Question of 50
Q.Journalise the following transactions :
2018
April 1 | Roshan started business with cash | 1,00,000
April 5 | Purchased machinery from Tawfeeq | 74,000
April 7 | Paid into bank | 85,000
April 12 | Sold goods to Rahim | 8,000
April 15 | Purchased goods from Shuja | 6,500
April 18 | Paid to Tawfeeq a cheque | 74,000
April 26 | Cash sales | 10,000
April 30 | Salaries paid | 7,500
(OR)
From the following transactions, prepare an accounting equation :
(i) Mr. Aziz started a business with capital ₹ 2,00,000.
(ii) He purchased goods for ₹ 20,000.
(iii) Purchased machinery costing ₹ 10,000 from Mr. Abdul on credit.
(iv) Withdrew ₹ 30,000 for personal use.
(v) Sold goods costing ₹ 4,000 for ₹ 3,000.
Jammu Kashmir JkboseJKBOSE Class 11 (Commerce) 2018Subjective· 5mImportance★★★★★est
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Start your 14-day free trial to unlock the full solution →Main: 8 straightforward journal entries, Dr total = Cr total = ₹3,65,000. OR: accounting equation balances at ₹1,79,000 on both sides (capital ends at ₹1,69,000 after drawings and a ₹1,000 trading loss).
Main part — Journal entries in the books of Roshan (2018):
| Date | Particulars | Dr (₹) | Cr (₹) |
|---|---|---|---|
| Apr 1 | Cash A/c Dr. / To Capital A/c (business started with cash) | 1,00,000 | 1,00,000 |
| Apr 5 | Machinery A/c Dr. / To Tawfeeq A/c (machinery purchased on credit) | 74,000 | 74,000 |
| Apr 7 | Bank A/c Dr. / To Cash A/c (cash paid into bank) | 85,000 | 85,000 |
| Apr 12 | Rahim A/c Dr. / To Sales A/c (goods sold to Rahim on credit) | 8,000 | 8,000 |
| Apr 15 | Purchases A/c Dr. / To Shuja A/c (goods purchased from Shuja on credit) | 6,500 | 6,500 |
| Apr 18 | Tawfeeq A/c Dr. / To Bank A/c (paid to Tawfeeq by cheque) | 74,000 | 74,000 |
| Apr 26 | Cash A/c Dr. / To Sales A/c (cash sales) | 10,000 | 10,000 |
| Apr 30 | Salaries A/c Dr. / To Cash A/c (salaries paid) | 7,500 | 7,500 |
Total Dr = Total Cr = ₹3,65,000. (Purchase of machinery from Tawfeeq and sale of goods to Rahim are treated as credit transactions since no 'cash'/'cheque' is mentioned; payment into bank, the cheque payment, cash sales and salaries are explicit cash/bank transactions.)
OR part — Accounting equation (Assets = Liabilities + Capital), Mr. Aziz:
| Transaction | Cash | + Stock | + Machinery | = | Creditors | + | Capital |
|---|---|---|---|---|---|---|---|
| (i) Started business, capital ₹2,00,000 | +2,00,000 | – | – | = | – | + | +2,00,000 |
| (ii) Purchased goods ₹20,000 (cash) | −20,000 | +20,000 | – | = | – | + | – |
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