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CBSE Class 11-commerce Answered

What are the steps involved in journalising?
Asked by Topperlearning User | 14 Jun, 2016, 05:30: PM
answered-by-expert Expert Answer

Steps in Journalising:

  1. Determine the two accounts involved in the transaction
  2. Classify the accounts into assets, liabilities, capital, expenses and incomes
  3. Apply the rules of debit and credit for the above two accounts
  4. Identify which account is to be debited and credited
  5. Record the date of transaction, particulars of transaction and its narration. Against this, the debit and credit amount is written.
  6. Write the narration within brackets in the next line in the particulars column
  7. Draw a line across the particulars column to divide one journal entry from the other.
Answered by | 14 Jun, 2016, 07:30: PM
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CBSE 11-commerce - Accountancy Part I
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What are the steps involved in journalising?
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CBSE 11-commerce - Accountancy Part I
Rebello purchased from Rs.100 each on which he is given 20% Trade Discount. He is further given 2% Cash Discount as he made payment for the purchases immediately. Calculate the amount that Rebello will debit in purchases account. Pass necessary journal entries for the following transaction.
Asked by Topperlearning User | 04 Jul, 2016, 12:36: PM
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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end of the year 40,000   Salaries due to staff 8,500   Sold goods to Mohan 20,000   Purchased goods from Radha 10,000   Withdrawn from bank for private use 1,000   Placed in fixed Deposit Account at bank by transfer from current account. 6,000   Goods given as charity 5,000  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 | 28 Jul, 2016, 05:37: PM
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Journalise the following transactions : 2016     Rs. May 2 Paid interest to Loan 4,000 May 3 Ramesh who owed Rs.3,000 has become insolvent. He pays 50 paise in rupee in full settlement   May 4 A cheque received from Ranjan deposited into bank was returned dishonored 6,300 May 5 Wood used for making office furniture 5,000 May 21 Due from Rama are bad debts 600 May 25 Purchased building and issued cheque 4,300  
Asked by Topperlearning User | 28 Jul, 2016, 05:26: PM
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