journalise the following transactions in the books of balan
journalise the following transactions in the books of balan
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journalise the following transactions in the books of balan al jahra al sulaibikhat clive
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journalise the following transactions in the books of balan
Sonam informs Ranbir that Salmans acceptance for Rs. 50,000 cash Car valued Rs . Opened a bank account with - 50,000 5. Journalise the following transactions in Balan's books: 1985 Jan 1 Balan started business by investing cash Rs. 10,000. Journalise the following transactions: (i) Sold goods to Brijesh of the list price of 10,000 at trade discount of 5%. Journalise the following transactions (Or) Record the following transactions in a Journal Working Notes in problem solving Wherever we need to build certain notes which would help in the process of deriving the ultimate solution, they should be appropriately included as a part of the solution by marking the workings distinctly as working notes. On allotment RS 3 rupee Purchased goods for Rs. Also prepare a trial balance as on that date. Nisha informs Kamalakar that Shantis acceptance for Rs. explain in brief .. (e) Withdrawn cash from Bank for personal expenses Rs. 25,000. Journalise the following transactions in the books of Hero Enterprises: Balance on 1st April 2019 Cash at Bank 80,000, Sundry Debtors Ram 20,000, Rahim 30,000, Stock 55,000, Building 1,50,000. Credit Balances on 1st April 2019 Sundry Creditors Swapna 20,000, Rohit 30,000, Bank Loan 50,000. Journalise the following transactions in the books of Dr. Chandan:- (1) Biroo who owed Rs. Journalise the following transactions in the Book of Ms Beauti Traders Also post them in the Ledger2011RsDec 1Started business with Cash200000Dec 2Bought Of 20,000, Furniture Rs. Bought office furniture for cash Rs 7,500. Journalise the following transactions. This is an Expert-Verified Answer You cannot access byjus.com. View full document. June 4: Purchased goods from Aniket worth Rs. Refresh the page or contact the site owner to request access. 5,84,000; Capital - Rs 25,00,000 and Building - Rs 10 . 1 Purchased goods worth 1,50,000 from Prashant & Co., less 10% Trade Discount. When goods are withdrawn stock decreases so credit stock. And what items are recorded in realization account . 2 Purchased building for Rs. Cost of Goods sold = `1/2` of purchases on 9th April, 2019, Selling price of Goods sold = `120/100 1,00,000 = 1,20,000`, Loss on sale of furniture = Cost of furniture - Selling price, Profit on sale of shares = Selling price - Cost of shares, Chapter 3: Journal - Practical Problems [Page 87], Balbharati Book-keeping and Accountancy 11th Standard HSC Maharashtra State Board, Maharashtra Board Question Bank with Solutions (Official), Mumbai University Engineering Study Material, CBSE Previous Year Question Paper With Solution for Class 12 Arts, CBSE Previous Year Question Paper With Solution for Class 12 Commerce, CBSE Previous Year Question Paper With Solution for Class 12 Science, CBSE Previous Year Question Paper With Solution for Class 10, Maharashtra State Board Previous Year Question Paper With Solution for Class 12 Arts, Maharashtra State Board Previous Year Question Paper With Solution for Class 12 Commerce, Maharashtra State Board Previous Year Question Paper With Solution for Class 12 Science, Maharashtra State Board Previous Year Question Paper With Solution for Class 10, CISCE ICSE / ISC Board Previous Year Question Paper With Solution for Class 12 Arts, CISCE ICSE / ISC Board Previous Year Question Paper With Solution for Class 12 Commerce, CISCE ICSE / ISC Board Previous Year Question Paper With Solution for Class 12 Science, CISCE ICSE / ISC Board Previous Year Question Paper With Solution for Class 10, HSC Commerce (Marketing and Salesmanship) 11th Maharashtra State Board, HSC Commerce 11th Maharashtra State Board, (Being the balances of previous year brought forward), (Being the goods purchased on credit from Prashant & Co. at 10% T.D. 8,000, Cash at Bank Rs. The double-entry accounting system is required in every business which affects two accounts on an equal basis; one credit and one debit. Journalise the following transactions in the Books of Balan 1999 Dec.1 3 Balan commenced business with a capital of Bought go arjuncpl10 arjuncpl10 30.10.2021 Accountancy Secondary School answered 2. Reasons: 1. 2. 4,000 and furniture of Rs. Journalise the following transactions in the Books of Balan 1999 Dec.1 3 Bought goods from X and Co. on credit - 80,000 4. (c) Bank paid Rs. (d) Cash deposited into Bank Rs. Capital a/c. CBSE > Class 11 > Accountancy . 17 Paid for Proprietors house Rent 12,000. By going through the above journal entries we can identify the list of ledger accounts affected by these transactions. 5, 00,000. Transaction 1 The opening ledger balances of were as follows: Cash in hand - Rs. 500. (iii) Purchased goods of list price of 30,000 from Amrit at 20% trade discount. 28,000 6 Paid Rs . 20,000, Furniture Rs. Received full payment in cash. 50,000. R.K. & Co.: (i) Purchased goods of list price of 20,000 from Vishal at 20% trade discount against cheque payment. 2,18, 000; Bills receivable - Rs.86,000; Debtors - Rs 2,23,000; Stock - Rs 3,12,000; Creditors - Rs 3,12,400; Equipment - Rs. 30,000 . Checkout Hindi version of Tutor's Tips Insta; Youtube; . Courses . Illustration - Working Notes. Journalise the following transactions: (10) 2018 Rs. 2,000, Buildings Rs. Purchased goods from Ishtiaq & Co. Rs. Journalise the following transactions in books of kanishk traders Report ; Posted by Harman Gill 2 years, 1 month ago. 50,000, paid into Bank Rs. 1 Answer to Journalise the following transactions in the books of Mr. Vas. 10,00,000 of which 25% amount was borrowed from wife. No tracking or performance measurement cookies were served with this page. Refresh the page or contact the site owner to request access. Journalise the following transactions in the Books of Balan 1999 Dec 1 Balan commenced business with a capital of -1,00,000 3 Bought goods for cash-60,000 4 Sold goods for cash-50,000 5 Deposited in IOB-40,000 6 Bought goods from Ravi -30,000 7 Bought furniture for cash-4,000 8 Sold goods to Nathan-40,000 9 Paid cash to Seenu-10,000 2,500 5- Paid cartage Rs. 4 Sold goods to Mr. Amit Sharma 70,000 at 10% Trade Discount on credit. 1. 38,000 in settlement of his dues of Rs. Journalise the following transactions in the books of Bhushan Agencies: (i) Received from Bharat cash Rs 20,000, allowed him discount of Rs 500. From the following list of balances, prepare a trial balance as on 30.6.2012: Illustration 5: The accountant of a business firm wrongly prepared the following trial balance. Journalise the following transactions in the books or Mr. Tahir for the month of February 2021 . Journal Entries. 25,000, Stock of goods Rs. Journalise the following transactions in the books of Hero Enterprises: Cash at Bank 80,000, Sundry Debtors Ram 20,000, Rahim 30,000, Stock 55,000, Building 1,50,000. Credit Balances on 1st April 2019Sundry Creditors Swapna 20,000, Rohit 30,000, Bank Loan 50,000. Bought furniture for Rs. You can specify conditions of storing and accessing cookies in your browser, Journalise the following transactions in the Books of Balan, ABC company limited issued 20000 equity shares at rupees 10 each the amount was paybal is as follows 14,000 endorsed to Nisha has been dishonoured and noting charges have been p. M/s Ruchi trader started their cash book with the following balances on Dec. 01 2010: cash in hand 1,354 and balance in bank current account 7,560. 100 each at a discount of 6% but repayable after 8 years at a premium of 5%. para el tiempo de 15 segundos cual es el valor de la aceleracin, what is realization account ? As a result of the EUs General Data Protection Regulation (GDPR). 40,000. 2 - Purchased building for Rs. 20. Skip to content. (b) Received as commission Rs. Record the following transactions in the journal and post them into the ledger of Mr. Mahdi. Requested URL: byjus.com/question-answer/journalise-the-following-transactions-in-the-books-of-afzal-kolkata-and-post-them-to-the-1/, User-Agent: Mozilla/5.0 (iPhone; CPU iPhone OS 14_6 like Mac OS X) AppleWebKit/605.1.15 (KHTML, like Gecko) Version/14.1.1 Mobile/15E148 Safari/604.1. 100 each at par and are redeemable at a premium of 5%. (2) Sold goods to Kitty list price Rs. Apr Debit Balances on the date of acquisition: 1st: Cash in hand Rs. 28 Sold an old Furniture of 20,000 for 12,000. 50,000. 2,00,000, 12% debentures of Rs. 10,000. We are not permitting internet traffic to Byjus website from countries within European Union at this time. (ii) Goods given away as charity 1,000. He bought goods of Rs. 85,000 . Goods/Stock a/c. We review their content and use your feedback to keep the quality high. Journalise the following transactions in the books of Kamalakar. Rent Paid a/c. X Ltd. issued Rs. 11,000. 10,000 3 Purchased goods for cash Rs. 35,000 by cheque, allowed him discount of Rs. 20. on first and final call rs 5 rupees application were received for 25000 shares axcess application money refunded and the money was dully received expect the first and final call on 500 shares held by Akash the directors forfeited these shares and then re issue to Sagar at rupees 7 per share as fully paid up pass the necessary journal entries. Bought from Kumar, goods on credit for Rs 30,000. goods to Ravi for Rs 5,000 against a. Sold goods to Naresh who paid the amount through net banking - 5,000 6. 10,000. 3. ), (Being goods purchased on credit from Mr. Amit Sharma @ 10%T.D. 2. Q2 Journalise the following transactions in the books of M/s Chand & Sons: S.No. R.K. & Co.: (i) Purchased goods at list price of Rs 20,000 from Vishal at 20% trade discount against cheque payment. Journalise the following transactions in the books of Afzal, Kolkata and post them to the Ledger: Solution Suggest Corrections 13 Same exercise questions Q. Commenced business with cash - 2,00,000 2. Journalize the following transactions in the books of Gaurav, post them into ledger and prepare trial balance for June 2016 : June 1: Gaurav started business with Rs. 2003-2022 Chegg Inc. All rights reserved. We are not permitting internet traffic to Byjus website from countries within European Union at this time. 1st PUC Accountancy Recording of Transactions II Twelve Marks Questions and Answers. 2,000, Traders Discount 10% and cash discount 5%. As a result of the EUs General Data Protection Regulation (GDPR). (iii) Purchased machinery for 1,00,000, payment made by cheque. Further, a journal forms the basis for posting the transactions into their respective accounts into ledger. The goods are withdrawn for personal use which increases drawings so debit drawings. Prepare an Accounting Equation on the basis of the following transactions: (i) Started business with cash 70,000. (ii) Received from Vikas Rs. 10. 2,500 5 Paid cartage Rs. . What Journal Entry will be made in the books of the Company for an issue of 5,000, 15% Debentures of Rs. 1. Apr Debit Balances on the date of acquisition: 1st: Cash in hand Rs. Ask questions, doubts, problems and we will help you. ), (Being goods purchased with 28% GST and amount paid by NEFT), (Being goods sold on credit with 28% GST to Aditya Ray), (Being proprietor's house rent paid from business fund), (Being the goods sold at 20% profit with 28% GST), (Being furniture purchased with 12% GST and amount paid by RTGS). 20,000. Journalise the following transactions in the books of Basu: (a) Basu sold goods to Chowdhary for Rs. 5,84,000; Capital Rs 25,00,000 and. , s Question 1. See Page 1. Dec 2017. Vas started his business with cash Rs 1,00,000. Journalise the following transactions in Balan's books: 1985 Jan 1- Balan started business by investing cash Rs. 3. on application 2 rupees 40,000 in cash. (ii) Purchased goods of list price of 20,000 from Naman at 15% trade discount against cash. Each account in Double entry has an equal amount. Journalise the following transactions in the books of M/s. Do FASB Codification Topic 450 and IAS 37 provide managers too much discretion in recognizing and estimating the amounts of contingent liabilities? Journalise the following transactions in the books of Prakash: (i) Opened a current account with Punjab National Bank 1,00,000. (iii) Received from Akhil Rs. myCBSEguide. Requested URL: byjus.com/question-answer/journalise-the-following-transactions-in-the-books-of-m-s-r-k-co-i-purchased/, User-Agent: Mozilla/5.0 (Macintosh; Intel Mac OS X 10_15_7) AppleWebKit/537.36 (KHTML, like Gecko) Chrome/103.0.0.0 Safari/537.36. He paid the amount on the same day and availed Cash Discount. Feb 2 Mr. Tahir commenced business with Rs . Journalise the following transactions in the books of M/s. 75,000 against a cheque. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. 2. 22. 6. Answer : A transaction should be recorded first in a journal because journal provides complete details of a transaction in one entry. 2,18, 000; Bills receivable - Rs.86,000; Debtors - Rs 2,23,000; Stock - Rs 3,12,000; Creditors - Rs 3,12,400; Equipment - Rs. (iv) Outstanding wages 3,000. The cheque was deposited into Bank on the same day. 10,000 3- Purchased goods for cash Rs. Furniture a/c. 3,000 4-Purchased goods on credit Rs. Journalise the following transactions in the books of Gupta Bros., Lucknow (UP): CGST and SGST is levied @` 9%` each on intra-state (within the state) sale and purchase and IGST is levied @ `18%` on inter-state (Outside the state) sale and purchase. 2010 (rs) 2010 (rs) dec 1 hema started business with cash 1,00, 000 dec 2 open a bank account with sbi 30,000 dec 4 purchased goods from ashu 20,000 dec 6 sold goods to rahul for cash 15,000 dec 10 bought goods from tata from cash 40,000 dec 13 sold goods to suman 20,000 dec 16 received cheque from suman 19,500 discount allowed 500 dec 20 cheque 12 Sold Goods to Aditya Ray of 90,000 @ 28% GST. (iii) Received from Akhil 38,000 in settlement of his dues of 40,000 in cash. 500. Journalise the following transactions in the books of Bhushan Agencies: (i) Received from Bharat cash Rs 20,000, allowed him discount of Rs. They make it possible to track what a business has used its resources for, and where those resources came from and are used in the business. 750. 25, 000; Cash at bank - Rs. M/s Ramdas & Brothers a/c. 1994 September 1. (v) 5,000 due from Sunny are now bad debts. 2. 2,40,000 furniture 100,000 and stock worth Rs . 30,000 directly for insurance premium of Basu. 15 Paid for Rent 5000 and Salary 18,000. : 2018 : Mar.2: Sold goods to Dilip of the list price of 62,000 for 60,000. Journal entries for books of Balan A/C are: This site is using cookies under cookie policy . 25,000, Stock of goods Rs. No tracking or performance measurement cookies were served with this page. Journalise the following transactions in books of kanishk traders. Trial Balance is the list of debit and credit balances taken out from ledger to test the arithmetical accuracy of the books. 2.1M subscribers Journalise the following transactions in the books of Gupta Bros., Lucknow (UP): CGST and SGST is levied @` 9%` each on intra-state (within the state) sale and purchase and IGST. 23. 20 Sold half of the goods purchased on 9th April at 20% Profit and 28% GST. Record the following transactions in the journal and post them into the ledger of Mr. Mahdi. 2019 April The solution of Question No 10 Chapter No 5 - D.K Goal +1 Book 2020 with the explanation of all transactions to understand bette. 40,000 at 20% Trade Discount and 1/5th amount paid in cash. 3. Transcribed image text: Q2 Journalise the following transactions in the books of M/s Chand & Sons: S.No. Sold goods for Rs. 30 Sold shares of 10,000 for 15,000 and the amount received by cheque. (ii) Received from Vikas 35,000 by cheque, allowed him discount of 750. Question3: Journalise the following transactions in the books of M/s. Transaction 1 The opening ledger balances of were as follows: Cash in hand - Rs. A journal entry records a business transaction in the accounting system of an organization. Journalise the following transactions in the books of Sundar who is a bookseller. 5,000 and machinery for Rs. "It also includes the balances of Cash and bank taken from the Cash Book". 9 Purchased goods for cash 2,00,000 @ 28% GST amount paid by NEFT. R.K. & Co.: (i) Purchased goods of list price of 20,000 from Vishal at 20% trade discount against cheque payment. Question 4: Journalise the following transactions in the books of Bhushan Agencies: (i) Received from Bharat cash 20,000, allowed him discount of 500. Journalise the following transactions in the books of Ranbir. 14.000. He had the following transaction in the month of December 2014. June 7: Cash purchases Rs. You are required to draw up a trial balance correctly stating reasons in brief. 1. Illustration 1: Journalise the following transactions in the books of Mr. Ram Krishna: 2007 () July 1 Mr. Ram Krishna Started business with cash 2,00,000 July 4 Goods purchased in cash 20,000 July 5 He deposited in Bank 40,000 July 7 Goods sold 15,000 July 10 Goods purchased from Mr. Kamlesh on credit 25,000 July . (ii) Credit purchase of goods 18,000. (ii) Received from . 4,000 and furniture of Rs. 8,000. So debit prepai. 8,000, Cash at Bank Rs. 500. 4 Purchased goods on account from Ali Rs . Started business with Rs. Bank a/c. 2,000, Buildings Rs. Journalise the following transactions in the books of Dixit & Sons. . Also prepare a trial balance as on that date. June 1 Cash sale of Ashok 18,000 June 2 Bought goods from Vinod 10,000 June 2 Paid cartage on the goods bought 200 June 3 Old newspapers sold 100 June 4 Paid Municipal taxes by cheque 900 June 4 Paid for repairs to machinery 600 June 8 Received commission by cheque 1,700. 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