Journalise the following transactions :

2016

 

Rs. 

May 2

A fire occurred in godown of Lina and she lost goods worth Rs.10,000. The stock was not insured.

 

May 3

Lina took goods worth Rs.2,500 (cost) for his personal use.

 

May 4

Paid Income Tax

4,000

May 5

Interest on capital

500

 

Asked by Topperlearning User | 28th Jul, 2016, 05:32: PM

Expert Answer:

 Journal Entry

 

Date

Particulars

 

L.F.

Dr.

Rs.

Cr.

 Rs.

2016

May 2

 

Loss by Fire A/c                                Dr.

 

 

 

10,000

 

 

To Purchases A/c

 

 

 

10,000

 

(Being uninsured goods lost in fire )

 

 

 

 

May 3

Drawings A/c                                     Dr.

 

 

2,500

 

 

To Purchases A/c

 

 

 

2,500

 

(Being goods withdrawn for personal use)

 

 

 

 

 

 

 

 

 

 

May 4

 Income Tax A/c                                Dr.

 

 

4,000

 

 

To Cash A/c

 

 

 

4,000

 

(Being income tax paid) 

 

 

 

 

 

 

 

 

 

 

May 5

Interest on Capital A/c                      Dr.

 

 

500

 

 

To Capital A/c

 

 

 

500

 

(Being interest on capital paid)

 

 

 

 

 

Answered by  | 28th Jul, 2016, 07:32: PM