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✦ FREE LEARNING — CLASS 11 & 12 — CBSE · PSEB — ACCOUNTS · ECONOMICS · BST ✦
Journalise the following transactions of Rakesh Agencies, Delhi:
| 2025 | Transaction | Rs. |
|---|---|---|
| Jan. 1 | Rakesh commenced business with cash | 50,000 |
| Jan. 2 | Purchased goods for cash | 10,000 |
| Jan. 5 | Purchased goods from Mohan, Delhi on credit | 60,000 |
| Jan. 7 | Opened bank account with Bank of India | 10,000 |
| Jan. 10 | Purchased furniture for office | 2,000 |
| Jan. 15 | Sold goods for cash | 8,000 |
| Jan. 20 | Sold goods to Ram; list price ₹1,25,000; 20% TD; 2% CD; 40% paid by cheque | 1,00,000 |
| Jan. 25 | Cash sales | 3,500 |
| Jan. 27 | Paid to Mohan on account | 3,000 |
| Jan. 28 | Ram returns goods (sale value) | 5,000 |
| Jan. 31 | Paid Salaries | 9,000 |
| Jan. 31 | Paid to the petty cashier | 3,000 |
| Jan. 31 | Rejected and returned 5% of goods supplied by Mohan | 3,000 |
| Date | Particulars | L.F. | Dr. (₹) | Cr. (₹) |
|---|---|---|---|---|
| Jan 01 | Cash A/c Dr. To Capital A/c (Being Rakesh commenced business with cash) | 50,000 | 50,000 | |
| Jan 02 | Purchases A/c Dr. To Cash A/c (Being goods purchased for cash) | 10,000 | 10,000 | |
| Jan 05 | Purchases A/c Dr. To Mohan's A/c (Being goods purchased from Mohan on credit) | 60,000 | 60,000 | |
| Jan 07 | Bank A/c Dr. To Cash A/c (Being bank account opened) | 10,000 | 10,000 | |
| Jan 10 | Furniture A/c Dr. To Cash A/c (Being furniture purchased for office) | 2,000 | 2,000 | |
| Jan 15 | Cash A/c Dr. To Sales A/c (Being goods sold for cash) | 8,000 | 8,000 | |
| Jan 20 | Ram's A/c Dr. Cheque in Hand A/c Dr. Discount Allowed A/c Dr. To Sales A/c (Being goods sold to Ram at list price ₹1,25,000 less 20% TD; 40% received by cheque; 2% CD allowed) | 60,000 39,200 800 | 1,00,000 | |
| Jan 25 | Cash A/c Dr. To Sales A/c (Being cash sales) | 3,500 | 3,500 | |
| Jan 27 | Mohan's A/c Dr. To Cash A/c (Being paid to Mohan on account) | 3,000 | 3,000 | |
| Jan 28 | Sales Return A/c Dr. To Ram's A/c (Being goods returned by Ram) | 5,000 | 5,000 | |
| Jan 31 | Salary A/c Dr. To Cash A/c (Being salaries paid) | 9,000 | 9,000 | |
| Jan 31 | Petty Cash A/c Dr. To Cash A/c (Being petty cash paid to petty cashier) | 3,000 | 3,000 | |
| Jan 31 | Mohan's A/c Dr. To Purchases Return A/c (Being 5% of goods returned to Mohan (5% of ₹60,000 = ₹3,000)) | 3,000 | 3,000 |
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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