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Pass the necessary journal entries from the following transaction in the books of Mr. Nishant Kumar for the year ending 31st March 2016.

  1. Purchased office equipment on credit Rs.5,00,000 from Kapoor Traders.
  2. Outstanding rent Rs.30,000.
  3. Depreciate furniture with book value Rs.2,50,000 @10% p.a. for the year.
  4. Interest accrued on investment Rs.12,000.
  5. Closing stock Rs.16,000
  6. Debtors include Rs.10,000 due from Mr. Shaikh, whereas creditors include Rs.7,000 due to Mr. Shaikh

 

Asked by Topperlearning User 11th July 2016, 4:49 PM
Answered by Expert
Answer:

In the Books of Mr. Nishant Kumar

Journal Proper

Date

Particulars

 

L.F.

Dr. (Rs.)

Cr. (Rs.)

2016

 

 

 

 

 

April 31

 

 

 

 

 

i.

Office Equipment 

Dr.

 

5,00,000

 

 

 To Kapoor Traders

 

 

 

5,00,000

 

(Being Office equipment purchased on credit from Kapoor Traders)

 

 

 

 

ii.

Rent A/c 

Dr.

 

30,000

 

 

 To Outstanding Rent A/c

 

 

 

30,000

 

(Being rent due but not paid)

 

 

 

 

iii.

Depreciation A/c

 

 

25,000

 

 

 To Furniture A/c

 

 

 

25,000

 

(Being depreciation charged on Furniture)

 

 

 

 

iv.

Accrued Interest A/c 

Dr.

 

12,000

 

 

 To Interest A/c

 

 

 

12,000

 

(Being interest accrued but not received)

 

 

 

 

v.

Closing Stock A/c 

Dr.

 

16,000

 

 

 To Trading A/c

 

 

 

Answered by Expert 11th July 2016, 6:49 PM
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