Journal Entries and T Accounts Exercise

by SURINDER
(Jammu)

Surinder Thakyal

Surinder Thakyal

Create journal entries and draw up the T-accounts for the following transactions (Rs. = Rupees = Indian currency):


1. Harish started business with cash Rs. 10000
2. Bought goods from Manohar 5000
3. Purchase fittings for cash Rs. 800
4. Sold goods to Charanjeet Rs. 1600
5. Paid Manohar Rs. 3000
6. Sold goods Vadva Ram Rs. 2000
7. Received from Charanjeet Rs. 1540 and allowed him discount Rs. 60
8. Paid wages Rs. 80
9. Bought goods for cash Rs. 600
10. Sold goods to Ramesh Rs. 3400
11. Purchase goods from Purchotam Ra. 2600
12. Paid Manohar in settlement Rs. 1900 and discount allowed by him Rs. 100
13. Paid carriage from goods and sold Rs. 40
14. Paid wages Rs. 80
15. Bought goods Manohar Rs. 3000
16. Bought goods for cash Rs. 800
17. Sold goods Vadva Ram Rs. 3600
18. Vadva Ram paid on account Rs. 4000
19. Purchase goods from Harbans Rs. 1500
20. Sold goods for cash Rs. 1600
21. Paid wages Rs. 80
22. Paid to Harbans Rs. 1440 and discount allowed by him Rs. 60
23. Sold goods to Charanjeet Rs. 2600
24. Bought goods for Manohar Rs. 1400
25. Bought goods for cash Rs. 1460
26. Paid on account to Manohar Rs. 1460
27. Received from Charanjeet Rs. 4000
28. Paid wages Rs. 80
29. Paid for electric lighting Rs. 100
30. Paid rent Rs. 160
31. Harish drew for personal use Rs. 300
32. Purchases Rs. 80
33. General expense Rs. 190
34. Carriage outwards Rs. 60


A: Here are the journal entries for the above:

1. Dr Bank 10,000
Cr Capital 10,000

2. Dr Purchases 5,000
Cr Creditors 5,000

3. Dr Fittings 800
Cr Bank 800

4. Dr Debtors 1,600
Cr Sales 1,600

5. Dr Creditors 3,000
Cr Bank 3,000

6. Dr Debtors 2,000
Cr Sales 2,000

7. Dr Bank 1,540
Dr Discount allowed (expense) 60
Cr Debtors 1,600

8. Dr Wages 80
Cr Bank 80

9. Dr Purchases 600
Cr Bank 600

10. Dr Debtors 3,400
Cr Sales 3,400

11. Dr Purchases 2,600
Cr Creditors 2,600

12. Dr Creditors 2,000
Cr Bank 1,900
Cr Discount received (income) 100

13. Dr Carriage on goods 40
Cr Bank 40

14. Dr Wages 80
Cr Bank 80

15. Dr Purchases 3,000
Cr Creditors 3,000

16. Dr Purchases 800
Cr Bank 800

17. Dr Debtors 3,600
Cr Sales 3,600

18. Dr Bank 4,000
Cr Debtors 4,000

19. Dr Purchases 1,500
Cr Creditors 1,500

20. Dr Bank 1,600
Cr Sales 1,600

21. Dr Wages 80
Cr Bank 80

22. Dr Creditors 1,500
Cr Bank 1,440
Cr Discount received (income) 60

23. Dr Debtors 2,600
Cr Sales 2,600

24. Dr Purchases 1,400
Cr Creditors 1,400

25. Dr Purchases 1,460
Cr Bank 1,460

26. Dr Creditors 1,460
Cr Bank 1,460

27. Dr Bank 4,000
Cr Debtors 4,000

28. Dr Wages 80
Cr Bank 80

29. Dr Electric lighting 100
Cr Bank 100

30. Dr Rent 160
Cr Bank 160

31. Dr Drawings 300
Cr Bank 300

32. Dr Purchases 80
Cr Bank 80 (assuming these purchases are on cash basis)

33. Dr General expense 190
Cr Bank 190

34. Dr Carriage outwards 60
Cr Bank 60

Sorry for no T-accounts shown here, it's a lot of work to draw them up in html. You can work them out fairly easily from the above journal entries. If you are shaky with T-accounts check out
my lesson on T-Accounts.

-

Comments for Journal Entries and T Accounts Exercise

Click here to add your own comments

Journal entry
by: Shailesh

What is the journal entry of purchase goods for ₹ 100000 on credit from Raghunath brothers, paid ₹ 1200 for carriage on these goods?

Journal entry
by: Anonymous

Bought goods from Ramesh for Rs 2100 and sold to Suresh for Rs 3000. What is the journal entry?

Doubt
by: harsh

What is the accounting equation for started business with cash rs 20000, furniture rs. 4000 and a bank loan of rs. 20000?

What will be the accounting entry
by: Anonymous

I purchase a book in 50 rs and sold it in 40 rs

A: Book 50
Cash 50

Cash 40
Loss on sale 10
Book 50

-editor

Solve this
by: Anonymous

Sold goods for cash, costing Rs. 2,200 at Rs. 2000.

Journal entry help
by: Aman

What is the entry for ram purchases goods from shyam of 10,000 18 % per annum?

wrong journal
by: neelu

u not use cash a/c and creditors and debtors name

Bank Account, Cash Account
by:

You can have a bank account and also a separate cash account in the accounting system for the business. In many accounting questions and exercises they just show "bank account" which represents both the cash account and bank account in one.

DOUBT
by: Bang Bang

Why only Bank account is Dr./Cr. and not Cash account while selling or purchasing goods?


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