Question No 07 Chapter No 5 - USHA Publication 11 Class

Question No 07 Chapter No 5

Table of Contents

7. Journalese the following transaction in the book of Reveena:

2015
Feb. 1	Ravi commenced business with cash Rs 2,50,000
Feb. 3	Cash is withdrawn by the proprietor for personal use RS 30,000
Feb. 7	Additional capital introduced in the business Rs 80,000
Feb. 9	Personal car introduced in the business Rs 3,00,000
Feb. 11	Life insurance premium paid Rs 9,000
Feb. 13	Goods are withdrawn by the proprietor for personal use RS 7,000
Feb. 17	Books for proprietor’s daughter purchased from the business bank Account Rs 3,500
Feb. 19	Rent of the showroom paid from the personal bank account of the proprietor RS 21,000
Feb.21	Cash is withdrawn from the bank for personal use RS 5,500

The solution of Question No 07 Chapter No 5: –

In the Books of Reveena
Date	Particulars		L.F.	Debit	Credit
2014
Feb.1	Cash A/c	Dr.		2,50,000
	To Capital A/c				2,50,000
	(Being business started with cash.)

Feb.3	Drawings A/c	Dr.		30,000
	To Cash A/c				30,000
	(Being withdrawn for personal use)

Feb.7	Cash A/c	Dr.		80,000
	To Capital A/c				80,000
	(Being additional capital introduced )

Feb.9	Motor Vehicle A/c	Dr.		3,00,000
	To Capital A/c				3,00,000
	(Being Car introduced into a business )

Feb.11	Drawings A/c	Dr.		9,000
	To Cash A/c				9,000
	(Being life insurance premium paid in cash)

Feb.13	Drawings A/c	Dr.		7,000
	To Purchase A/c				7,000
	(Being withdrawn for personal use)

Feb.17	Drawings A/c	Dr.		3,500
	To Bank A/c				3,500
	(Being personal expenses paid from a business bank account)

Feb.19	Rent A/c	Dr.		21,000
	To Capital A/c				21,000
	(Being Rent of showroom paid from a personal bank account)

Feb..21	Drawing A/c	Dr.		5,500
	To Bank A/c				5,500
	(Being Cash withdrawn from bank for personal use)