01 Gurman invested capital in cash ₹ 1,00,000
Jun-03 Purchased goods from Harish ₹ 10,000
Jun-05 Purchased goods for cash ₹ 8,000
Jun-08 Purchased goods from Mohit for cash ₹ 7,000
Jun-10 Sold goods to Kailash on credit ₹ 2,000
Jun-12 Sold goods to Nadeem for cash ₹ 1,500
Jun-14 Goods returned by Kailash ₹ 500
Jun-16 Goods returned to Harish ₹ 360
Jun-18 Machinery purchased from Sohan ₹ 8,000
Jun-19 Paid to Harish on account ₹ 5,000
Jun-25 Cash withdrawn for personal use ₹ 5,000
Jun-30 Old newspapers sold ₹ 200
Jun-30 Received loan from Mohan and deposited in bank ₹ 50,000
Record the following transactions in the Journal of Amitabh:
May-01 Amitabh started business with cash ₹ 80,000
May-02 Purchased furniture from Modern Furnishes for cash ₹ 10,000
May-05 Deposited in bank ₹ 30,000
May-06 Purcahsed goods for cash ₹ 5,000
May-08 Purchased goods on credit from Hari ₹ 4,500
May-10 Purchased goods for cash ₹ 3,000
May-12 Purchased goods from Ajay ₹ 4,000
May-14 Sold goods for cash ₹ 7,000
May-15 Sold goods to Karim ₹ 6,500
May-16 Sold goods to Ganesh for cash ₹ 5,000
May-19 withdrew from bank for office use ₹ 5,000
May-20 Karim paid on account ₹ 5,000
May-29 Paid rent for residence ₹ 6,000
May-30 Purchased a cycle for his son ₹ 3,000
May-30 Paid to Ajay in settlement of his account ₹ 3,800
2022
Paid salaries ₹ 30,000, rent ₹ 10,000 and wages ₹ 8,000 by cheque.
April – 5
Purchased goods from Hari for ₹ 30,000 at 10% trade discount and 2%
April – 7
cash discount. payment was made immediately.
April –
Paid to Raju ₹ 5,000 in cash and ₹ 7,000 by cheque.
15
April – Goods sold to Roma for ₹ 5,000 at 20% Trade discount and 3% Cash
18 discount. Half of the payment was received immediately.
April – Goods sold to Ramesh for ₹ 8,000. He paid ₹ 5,000 by cheque
20 immediately.
April – Additional capital introduced as: cash ₹ 10,000; and Delivery Van (Personal
25 asset) of ₹ 50,000.
April –
Cash paid to Anil ₹ 975. Discount received ₹ 25.
26
April –
Paid to Raju ₹ 1,000 in cash and ₹ 2,000 by cheque.
30
April –
Paid ₹ 4,800 to Mohan in settlement of his account for ₹ 5,000.
30
Pass Journal entries for the following transactions:
2022 Mohan is declared insolvent. Received first and final dividend from his
official Receiver 50 paise in a rupee against a debt of ₹ 5,000.
Apr-01
Apr-02 ₹ 8,000 due from Ramesh is not recoverable.
Shyam, who owed ₹ 15,000 became insolvent and 50% is received from
Apr-03
his estate.
Apr-04 Received ₹ 10,000 in cash from Sohan for bad debts written off last year.
Journalise the following transactions in the books of Mohan, Delhi:
(i) Raj of Alwar, Rajasthan, who owed Mohan ₹ 25,000, became insolvent. Mohan received 60 paise
in a rupee as full and final settlement.
(ii) Mohan owes to his landlord ₹ 10,000 as rent.
(iii) Charge depreciation of 10% on furniture of ₹ 50,000.
(iv) Salaries due to employees: ₹ 20,000.
(v) Sold to Sunil goods in cash of ₹ 10,000 less 10% trade discount and received a net of ₹ 8,500.
(vi) Provide interest on capital of ₹ 1,00,000 @ 10% per annum.
(vii) Goods lost in theft costing ₹ 5,000.
2022
Shyam became insolvent. A first and final compensation of 75 paise in
10,000
(a) a rupee was received from his official receiver. He owed a debt of
(b) Received cash for a bad debt written off last year 5,000
(c) Rent due to landlord 8,000
(d) Depreciation on office furniture 1,000
(e) Salaries due to staff 10,000
(f) Paid income tax 30,000
(g) Received commission ₹ 5,000, half of which is in advance.
(h) Bank levied bank charges 500
Sold personal car for ₹ 1,00,000 and deposited the amount in firm’s
(i)
account
