which is
used for residential purposes)

9
Salary A/c
Dr

3,000

To Outstanding Salary A/c

3,000

(salary outstanding)

Journal
Date	Particulars		L.F.	Debit Amount (Rs)	Credit Amount (Rs)
1.	Purchases A/c	Dr.		2,500
	Cartage A/c	Dr.		20
	To Cash A/c				2,520
	(Purchased VPP and paid cartage)

2.	Cash A/c	Dr.		600
	To Sundry Receipts				100
	To Furniture A/c				500
	(Sold old newspapers and chairs)

3.	Charity A/c	Dr.		700
	To Purchases A/c				700
	(Goods denoted)

4.	Cash A/c	Dr.		2,000
	To Bad Debts Recovered A/c				2,000
	(Bad debts recovered)

5.	Ashok’s A/c	Dr.		6,000
	To Sales A/c				6,000
	(Goods sold at a profit of 20% on cost)

6.	Cash A/c	Dr.		14,000
	To Sales A/c				14,000
	(Goods sold at 4,000 profit)

7.	Interest on Capital A/c	Dr.		5,000
	To Capital A/c				5,000
	(Interest on capital provided)

8.	Rent A/c	Dr.		3,000
	Drawings A/c	Dr.		3,000
	To Cash A/c				6,000
	(Paid rent for the building, half of which is used for residential purposes)

9.	Salary A/c	Dr.		3,000
	To Outstanding Salary A/c				3,000
	(salary outstanding)