Journal Entries
Personal A/c
Rule :- Debit the Receiver
Credit the Giver
Bought office typewriter RS.2500
Purchase furniture RS. 10,000.
Purchased computer for office work RS. 25000
Purchased goods RS. 8000
Purchased a typewriter for Rs. 4,000
Bought furniture on credit for Rs. 2,100 from X
Purchased goods for cash Rs. 24,000
Sold goods (cost in Rs. 12000) for cash Rs. 20,000
Purchased household goods for Rs. 10,000 giving Rs. 4,000 in cash
Purchased goods on credit 4,000
Purchased goods for cash 1,000
Purchased furniture for Rs. 500
Sold goods on credit (cost Rs. 500) 700
Bought car for office use Rs. 15,000
Purchased office furniture Rs. 3,500
Bought office typewriter from Rs. X Rs. 1,800
Purchased typewriter RS. 1000
Purchased a building from Sohan for Rs. 12,000
Purchased goods from Roshan on credit 10,00,000
Bought goods for cash Rs. 10,000
Cash sales Rs. 5,000
Purchased furniture worth Rs. 2,000
Goods sold to Ram for Rs. 1,000 on credit
Bought goods from Sahil worth Rs. 8,000
Purchased phone use for office work RS. 1000
Bought goods from Ram for cash Rs. 10,000
Bought goods from ram for credit RS. 3000
Purchased motor cycle RS. 10000
Bought furniture goods from karim for Rs. 6,000
Cash sale to Rahim Rs. 16,000
Sale to Rahim for Rs. 5,000 on credit
Cash purchases 10,000
Goods bought from on credit80,000
Cash sale rs.15,000
Goods sold to Rahim by Cash rs.20,000
Goods bought from kasim rs.10,000
Goods sold to Rahim rs.6,000
Bought machinery RS.3000
Purchased furniture RS. 20000
Purchased goods for Rs. 16,000 from Strachan
Purchased goods on credit RS. 5700
Bought car for office use RS. 25000.
Sold the goods to hem Lata for Rs. 20,000
Purchased stationery worth RS. 6,000
Purchased furniture for cash RS. 7,000
Purchase furniture on credit RS. 9000 from Barkha.
Purchased machinery for cash RS 5000
Purchased machinery for RS. 10,000 for
Purchased goods RS 5500
Sold goods 75,00
Purchased goods from kamala Chaudhry 2000
Goods sold 2500
Purchased goods from Ram Kumar 3000
Sold goods for cash 4000
Bought new furniture for the shop RS. 20,000
Bought books and paper for cash RS. 50,000 in cash
Sold books and paper for cash RS. 70,000
Machinery purchased RS. 4500
Bought furniture for office RS. 2000
Sold books and stationery to k.p bros. Rs. 30,000 and for cash RS. 20,000
Sold goods for RS.5000
Bought Almirahs For persona use RS, 800
Purchased phone RS. 3000
Purchased cycle for RS. 1400
Mehta sold us goods worth Rs. 4,000 and paid railway freight on our account Rs. 150.
Purchased goods for cash RS.20000
Sell goods for RS.25000 On from XYZ
Purchased goods for RS 18000 from reliance Private limited company
Purchased goods from cash for RS.25000
Purchased goods on credit 15000
Sold good on credit for RS.19200
Furniture purchased RS.10000
Purchased goods for RS.10000
Purchased goods from sameena RS. 18,00
Machinery purchased from Jyoti RS. 12,000
Sold goods for RS. 23,500
Purchased Building for RS.40,000
Purchased goods on credit from shiv RS.18500
Goods sold for cash RS.20,000
Purchased goods for cash from Randeep RS. 6,000
Purchased goods from Randeep RS. 8,650
Furniture purchased for cash RS. 1,50,000
Sold furniture for cash RS. 60,000
Bought building for cash RS. 18,000
Furniture bought for personal use RS. 6,500
Purchased goods from jashan RS. 10,000
Goods purchased from Govind & sons rs.225
Cash sale rs.5000
Bought from Azad Bros. rs.400
Purchased furniture rs.350
Safe purchased from Bhatia safe works rs.6,375
Bought goods from Mohan dash for cash rs.3,000
Real A/c
Rule :- Debit What Comes In
Credit What Goes Out
Bought office typewriter RS.2500
Purchase furniture RS. 10,000.
Purchased computer for office work RS. 25000
Purchased goods RS. 8000
Purchased a typewriter for Rs. 4,000
Bought furniture on credit for Rs. 2,100 from X
Purchased goods for cash Rs. 24,000
Sold goods (cost in Rs. 12000) for cash Rs. 20,000
Purchased household goods for Rs. 10,000 giving Rs. 4,000 in cash
Purchased goods on credit 4,000
Purchased goods for cash 1,000
Purchased furniture for each500
Sold goods on credit (cost Rs. 500) 700
Bought car for office use Rs. 15,000
Purchased office furniture Rs. 3,500
Bought office typewriter from Rs. X Rs. 1,800
Purchased typewriter RS. 1000
Purchased a building from Sohan for Rs. 12,000
Nominal A/c
Rule :- Debit all the Expenses & Losses
Credit all the Income & Gains
Commission received by cheque RS. 3000
Phone bill RS. 230
Commission received by cheque RS. 7500
Paid salary RS. 5000
Paid rent Rs. 6,000
Salary paid by cheque Rs. 2,000
Cash paid to Ram rs.15,000
Cash paid to Jyoti rs.5000
Wages paid Rs.6,000
Rent paid to landlord Rs.1,500
Paid telephone bill amount RS. 550
Internet bill RS. 750
Commission received in advance RS. 13000
Paid salary RS. 8000
Repaid bank loan RS. 5000
Sahil paid rent Rs. 500
Repaid bank loan RS. 3000
Internet bill paid in cash Rs. 10,000.
Commission received by cheque Rs.20, 000.
Pad salaries Rs 10000
Paid cash for interest RS. 1500
Paid cash Rs. 4,000 for loan & 500 for interest.
Paid cash for Bank loan RS. 5000
Received cash for divined on securities RS. 600
Pay phone bill RS. 500
Pay salaries RS 10000
Paid salaries Rs. 30,000.
Paid Electricity bill Rs. 7,000.
Rent paid in advance Rs. 840.
Paid salaries Rs. 2,400
Income tax paid RS. 2500
Paid bank loan Rs. 30000
Paid salaries Rs. 700
Paid salaries Rs. 2,400
Received cash for dividend on securities Rs. 400
Paid Cash Rs. 3,000 For loan Rs. 750 for interest
Paid telephone bill RS. 350.
Cash paid to creditors Rs. 19,600
Salaries paid Rs. 600
Bank charges RS. 10,000
Collected taxes deposited with the government RS. 6500
Commission received in advance. rs.2,000
Paid to creditor Raman rs.22,500
Paid electricity bill RS. 11000
Paid salaries RS. 8500
Paid telephone bill RS. 1300
Taxes collected from the customer RS. 10,000.
Bank Charges RS. 1,000.
Collected Taxes Deposited with the government RS. 8,000.
Life insurance premium paid in cash RS.. 2,000.
Paid shop rent RS. 3200
Petrol bill RS. 3500
Paid cash Rs. 1,000 for loan and Rs. 300 for interest
Paid salary Rs. 700
Paid Rs. 2050 To X
Paid telephone bill Rs. 420.
Paid rent rs.200
Paid salaries rs.2000
Received interest from bank rs.100
Paid to creditors rs.400
Paid petty Expenses rs.200
Repaid bank loan rs.3000
Collected Rs. 2, 600 as commission
Paid telephone bill amounting to Rs. 240
Paid school fees RS 500
Paid interest on loan Rs. 20,000 and installment of. 1,00,000.
Repaid bank loan RS. 30000
Commission received in advance rs.20,000
Cash received from Ram rs.10,000
Paid charity expenses Rs. 100
Cash received from Ram Rs. 500
Received interest on bank deposit Rs. 500
Paid salaries Rs. 2,000
Commission received by cheque RS. 3000
Phone bill RS. 230
Commission received by cheque RS. 7500
Paid salary RS. 5000
Paid rent Rs. 6,000
Salary paid by cheque Rs. 2,000
Cash paid to Ram rs.15,000
Cash paid to Jyoti rs.5000
Wages paid rs.6,000
Rent paid to landlord rs.1,500
Paid telephone bill amount RS. 550
Internet bill RS. 750
Commission received RS. 13000
Paid salary RS. 8000
Cash paid to creditor RS. 19,200
Paid wages and rent RS. 3500 and RS. 2,000 respectively
Insurance paid RS. 1800
Paid carriage on purchased RS. 500 and on sales RS. 800.
Paid for stationery RS. 200. Go down rent RS. 1,000 and staff salaries RS. 12,500.
Received cheque from anil on account 5000
Rita sharma paid by cheque 4950
Paid for wages RS. 500 and stationery RS. 1,000
Paid cash MacMillan & co. RS. 11,900
Paid office rent RS. 1000
Paid salary Rs. 1300
Received RS. 5000 commission and 1100 interest
Paid wafers and salary RS. 3000 RS. 3500respectively.
Paid cartage RS. 300
Received rent for a portion of the shop sublet RS. 15,000
Received cash from K.P.BROS.RS. 29,500
Paid rent RS. 4,500 and salaries for the month Rs. 10,000
Received RS. 15,600 from Ramnath
Paid RS. 11,800 to shyam Lal
Paid wages Rs. 500 and salaries Rs. 2,000
Issued cheque in favour of papal Bros. on account of purchased of furniture for RS. 1,500
Collected taxes deposited with the government RS. 4000
Paid RS 4000 to loveleen on account
Received RS. 10000 from nandini
Received RS.456 From sonu for interest
Shop rent RS 5500
Commission received RS. 1300
Salary paid for RS. 10000
Received cheque from Mr. white RS. 6,200.
A sum of RS. 300 is received from sheer Singh & co. against a debt previously written off
Paid railway freight on behalf of our customer Mr. surrender RS. 60
Received interest on investment RS. 500
Paid office expenses RS. 150 from personal cash and stationery expenses RS. 250 from office cash
Received cash from shyam for a bad debt written off last year RS. 5,000
Petrol & diesel Expense of RS. 700
Paid for advertisement RS. 30,000 BY cheque
Received commission RS. 10,000.
Paid for advertisement RS. 10,000
Paid salaries by cheque RS. 20,000
Paid electricity expenses RS. 25,000
Received commission RS. 30,000
Paid printing & stationery RS. 10,000
Paid for advertisement RS. 40,000 by cheque
Paid for printing & stationery RS. 10,000
Paid for printing & stationery RS. 10,000
Received interest RS. 5,000
Paid for advertisement RS. 30,000 for cheque
Paid RS. 5,000 In cash as wages on installation of machinery.
Received cash on account of sale 10,000 and interest 5,000.
Received cheques on account of sales RS. 1, 00,000: rent RS. 15,000 and commission 26,000.
Paid by cheques on account of interest RS. 12,000: building RS. 27,000 and purchased of goods RS. 30,000.
Capital A/c
X commenced business with cash Rs. 1, 00,000.
Sahil started business with cash Rs. 20,000
Commenced business with cash Rs. 1, 80,000 and bank Balance Rs. 60,000.
Additional capital introduced Rs. 20,000.
Started business with cash Rs. 1, 00,000 and furniture Rs.50, 000.
Commenced business with cash Rs. 2, 00,000.
Anant started business with cash Rs. 2, 00,000 and furniture RS. 50,000.
George started business with cash Rs. 1, 00,000 and bank balance Rs. 30. 000.
Rahul commenced business with cash Rs. 80,000 and bank Rs. 30,000.
Started business with cash Rs. 6, 00,000.
Commenced business with cash Rs. 8, 00,000.
Commenced business with cash Rs. 75,000 & Bank Bal Rs.2000
Commenced business with cash Rs.25, 000 & Stock Rs.1000
Anant started business with cash RS. 80000 and Stock RS. 20,000 , Machine RS.45, 000.
Commenced business with cash Rs. 1,00,000
Sahib commenced business with cash 1,50,000 ,furniture1,00000
Additional capital introduced 20,000
Sunny started business with bank balance Rs. 90,000.
Commenced business with Cash Rs. 65,000 & Car Rs.10000
Ram started business with cash Rs. 25,000
Mr. Ayush started a real estate agency business with a cash investment of Rs. 45,000.
Additional capital introduced RS. 2000
Manu started business with cash RS 10,00,000
Business commenced with cash Rs. 50,000 & furniture worth Rs. 10,000
He commenced business with cash 50,000 & machinery Rs.30200
Started business cash with RS 10,00,00 & Building Rs.29390
Started business with cash of RS. 30,000 and bank of balance RS. 50,000
M/s Ram Parshad of Jaipur commenced business as book seller and stationery dealer with a capital of RS. 3,00,000
Mohi lal starts business with RS. 10,000 cash and a building worth RS. 50,000
Commenced business with :
Cash RS.10,000
Goods RS.15.000
Building RS.25,00
Sri Ramvati commenced with new business with cash RS.200,000 include furniture 20000& machinery RS.180000
Manu started business with cash Rs.30000,Opened a Bank Account and transferred Rs. 4,00,000 from his Savings Account.
He sold his personal car for Rs. 50,000 and deposited the amount in the firm’s Bank Account
Commenced business with cash Rs. 50,000, cheque Rs. 1,00,000, goods Rs. 30,000 and furniture Rs. 20,000.
Car, personal asset of the proprietor, was sold for Rs. 1,00,000 against cheque which he deposited in his Savings Account.
An amount of Rs. 50,000 was transferred from his Savings Account to the firm’s Bank Account.
A new car was purchased for Rs. 6.00,000 for office use. It was paid by taking loan from Bank of Rs. 5,00,000 and balance by issue of cheque from firm’s Bank Account.
Sold household furniture for Rs. 15,000. It is not subject to levy of GST being personal asset of the proprietor and not that of the firm. The proceeds were invested into business.
From the following transactions of Raju Trading Co. Prepare Journal
Personal Car introduced in the business Rs. 4,00,000.
Life Insurance Premium paid Rs. 10,000.
Personal Cash paid to purchase building for the business Rs. 3,00,000.
Paid school fees of proprietor's daughter from the business Rs. 10,000.
Shreya withdrew cash Rs 18,000 for her birthday party from her personal bank
Rent of the Owner's House paid from Business? Rs.20,000.
Cash withdrawn by Shreya for her House use Rs.3 4,000.
Rent Received from Business Rs. 30,000, deposited into Shraya’s personal account.
Invest Cash into Business Rs. 20,000.
Neha commenced business with personal cash Rs.1,00,000 and Rs. 1,50,000 boron from Naveen on personal account.
Interest on Capital A/c
Provided interest on capital of Rs. 1,00,000 @ 10% per annum.
Drawing A/c
Mandeep paid school fees of his son from the business Rs. 20,000.
Cash withdrawn from bank for personal use Rs.3, 000.
Bought motor cycle for personal use 10,000
Withdraw cash for private use Rs.2, 500.
Withdrew cash for private use Rs. 1,500
Life in insurance RS. 400
Life Insurance premium paid & Rs. 10,000 on the life of Neha's son.
Income Tax paid by cheque RS.10, 000.
Life insurance premium paid in cash RS 2,000.
Withdraw goods for personal use(cost price Rs. 250 sale price 375)
Withdrew cash for private use from bank rs.700
Took goods from business for personal use. rs.10,000
Income tax RS 1500
Cash withdrawn from bank Rs. 5,000 for personal use.
Withdraw goods for personal use cost price RS. 7800
Took goods from business for personal use RS. 7000
Income tax paid by cheque RS. 6000
Withdrew from bank for personal use RS. 2,500
Drawn from bank for personal use 2000
Withdrew RS. 500 from business for personal expenses
Withdrew goods for domestic use RS. 60
Cash draw for private purpose rs.50
Machine withdrew for domestic use RS. 10,000
Machine bought for personal use RS. 22,000
Goods used personally by proprietor 500
Furniture withdrawn for domestic use RS. 300
Furniture bought for personal use RS. 6,500
Proprietor withdrew RS. 30,000 for his personal use.
Purchased phone use for personal use RS. 3000
Purchased cycle for personal use RS. 1400
Withdrew cash for domestic use Rs. 2,000
Cash withdraw from business for personal use RS.5252
Cash withdraw from business for purpose daughter marriage for RS.400000
Goods withdrawn by proprietor for Personal use RS. 20,000
Proprietor withdrew RS. 20,000 for his personal use
Goods purchased for RS. 10,000 were used by the proprietor for personal use.
Interest on Drawing A/c
Outstanding & Accrued A/c
Interest due but not received Rs. 4,000.
Salaries due to staff Rs. 25,000.
Out of the rent paid this year, Rs. 2,000 relates to the next year.
Provide 10% depreciation on furniture costing Rs. 5,000.
Received commission of Rs. 10,000 by cheque, half of the amount is in advance.
Rent due to landlord. Rs. 8,000
Salaries due to clerks Rs. 10,000
Salary due but not paid Rs. 4, 000.
Commission earned but not received Rs. 8,000.
Salaries outstanding Rs. 120
Paid three months advance rent for office accommodation Rs.2,250
Accrued interest. rs.5,000
Commission received in advance. rs.20,000
Due salary rs.4500
Accrued interest RS. 5000
Commission earned but not paid RS. 4000
Wages sue but not paid RS. 21000
Interest due but not received RS. 4,000
Salaries due to staff RS. 25,000
Outstanding salary RS. 320
Rent due but not received for RS.5000
salaries due but not paid RS.3000
Goods Return Inward & Outward
Return goods to supplier RS. 30000
Returned goods to supplier Rs.10, 000.
Return goods to supplier Rs.10, 000.
Goods returned by a customer cost Rs. 3,500.
Goods returned Rs 20000 to debtors
Goods returned by a customer cost Rs. 13,000
Goods returned to Roshan costing. rs.20,000
Returned goods to supplier RS. 5500
Goods returned by a customer cost RS. 4000
Returned goods to industrial cables Ltd. Of the value of RS.600
Goods returned by Ballabh Bhatt & Co. rs.270
Returned goods to Sohan rs.1,000
Chamal Lal returned goods rs.400
Returned goods worth RS. 280 to B as the goods were damaged in transit.
The above cheque was retuned by the party since it was mutilated and cash was paid or the same.
Return goods to Ramesh RS.1,000
Returned goods to Randeep RS. 860
Good returned RS 1500
Returned goods RS. 500
goods costing 10,000 return to the creditor
Goods amounting RS. 20,000 return by debtors.
Bad Debts A/c
Rs. 15,000 due from Ramesh are not recoverable.
Mohan who owed Rs. 20,000 has become insolvent. He pays 50 paise in a rupee in full and final settlement.
Received cash Rs. 5,000 for a bad debt written off last year.
Shyam became insolvent. A first and final compensation of 75 paise in a rupee was received from his Official Receiver. He owed us Rs. 10,000
Received cash for a bad debt written off last year. 5,000
Received a first and final dividend of 60 paise in a rupee from the Official Receiver of Rajan, who owed us Rs. 1,000.
Shyam became insolvent. A first and final compensation of 75 paise in a rupee was received from his official receiver. He owed a debt of Rs. 50,000
Received cash for a bad debt written off last year Rs. 25,000
Raj of Alwar, Rajasthan who owed Mohan Singh Rs. 25,000 became insolvent and received 60 paise in a rupee as full and final settlement.
Bad debts write off RS. 3000
Bad debt recovered RS. 4000
Debts previously written off as bad now recovered Rs. 1,600
Depreciation A/c
Depreciate machine by RS.3, 000.
Depreciation on furniture @10%.
Depreciate machine by RS. 2,000.
Depreciate machinery by RS. 2500
Depreciations on furniture provided @ 10%
Depreciate furniture By 500.
Charge depreciation Rs. 120 on furniture
Depreciate furniture and machinery by RS. 1,000 and RS. 1,500 respectively.
Provide 5% depreciation on machinery costing RS. 2000
Depreciation of Rs. 200 was provided on the machinery at the year end.
Depreciation on machine RS.2,000
Provide 10% depreciations on furniture costing RS. 5,000
Depreciation of RS. 5,000 were provided on machinery at the end of the year.
Provide depreciation on building valued at RS. 6, 00,000 @ 2.5% for 3 months.
Depreciation of RS.200 was provided on the machinery at the year old
Loss & Gains A/c
Destroyed goods RS. 3000
Goods destroyed by fire Rs. 15,000. Insurance company admitted the claim for Rs. 8,000.
Destroyed goods RS. 3500
Destroyed goods RS.1700
Goods destroyed by fire ( cost price Rs. 300, sale price Rs. 300
Destroyed goods RS 1100
Goods destroyed by fire RS. 6800
Goods spoiled by flood Rs. 7,000sssss
Goods destroyed by fire Rs. 9,000. Transport company admitted the claim for Rs. 7,700
Goods stolen from the showroom Rs. 11,000 insurance company paid the claim Rs. 9,700
Goods destroyed by accident Rs. 13,000. Insurance company admitted the full claim.
Goods destroyed by fire Rs. 15,000
Insurance company admitted the claim for Rs. 12,500
Goods lost by fire RS. 2,000. Insurance company paid the claim
Goods destroyed by accident RS. 950
Goods destroyed by fire RS. 2,000
Destroyed goods RS 3300
Cash stolen for pocket RS.10000 From Properties
Cash stolen from the cash box 45000 with the help of police,RS.27000 Could be recovered the same day
Goods uninsured of RS. 6, 000 (purchased Cost) were destroyed by fire.
Goods destroyed by flood RS.38000. Full claim received from the government by cheque
Goods donated to Leh Ledakh residents Rs. 10,000.
Goods donated RS. 3000
Goods worth Rs. 4,000 were given free as charity.
Goods donated Chandigarh resident RS. 2500
GOODS distributed as free samples RS. 10,000
Goods costing RS. 5,000 given as charity (sale price RS. 6,000)
Contra Entry
Cash deposited into Bank Rs. 10,000
Cash withdrawn from bank for office use Rs. 20,000.
Withdraw cash for office use Rs.4,000
Withdrew cash for office use RS. 1000 & Domestic use Rs.2000
Deposited into bank Rs. 5,000
Withdrew cash for office use Rs. 2,400
Cash withdrawn from bank for office use RS.25000
Cash deposited into bank Rs. 4,500
Withdrew from bank for personal use RS. 2,500 and for office use RS. 3,500 Opening entry
Cash deposited into bank RS.500000 IF. May be deposited
Cash deposit into bank for RS.2000 Cash deposit into bank for RS.10000 Personal cash
Cash deposited into bank RS. 3,40000
Deposited into bank Rs.7,500
cheque of Rs. 25,000 to open a bank account
Opened a bank account and transferred Rs. 4,00, 000 from his saving account
Discount A/c
Trade Discount Apply 10 %
Purchased a home for Rs. 25,000; giving Rs. 10,000 as cash and balance through loan.
Sold securities ( costing Rs. 2,000) for Rs.2400
Purchased an old motor cycle for Rs.6,500
Goods purchased RS. 20,000 on credit.
Goods costing RS. 10,000 sold for RS. 15,000 on Credit.
Purchased goods on cash RS. 10,000.
Purchased goods Rs. 40,000 on credit
Purchased furniture RS. 25000
Sold goods for Rs.35,000 (costing Rs. 26,000)on credit
Machinery purchased for cash.20,000
Purchased goods from Raman on credit.25,000
Sold goods (costing Rs. 10,000) to Mohan for cash.14,000
Sold goods (costing Rs. 15,000) for Rs. 18,000 out of which Rs.5, 000 received in cash.
Bought office typewriter RS.2500
Purchase furniture RS. 10,000.
Purchased computer for office work RS. 25000
Purchased goods RS. 8000
Purchased a typewriter for Rs. 4,000
Bought furniture on credit for Rs. 2,100 from X
Purchased goods for cash Rs. 24,000
Sold goods (cost in Rs. 12000) for cash Rs. 20,000
Purchased household goods for Rs. 10,000 giving Rs. 4,000 in cash
Cash Discount Apply 10%
Purchased goods on credit 4,000
Purchased goods for cash 1,000
Purchased furniture for Cash Rs. 500
Sold goods on credit (cost Rs. 500) 700
Bought car for office use Rs. 15,000
Purchased office furniture Rs. 3,500
Bought office typewriter from Rs. X Rs. 1,800
Purchased typewriter RS. 1000
Purchased a building from Sohan for Rs. 12,000
Purchased goods from Roshan on credit 10,00,000
Sold goods costing Rs.40, 000 for Rs. 50,000 on credit to Ram.
Trade & Cash Discount
Purchased goods Rs.7 40,000 at C.D. 10%.
Purchased goods? Rs.50,000 at 10% T.D
Purchased goods Rs.3 40,000 from Ram at 10% C.D.
Sold good's Rs. 20,000 at 10% C.D.
Sold goods ‹Rs. 30,000 to Manisha at 10% T.D. Amount received by Cheque.
Sold goods Rs.40,000 at 20% T.D.
Purchased goods RS.3 50,000 at 10% C.D. and 10% T.D.
Sold goods Rs. 60,000 at 20% T.D. and 20% C.D.
Received Rs. 2,900 by cheque from Kahit and allowed him discount Rs 100
Paid Rs. 4,400 to Shri by cheque and availed a discount of 100.
Received Rs. 5,900 from Sunaina in full settlement of her account of? Rs.6,000.
Paid Rs.4,950 to Komal in full settlement of his account? Rs.5,000.
Paid Rs. 5,400 to Anand and availed a discount < 100.
Received? Rs.6,300 from Shreya in the full settlement of her account of Rs.6,500 by cheque.
Bought goods from Johny worth Rs.1,00,000 at 10% T.D. and 10% C.D. Paid full amount at the time of purchase itself.
Bought goods from Bhatia for Rs. 7 2,00,000 at 10% cash discount and 10% Trade discount. Half of the amount paid by cheque at the time of purchase.
Sold goods to Sunny for Rs. 2,00.000 on terms 10% Trade discount and 10% Cash discount. If the payment is received within 10 days. 80% payment is received on Dec. 20 by cheque.
Sold goods to Bunny for Rs, 2,00,000 at 20% Trade discount and 20% cash discount. If the payment is received within 15 days. He paid half the amount on Dec. 26 and 50% of the remainder on Dec. 31°.
Rahul to whom? Rs.10,000 was payable. His account settled by receiving a discount of 5%.
Shivani who owed Rs. 6,000 paid the amount in full settlement of her account by availing 2% discount.
Paid Rs. 4,800 to Ravi availing a discount of 4%.
Receive Rs.9,800 by cheque from Shreya allowing her 2% discount.
Practice for Discount Entry
Purchased goods of list price of Rs. 20,000 from Vishal at 20% trade discount against cheque payment.
Purchased goods of list price of Rs. 20,000 from Naman at 15% trade discount against cash,
Purchased goods of list price of Rs. 30,000 from Amrit at 20% trade discount,
Purchased goods of list price of Rs. 40,000 for Rs. 35,000 for cash.
Goods returned of list price of Rs. 10,000 purchased from Amrit.
Sold goods to Parul of list price of Rs. 40,000 at 10% trade discount against cheque payment.
Sold goods to Aman of list price of Rs. 30,000 at 10% trade discount against cash.
Sold goods to Pawan of list price of Rs. 20,000 at 10% trade discount.
Sold goods to Yamini of list price of Rs. 25,000 for Rs. 23,000.
Sold goods costing Rs. 10,000 at cost plus 20% less 10% trade discount to Bhupesh.
Sold goods purchased at list price of Rs. 50,000 less 15% trade discount sold at a profit of 25% less 10% trade discount against cheque.
Aman returned goods of list price of Rs. 10,000 sold to him at 10% trade discount.
Received from Bharat cash Rs. 20,000, allowed him discount of Rs. 500.
Received from Vikas Rs. 35,000 by cheque, allowed him discount of Rs. 750.
Received from Akhil Rs. 38,000 in settlement of his dues of Rs. 40,000 in cash.
Received from Amrit Rs. 50,000 by cheque on account against dues of Rs. 60,000.
Paid cash Rs. 40,000 to Suresh, availed discount of 2%.
Paid by cheque Rs. 25,000 to Mehar and settled her dues of Rs. 26,000.
Paid Rs. 25,000 to Yogesh by cheque on account.
Purchased goods costing Rs. 1,00,000 against cheque and availed discount of 3%.
Purchased goods costing Rs. 60,000 from Akash & Co., paid 50% immediately availing 3% discount.
Sold goods of Rs. 30,000 against cheque allowing 2% discount.
Sold goods of Rs. 60,000 to Vimal received 50% of due amount allowing 2% discount.
Received Rs. 11,700 from Hari Krishan in full settlement of his account for Rs. 12,000.
Received Rs. 11,900 from Shyam on his account for Rs. 13,000.
Sold to Sunil goods in cash of Rs. 10,000 less 10% trade discount plus and received a net of Rs. 9000.
GST - Intra State A/c
Transactions marked with * are subject to levy of CGST and SGST @ 6% each
Bought Computer Mouse (4 Nos.) vide Cash Memo No. 338* Rs.6,000
Wages paid for the month of December, 2017 10,000
Purchased two Desktop Computers from M/s. Computech for cash vide Cash Memo No. 170* Rs. 32,500
Paid cash to Hari & Sons vide receipt No. 102 for repairs* 1,000
Paid postage Rs. 200
Cash withdrawn from bank Rs. 10,000
Started business with casn Rs. 2,00,000
Purchased furniture for Rs. 10,000 vide Cash Memo No. 210*
Transactions marked with * are subject to levy of CGST and SGST @ 2.5% each
Opened a Bank Account in Canara Bank with Rs. 80,000
Purchased garments on credit from M/s. Madras Store for Rs. 20,000 vide Bill No. 291 *
Sold shirts to Ram Parkash on credit Rs. 5,000 vide Bill No. 1*
Sold shirts for cash Rs. 7,000 vide Cash Memo No. 1*
Withdrew from bank for office use by cheque No. 23301 Rs. 20,000
Withdrew Rs. 5,000 for personal use by cheque No. 51003
Bought computer for resale for cash vide Cash Memo No. 512* Rs.7,200
Transactions marked with * are subject to levy of CGST and SGST @ 9% each
Salary paid for the month of December, 2017 Rs. 10,000
Sold computer for cash vide Cash Memo No. 64* Rs.12,000
Withdrew cash from ank for office use vide cheque No. 13456 Rs. 1,700
Bought furniture from Modern Furniture for cash vide Cash Memo No. 241’ Rs.7.500
Paid cash to Mani & Sons for purchase of 2 machines vide Cash Memo No. 1230* Rs.5,000
Paid for conveyance Rs.150
Transactions marked with * are subject to levy of CGST and SGST @ 14% each
Sold old typewriter for cash vide cash receipt No. 314* Rs.500
Received cash from Wahi & Co, on account vide cash receipt No. 551 Rs.10,000
Commission received vide cash receipt No. 520* Rs.10,000
Sold leather purses for cash vide Cash Memo Nos. 307-310* Rs. 6,000
Sold two old machines vide Cash Memo No. 1560* Rs.3,000
Soid goods to M/s. Yardley, Faridabad, Haryana vide Bill No. 31596, charged CGST and SGST @ 6% each Rs.5,000
Depreciation charged on building @ 10% on Rs. 2,00,000
Transactions marked with * are subject to Discount
Purchased goods from Sanjiv of Rs. 40,000plus GST @ 12% at 10% Trade Discount and 2% Cash Discount. Paid amount at the time of purchase itself
Purchased goods from Vijay Rs. 40,000 plus GST @ 12% at 10% Trade Discount and 3% Cash Discount. Half of the amount paid at the time of purchase.
Sold goods to Anil for Rs. 20,000 plus CGST and SGST @ 6% each, allowed him 10% Trade Discount and 3% Cash Discount. Received half of the amount by cash and balance by cheque within agreed time.
Sold goods to Ajay for Rs. 50,000 plus CGST and SGST @ 6% each at 10% Trade Discount and 2% Cash discount. Half of the amount received by cheque within specified time.
Sold goods costing Rs. 40,000 to Anil against a current dated cheque at a profit of 25% on cost less 20% trade discount plus GST @ 12%. Cash discount is allowed @ 2%
Purchased goods from Shyam & Co., Delhi of list price Rs. 25,00(7at 20% trade discount and 3% cash discount on value of goods. Paid CGST and SGST @ 6% each. Payment was made immediately and availed cash discount.
Purchased goods from Sunder Agencies, Delhi of list price Rs. 20,000 at 25% trade discount and 2% cash discount. Paid CGST and SGST @ 6% each. 50% of the payment was made immediately.
Purchased goods from Rama & Sons, Delhi of list price Rs. 50,000 at 20% trade discount and 3% cash discount. Paid CGST and SGST @ 6% each. 75% of the payment was made immediately by cheque.
Sold to Ramesh & Co., Chandigarh goods of list price Rs. 40,000 at 15% trade discount and 3% cash discount on Value (Cost) of goods. Charged IGST @ 12%. Ramesh & Co. paid the full amount by cheque and availed cash discount.
Sold to Rajat & Co., Chennai goods costing Rs. 10,000 at 25% profit, allowing 10% trade discount and 2%% cash discount. Charged IGST @ 12%. Rajat & Co. made 60% payment immediately.
Sold goods of list price Rs. 50,000 less 20% trade discount. Charged IGST @ 12%. Cash discount allowed @ 2% against cheque payment.
Withdrew goods for personal use (Cost Rs. 5,000 + IGST @ 12%; Sale Price Rs. 6,600).
Goods costing Rs. 500 given as charity. These goods were purchased paying CGST and SGST @ 6% each.
A cheque for Rs. 5,000 received from Rajib was deposited into bank, returned dishonoured.
Paid Rs. 5,000 in cash as wages on installation of machinery.
Sold goods to Krishna of Deihi at the list price Rs. 20,000 less trade discount 10% add CGST and SGST @ 6% each, and allowed cash discount 5% He paid the amount immediately.
Sold goods costing Rs. 60,000 to Mohan of Kolkata issued invoice at 10% above cost less 5% trade discount plus IGST @ 12%.
Goods valued at Rs. 2,500 distributed from stock as samples, as part of an advertising campaign. These goods were purchased paying CGST and SGST @ 6% each.
Anjan, a customer, to whom goods were sold, was allowed rebate of Rs. 2,000 because they were of poor quality. These goods were sold charging CGST and SGST @ 6% each.
Sold goods costing Rs. 1,00,000 to Anil of Delhi at a profit of 25% on sales less 20% Trade Discount plus CGST and SGST @ 6% each and paid cartage Rs. 250 (Not to be charged from customer)
Practice Entries In Tally Prime
Nitin invested Rs. 50,000 cash and Rs. 5,00,000 by cheque to start a business.
He deposited Rs. 5,000 out of cash in the bank.
Purchased goods for Rs. 5,000 against cash.
Purchased a building and paid Rs. 2,50,000 by cheque,
Purchased goods from M/s. Hari & Co. for Rs. 1,00,000.
Sold goods for cash Rs. 50,000.
Sold goods on credit to M/s. Ramesh & Co. Rs. 25,000.
M/s. Ramesh & Co. returned goods of Rs. 5,000, being defective.
Goods returned by M/s. Ramesh & Co. returned to M/s. Hari & Co. at cost price, i.e., Rs. 4,000.
Paid salary to staff by cheque Rs. 15,000.
Paid rent for the residence of Nitin Rs. 10,000 by cheque.
Paid electricity charges for the month Rs. 1,000 in cash.
Paid telephone charges Rs. 500 in cash.
Bought office furniture for Rs. 25,000 against cheque.
Paid M/s. Hari & Co. on account Rs. 50,000 by cheque.
Received from M/s. Ramesh & Co. Rs. 15,000 by cheque.
Placed order for goods with M/s. Abhi & Sons of Rs. 2,00,000; paid them Rs. 20,000 by cheque as advance, balance to be paid on delivery of goods.
Received order for goods from M/s. Ajay & Co. of Rs. 3,00,000 along with a cheque for Rs. 30,000 as advance, balance to be received against delivery of goods.
Paid Rs. 1,000 for stationery.
Nitin withdrew Rs. 10,000 for household expenses out of cash.
He started business contributing Rs. 10,000 in cash, Rs. 5,00,000 in cheque and a building valued at Rs. 5,00,000.
Purchased goods from D. Lai, Kanpur for Rs. 2,00,000 out of which cheque was issued for Rs. 60,000.
Sold goods on credit to Ramesh, Delhi for Rs. 1,60,000.
Received Rs. 1,55,700 by cheque from Ramesh in full settlement of his account.
Paid Rs. 1,38,000 to D. Lai in full settlement of amount due to him,
A new machine of Rs. 2,40,000 was purchased from Machine Tools Ltd., Ludhiana in exchange of an old machine valued at Rs. 50,000. He gave a cheque of Rs. 1,00,000 from his savings account and balance from firm’s account.
Purchased machinery from Pawan & Sons, Delhi for Rs. 50,000 on credit.
Depreciation of Rs. 5,000 was provided on machinery at the end of the year.
Akhil issued a cheque for Rs. 50,000 from his savings account in firm’s name.
Paid Rs. 5,000 as income tax.
A cheque amounting to Rs. 50,000 deposited in the bank from his savings account returned dishonoured for technical reasons.
Goods worth Rs. 500 given as charity.
Sold goods to Mayank of Rs. 1,00,000. payable 25% by cheque at the time of sale and balance after 30 days of sale.
Received Rs. 975 from Harikrishna in full settlement of his account of Rs. 1,000.
Received a first and final dividend of 60 paise in a rupee from the Official Receiver of Rajan, who owed us Rs. 1,000.
Charged depreciation on plant Rs. 1,000.
Charge interest on Drawings Rs. 1,500.
Sold goods costing Rs. 40,000 to Anil for cash at a profit of 25% on cost less 20% trade discount and paid cartage Rs. 100, which is not to be charged from customer.
M/s. Auto Aid, Delhi purchased 500 pieces of car horns @ Rs. 200 each less 10% Trade Discount plus IGST @ 12% from M/s Auto Horns, Chandigarh. What is the invoice value? [Invoice Value—Rs. 1,00,800,]
M/s. Vaish Traders, Delhi purchased 500 Parker Pens @ Rs. 200 each less Trade Discount @ 15% from Luxor Pens Ltd., Delhi. CGST and SGST was levied @ 6% each. Further, Cash Discount was allowed @ 5% as the payment was made within specified time. What will be the amount of trade discount and cash discount?[Trade Discount—Rs. 15,000; Cash Discount—Rs. 4,760.]
On 1st April, 2018, the position of Rahman was as follows: Cash-in-Hand Rs. 11,200; Cash at Bank Rs. 2,57,600; Bills Receivable Rs. 68,800; Jai Ram (Dr.) Rs. 16,000; Ram Kumar (Dr.) Rs. 48,080; Office Furniture Rs. 52,800; Stock-in-Trade Rs. 4,16,000; Doulat Ram (Cr.) Rs. 1,74,720, Hari Ram (Cr.) Rs. 2,16,960; Bills Payable Rs. 80,000. What was the amount of capital of Rahman on that date? Show the Journal entry to Open his books. [Capital—Rs. 3,98,800.]
On 1st April. 2018, the position of Tendulkar was as follows: Stock-in-Hand Rs. 2,88,000; Bills Payable Rs. 48,000; Cash at Bank Rs. 2,16,000; Plant and Machinery Rs. 1,20,000; Owing by debtors Rs. 60,000; Owing to creditors Rs. 96,000; Investment Rs. 2,40,000, Loan from S.K. Garg Rs. 1,80,000. What was the amount of Tendulkar’s capital on the date? Show an opening Journal entry. [Capital—Rs. 6,00,000.]
M/s. Auto Help, Delhi purchased 500 pieces of motor cycle horns at Rs. 100 each plus IGST @ 12% from M/s G.S., Auto, Ghaziabad, (UP). Trade terms settled were: Trade Discount will be allowed @ 10% and Cash Discount @ 5% if payment is made within 7 days. M/s. Auto Help made the payment after 30 days. Determine the amount of Trade Discount and Cash Discount. [Trade Discount—Rs. 5,000; Cash Discount will not be allowed because payment is not made within the specified time of 7 days.]
Name the accounts to be credited along with the amount for payment to Ajay of Rs. 4,800 by cheque in full settlement of Rs. 5,000. [Bank A/c—Rs. 4,800; Discount Received A/c—Rs. 200.]
Pass Journal entry for sale of goods by Rahul, Delhi to Anish, Delhi for Rs. 10,000 less 10% Trade Discount and 2% Cash Discount. Assume payment is received at the time of sale. CGST and SGST is levied @ 6% each.[Dr. Cash/Bank A/c—Rs. 9,878 and Discount Allowed A/c—Rs. 202;Cr. Sales A/c—Rs. 9,000; Output CGST A/c—Rs. 540 and Output SGST A/c—Rs. 540.]
Pass Journal entry for purchase of goods by Amrit, Delhi from Ayur Products, Agra, (UP) for Rs. 25,000 less Trade Discount @ 15% plus IGST @ 12%.[Dr. Purchases A/c—Rs. 21,250; Input IGST A/c—2,550;Cr. Ayur Products—Rs. 23,800.]
Pass Journal entry for purchase of goods by Amrit, Delhi from Add Gel Pens, Delhi for Rs. 15,000 less Trade Discount 10% and Cash Discount 3%. CGST and SGST is levied @ 6% each. Assume payment is made at the time of purchase.Dr. Purchases A/c—Rs. 13,500; Input CGST A/c—Rs. 810 and Input SGST A/c—Rs. 810; Cr. Cash/Bank A/c—Rs. 14,666 and Discount Received A/c—Rs. 454.]
Mittal Cycles purchased 100 cycles from Hero Cycles, Ludhina (Punjab) @ Rs. 1,200 per cycle plus IGST @ 12%. Hero Cycles allowed 10% Trade Discount and 3% Cash Discount if payment is made within 14 days. Mittal Cycles received 10 cycles damaged during transit, which it returned. Mittal Cycles settled the payment in 10 days time.
Oswal Woollen Mills, Amritsar (Punjab) sold shawls to Gupta Shawls, Jaipur as per details: Sold 100 shawls @ Rs. 200 per shawl on 4th January, 2018, IGST is levied @ 12%. Trade Discount 25% and Cash Discount 5% if full payment is made within 14 days. Gupta Shawls sent 50% of the payment on 14th January, 2018 and balance payment on 10th February. 2018. Pass Journal entries.[Hint: Gupta Shawls will not get cash discount as full payment is not made by it within 14 days.]
Goods of Rs. 5,000 were used by him for domestic purpose.
Rs. 2,000 due from Sohan became bad debts.
Goods of Rs. 6,000 were destroyed by fire and were not insured.
Paid Rs. 4,000 in cash as wages on installation of machine. GST is not to be levied.
Sold goods to Arjun of Delhi of list price Rs. 20,000. Trade discount @ 10% and cash discount of 5% was allowed. He paid the amount on the same day and availed the cash discount.
Received cash for a bad debt written off last year Rs. 2,000.
Goods of Rs. 1,000 given as charity.
Received Rs. 9,750 from Ramesh in full settlement of his account of Rs. 10,000.
Paid rent in advance Rs. 4,000.
Raj of Alwar, Rajasthan who owed Mohan Singh Rs. 25,000 became insolvent and received 60 paise in a rupee as full and final settlement.
Mohan Singh owes to his landlord Rs. 10,000 as rent.
Charge depreciation of 10% on furniture costing Rs. 50,000.
Salaries due to employees Rs. 20,000.
Sold to Sunil goods in cash of Rs. 10,000 less 10% trade discount plus and received a net of Rs. 9000.
Provided interest on capital of Rs. 1,00,000 @ 10% per annum.
Goods lost in theft—Rs. 5,000, which were purchased from Alwar, Rajasthan.