Journalise the following transactions:

 

 

 

Date 

 

Rs. 

2016

March 31

Stock at the end of the year

40,000

 

Salaries due to staff

8,500

 

Sold goods to Mohan

20,000

 

Purchased goods from Radha

10,000

 

Withdrawn from bank for private use

1,000

 

Placed in fixed Deposit Account at bank by transfer from current account.

6,000

 

Goods given as charity

5,000

 

Asked by Topperlearning User | 28th Jul, 2016, 05:37: PM

Expert Answer:

  Journal Entry

 

Date

Particulars

 

L.F.

Dr.

Rs.

Cr.

 Rs.

2016

March 31

       i.  

 

 

Closing stock A/c                              Dr.

 

 

 

 

 

 

40,000

 

 

To Trading A/c

 

 

 

40,000

 

(Being the closing stock brought into account)

 

 

 

 

ii.  

Salaries A/c                                      Dr.

 

 

8,500

 

 

To Outstanding Salaries A/c

 

 

 

8,500

 

(Being the salaries due to staff)

 

 

 

 

 

 

 

 

 

 

iii.  

Mohan A/c                                         Dr.

 

 

20,000

 

 

To Sales A/c

 

 

 

20,000

 

(Being  goods sold to Mohan)

 

 

 

 

 

 

 

 

 

 

iv.  

Purchase A/c                                     Dr.

 

 

10,000

 

 

To Radha A/c

 

 

 

10,000

 

(Being goods purchased from Radha)

 

 

 

 

v.  

Drawings A/c                                     Dr.

 

 

1,000

 

To Bank A/c

 

 

 

1,000

(Being the Cash withdrawn from bank for personal use)

 

 

 

 

vi.

Fixed Deposit A/c                             Dr.

 

 

6,000

 

 

To Bank A/c

 

 

 

6,000

 

(Being the transfer from current account to Fixed )

 

 

 

 

      vii.

Charity A/c                                          Dr.

 

 

5,000

 

 

To Purchases A/c

 

 

 

5,000

 

(Being the goods given as charity)

 

 

 

 

 

Answered by  | 28th Jul, 2016, 07:37: PM