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Question No 06 Chapter No 5
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6. Journalese the following transaction in the book of Vijay Govindrajan:
| 2014 | |
| May-01 | Vijay commenced business with cash Rs 1,50,000 |
| May-04 | Paid marriage expenses of proprietor’s daughter from business Rs 41,000 |
| May-12 | Life insurance premium paid on the life of proprietor’s wife RS 12,0000 |
| May-14 | Rent of the residence of the proprietor paid from his own pocket RS 16,000 |
| May-18 | Personal cash paid to purchase machinery for the business Rs 74,000 |
The solution of Question No 06 Chapter No 5: –
| In the Books of Vijay Govindrajan | |||||
| Date | Particulars | L.F. | Debit | Credit | |
| 2014 | |||||
| May.1 | Cash A/c | Dr. | 1,50,000 | ||
| To Capital A/c | 1,50,000 | ||||
| (Being business commenced with cash.) | |||||
| May.4 | Drawings A/c | Dr. | 41,000 | ||
| To Cash A/c | 41,000 | ||||
| (Being marriage expenses paid from the business ) | |||||
| May.12 | Drawings A/c | Dr. | 12,000 | ||
| To Cash A/c | 12,000 | ||||
| (Being life insurance premium paid) | |||||
| May.18 | Machinery A/c | Dr. | 74,000 | ||
| To Capital A/c | 74,000 | ||||
| (Being personal cash paid to purchased machinery for the business) | |||||
Note: There will be no entry for the transaction dated May.14 because both the debit and credit aspects are personal.
To understand more about Journal please check out following links: –
How to make Journal Entries in Accounting – Explanation
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Also, Check out the solved question of all Chapters: –
Usha Publication – Elements of Book-Keeping PSEB (Class 11) – Solution
Chapter No. 2 – Theory Base of Accounting
Chapter No. 3 – Origin of Transactions
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Chapter No. 4 – Vouchers and transactions
Chapter No. 6 – Accounting for Goods and Services Tax(GST)
Chapter No. 9 – Other Subsidiary Books
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Chapter No. 10 – Journal Proper
Chapter No. 11 – Trial Balance
Chapter No. 12 – Bank Reconciliation Statement
Chapter No. 14 – Provisions and Reserves
Chapter No. 15 – Bills of Exchange
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Chapter No. 16 – Rectification of Errors
Chapter No. 17 – Financial Statements – (Without Adjustments)
Chapter No. 18 – Financial Statements – (With Adjustments)