Question No 08 Chapter No 8

Question No 08 Chapter No 8

Journal Proper

08. Enter the following transactions in the ‘Journal Proper’ of Karuna Store

2018 
Mar.1Purchased furniture on credit from Kuber Furniture Store for 15,000.
Mar.5Goods for 6,000 given away as charity
Mar.12Goods worth 8,000 and Cash 4,000 were stolen by an employee
Mar.15Arun who owed us 20,000 was declared insolvent and nothing was received from him. 
Mar.18Proprietor withdrew for his personal use cash 5,000 and goods worth 10,000.
Mat.31Provide interest on capital of 5,00,000 at 6% p.a. for a full year.
Mar.31Out of the rent paid this year, 5,000 is related to the next year.
Mar.31Salaries due to clerks 12,000. 

The solution of Question No 08 Chapter No 8: –

 
DateParticulars
L.F.DebitCredit
2020     
Mar.1Furniture A/cDr. 15,000 
 To Kuber Furniture Store   15,000
 (Being started Furniture purchased on credit.)   
     
Mar.5Charity A/cDr. 6,000 
 To Purchases A/c  6,000
 (Being Goods given as charity)   
     
Mar.12Loss by Theft A/cDr. 8,000 
 To Purchases A/c  8,000
 (Being goods stolen)   
     
Mar.15Bad Debts A/cDr. 20,000 
 To Arun A/c  20,000
 (Being Arun was declared insolvent)   
     
Mar.18Drawings A/cDr. 15,000 
 To Purchases A/c  15,000
 (Being Goods withdrawn for personal use.)   
     
Mar.31Interest on Capital A/cDr. 30,000 
 To Capital A/c  30,000
 (Being Interest on capital allowed)   
     
Mar.31Prepaid Rent A/cDr. 5,000 
 To Rent A/c  5,000
 (Being Adjustment entry for prepaid rent)   
     
Mar.31Salary A/cDr. 12,000 
 To Outstanding Salary A/c  12,000
 (Being 60 Pasise in a rupee recovered on insolvency)   
     

Note: Cash transactions will not be recorded in Journal Proper.

Journal Proper | Subsidiary Books | Examples

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