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-   -   Journal entry (https://www.askmehelpdesk.com/showthread.php?t=382311)

  • Aug 1, 2009, 10:37 AM
    saluja_simran
    Journal entry
    hello every one can anyone please help me out with the following journal entries:

    March 4 Purchased goods for Rs. 60, 000 and paid Rs. 2, 000 for carriage of goods
    March 6 Purchased goods for Rs. 1, 00, 000 on credit from Raghunath and paid Rs.
    1,200 on carriage of these goods
    March 12 Received an order of goods for Rs. 1,25, 000 from Sunil
    March 13 Payment made to Raghunath by cheque after getting 10% discount for prompt
    payment
    March 15 Sunil’s order was executed and cartage Rs. 3, 000 was paid in this connection
    March 17 Spent Rs. 25, 000 for show-case
    March 20 Purchased goods from Ravi for Rs. 12, 000 and payment made by cheque.
    March 22 Sold 1/5th of above goods at a profit of 33^1/3 % on cost.
  • Aug 1, 2009, 07:16 PM
    morgaine300

    If you've made an attempt to do these, please post what you have. We do not just do homework for people and there's no way for us to know what you are confused on.
  • Aug 1, 2009, 11:26 PM
    saluja_simran
    The entries I have made are as follows:
    March 4 : Purchase A/c dr 60000
    Carriage a/c dr 1200
    To cash a/c 61200

    March 6 : purchase a/c dr 100000
    To raghunath a/c 1000000

    March 6 : carriage a/c dr 1200
    To cash a/c 1200

    March 12 : sunil a/c dr 125000
    To sales a/c 125000

    March 13 : raghunatha/c dr 100000
    To bank a/c 90000
    To discount a/c 10000

    March 15 : cartage a/c dr 3000
    To cash a/c 3000

    March 17 : advertisement a/c dr 25000
    To cash a/c 25000

    March 20 : purchase a/c dr 12000
    To bank a/c 12000

    March 22 : cash a/c dr 3200
    To p&L a/c 800
    To sales a/c 2400

    Please correct me anyone if I'm wrong
    Thanks in advance.
  • Aug 2, 2009, 06:44 AM
    rehmanvohra
    [QUOTE=saluja_simran;1896883]the entries I have made are as follows:
    Quote:

    March 4 : Purchase A/c dr 60000
    Carriage a/c dr 1200
    To cash a/c 61200
    Correct except use Carriage Inwards instead of carriage
    Quote:

    March 6 : purchase a/c dr 100000
    To raghunath a/c 1000000
    Correct, except use Sundry Creditors (Raghunath)
    Quote:

    March 6 : carriage a/c dr 1200
    To cash a/c 1200
    Carriage Inwards should be used

    Quote:

    March 12 : sunil a/c dr 125000
    To sales a/c 125000
    Incorrect. You can not record sale on the basis of an order received. It is done only when the goods are actually shipped

    Quote:

    March 13 : raghunatha/c dr 100000
    To bank a/c 90000
    To discount a/c 10000
    Correct

    Quote:

    March 15 : cartage a/c dr 3000
    To cash a/c 3000
    Use carriage outwards for this transaction, You should also record credit sale at this time

    Quote:

    March 17 : advertisement a/c dr 25000
    To cash a/c 25000
    Incorrect. Show Case is an asset. Debit Furniture account

    Quote:

    March 20 : purchase a/c dr 12000
    To bank a/c 12000
    Correct
    Quote:

    March 22 : cash a/c dr 3200
    To p&L a/c 800
    To sales a/c 2400
    Incorrect. Debit Cash and Credit Sales with 3,200

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