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Question 47 Chapter 4 – Unimax Publications of Class 11
47. Journalise the following transaction in the books of Parkash.
2021
Nov. 1 Purchased furniture worth Rs. 16,000 and tools worth Rs. 4,000
Nov. 2 Prakash borrowed Rs. 70,000 from his friend Manav and Rs. 35,000 from his brother Nikhil
Nov. 4 Banked (cash sent to bank) Rs. 80,000
Nov. 7 Withdrawn from bank by Prakash for personal use Rs. 10,000
Nov. 11 Withdrawn from bank Rs. 20,000
Nov. 17 Borrowed from bank Rs. 40,000
Nov. 19 Bought shares in X Ltd. For Rs. 25,000 and brokerage paid@ 29%. All payment is made by Cheque
Nov. 28 Paid electricity bill Rs. 1,800 and miscellaneous expenses Rs. 120
Nov. 30 Salaries unpaid Rs. 14,000 and rent due to land-lord Rs. 2,400.
JOURNAL
| Date | Particulars | L.F. | Debit | Credit | |
|---|---|---|---|---|---|
| 2021 | |||||
| Nov. 1 | Furniture A/c | Dr. | 16,000 | ||
| Tools A/c | 4,000 | ||||
| To Cash A/c | 20,000 | ||||
| (Being furniture and tools purchased) | |||||
| Nov. 2 | Cash A/c | Dr. | 1,05,000 | ||
| To Manav’s Loan A/c | 70,000 | ||||
| To Nikhil’s Loan A/c | 35,000 | ||||
| (Being money borrowed from Manav and Nikhil) | |||||
| Nov. 4 | Bank A/c | Dr. | 80,000 | ||
| To Cash A/c | 80,000 | ||||
| (Being cash sent to Bank) | |||||
| Nov. 7 | Drawings A/c | Dr. | 10,000 | ||
| To Bank A/c | 10,000 | ||||
| (Being withdrawals made from bank for personal use) | |||||
| Nov. 11 | Cash A/c | Dr. | 20,000 | ||
| To Bank A/c | 20,000 | ||||
| (Being cash withdrawn from Bank) | |||||
| Nov. 17 | Cash A/c | Dr. | 40,000 | ||
| To Bank Loan A/c | 40,000 | ||||
| (Being cash borrowed from Bank) | |||||
| Nov. 19 | Investment in shares A/c | Dr. | 25,500 | ||
| To Bank A/c | 25,500 | ||||
| (Being cash paid for purchasing shares in X Ltd. And Brokerage paid) | |||||
| Nov. 28 | Electricity expenses A/c | Dr. | 1,800 | ||
| Misc. expenses A/c | Dr. | 120 | |||
| To Cash A/c | 1,920 | ||||
| (Being electricity bill and miscellaneous expenses paid) | |||||
| Nov. 30 | Salaries A/c | Dr. | 14,000 | ||
| To outstanding salaries A/c | 14,000 | ||||
| (Being salaries are unpaid) | |||||
| Nov. 30 | Rent A/c | Dr. | 2,400 | ||
| To outstanding rent A/c | 2,400 | ||||
| (Being rent due to landlord) | |||||
Accounting & Commerce Educator
Sarbjit Singh holds a B.Com and M.Com degree and has over 12 years of teaching experience in double entry bookkeeping, financial accounting, and business studies.
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