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Questions:

Generic 5

5 x 5 = 25

Chandran is a sole trader dealing in sports items. From the following transactions, pass journal entries for the month of March, 2018

March		Rs
1	Commenced business with cash	4,00,000
2	Cash deposited into bank	3,00,000
3	Purchased goods from Rave and payment made through net banking	90,000
4	Sales made to Kumar, who deposited the money through CDM	10,000
5	Sales made to Vivek, who made the payment by debit card	60,000
6	Sold goods to Keerthana, who made the payment through credit card	50,000
7	Dividend directly received by bank	2,000
8	Money withdrawn from ATM	3,000
9	Salaries paid through ECS	6,000
10	Cricket bats donated to a trust	10,000

Valluvar is a sole trader dealing in textiles. From the following transactions, pass journal entries for the month of March, 2018.

	March	Rs
1	Commenced business with cash With goods.	90,000
2	Purchased 20 readymade shirts from X and Co. on credit.	60,000
3	Cash deposited into bank through Cash Deposit Machine	10,000
4	Purchased 10 readymade sarees from Y and Co. by cash	30,000
5	Paid X and Co. through NEFT	6,000
6	Sold 5 sarees to A and Co. on credit	4,000
7	A and Co. deposited the amount due in Cash Deposit Machine
8	Purchased 20 sarees from Z & Co. and paid through debit card	12,000
9	Stationary purchased for and paid through net banking.	6,000
10	Bank charges levied	200

Arun is a trader dealing in automobiles. For the following transactions, pass journal entries for the month of January, 2018.

Jan.	Rs
1. Commenced business with cash	90,000
2. Purchased goods from X and Co. on credit	40,000
3. Accepted bill drawn by X and Co.	20,000
4. Sold goods to D and Co. on credit	10,000
5. Paid by cash the bill drawn by X and Co.	5,000
6. Received cheque from D and Co. in full settlement and deposited the same in bank.	9,000
7. Commission received in cash	5,000
8. Goods costing Rs. 40,000 was sold and cash received	50,000
9. Salaries paid in cash	4,000
10. Building purchased from Kumar and Co. for Rs. 1,00,000 and an advance of Rs. 20,000 is given in cash.

Jeyaseeli is a sole proprietor having a provisions store. Following are the transactions during the month of January, 2018. Journalise them.

Jan.	Rs.
1 Commenced business with cash	80,000
2 Deposited cash with bank	40,000
3 Purchased goods by paying cash	5,000
4 Purchased goods from Lipton & Co. on credit	10,000
5 Sold goods to Joy and received cash	11,000
6 Paid salaries by cash	5,000
7 Paid Lipton & Co. by cheque for the purchases made on 4th Jan.
8 Bought furniture by cash	4,000
9 Paid electricity charges by cash	1,000
10 Bank paid insurance premium on furniture as per standing instructions	300

Show the effect of following business transactions on the accounting equation.
(i) Anbu started business with cash Rs. 20,000; goods Rs. 12,000 and machine Rs. 8,000
(ii) Purchased goods from Ramani on credit . Rs. 7,000
(iii) Payment made to Ramani in full settlement Rs. 6,900
(iv) Sold goods to Rajan on credit costing Rs. 5,400 for Rs. 6,000
(v) Received from Rajan Rs. 5,800 in full settlement of his account
(vi) Wages outstanding Rs. 400

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Answers Key:

Generic 5

5 x 5 = 25

In the' books of Deri Journal entries
Date	Particulars	Debit Rs	Credit Rs
2018 march 1	Cash A/c Dr	4,00,000
	To Chandran's capital A/c		4,00,000
	(Capital contributed by Chandran
2	Bank A/c Dr	3,00,000
	To Cash A/c		3,00,000
	(Cash deposited into bank)
3	Purchases A/c Dr	90,000
	To Bank A/c		90,000
	(Goods purchased and payment made by net banking)
4	Bank A/c Dr	10,000
	To Sales A/c		10,000
	(Sales made and money received through CDM)
5	Bank A/c Dr	60,000
	To Sales A/c		60,000
	(Sales made and money credited through debit card)
6	Bank A/c Dr	50,000
	To Sales A/c		50,000
	(Sales made and money credited through credit card)
7	Bank A/c Dr	2,000
	To Sales A/c		2,000
	(Dividend directly received by bank)
8	Cash A/c Dr	3,000
	To Bank A/c		3,000
	(Cash withdrawn through ATM)
9	Salaries A/c Dr	6,000
	To Bank A/c		6,000
	(Salaries paid through ECS)
10	Donation A/c Dr	10,000
	To Purchase A/c		10,000
	(Cricket bats donated to a trust)

In the books of Valluvar Journal entries
Date	Particulars	Debits Rs	Credit Rs
2018 March 1.	Cash A/c Dr. Stock A/c Dr. To Valluvar's Capital A/c (Valluvar commenced business with cash and goods)	90,000 60,000	1,50,000
2.	Purchases A/c Dr. To X and Co. A/c (Credit purcahses made)	10,000	10,000
3.	Bank A/c Dr. To Cash a/c (Deposited cash into bank)	30,000	30,000
4.	Purchases A/c Dr. To Cash A/c (Goods purchased by cash)	6,000	6,000
5.	X and Co. A/c Dr. To Bank A/c (Deposited cash into bank)	10,000	10,000
6.	A and Co. A/c Dr. To Sales A/c (Credit sales made to A and Co.)	4,000	4,000
7.	Bank A/c Dr. To A and Co. A/c (Money received through CDM)	4,000	4,000
8.	Purchases A/c Dr. To Bank A/c (Purchases made)	12,000	12,000
9.	Stationery A/c Dr. To Bank A/c (Stationery purchased)	6,000	6,000
10.	Bank charges A/c Dr. To Bank A/c (Bank charges levied)	200	200

**In the books of Arun Journal entries**
Date	Particulars	Debit Rs	Credit Rs
2018 Jan. 1	Cash A/c Dr. To Arun's capital A/c (Arun commenced business with cash)	90,000	90,000
2.	Purchases A/c Dr. To X and Co. A/c (Credit purchases made)	40,000	40,000
3.	X and Co.A/c Dr. To Bills payable A/c (Bill drawn by X and Co. accepted)	20,000	20,000
4.	D and Co.A/c Dr. To Sales A/c (Goods sold on credit)	10,000	10,000
5.	Bills payable A/c Dr. To Cash A/c (Bills payable paid)	20,000	20,000
6.	Bank A/c Dr. Discount A/c Dr. To D and Co. A/c (Cheque received from D and Co. in full settlement)	9,000 1,000	10,000
7.	Cash A/c Dr. To Commission A/c (Commission received in cash)	5,000	5,000
8.	Cash A/c Dr. To Sales A/c (Cash sales made)	50,000	50,000
9.	Salies A/c Dr. To Cash A/c (Salaries paid in cash)	4,000	4,000
10.	Buildings A/c Dr. To Cash A/c To Kumar and Co. A/c (Building bought by giving advance money)	1,00,000	20,000 80,000

**In the books of jeyaseeli Journal entries**
Date	Particulars	Debit Rs	Credit Rs
2018 Jan. 1	Cash A/c Dr. To Jeyaseeli's Capital A/c (Jeyaseeli commenced business with cash)	80,000	80,000
2.	Bank A/c Dr. To Cash A/c (Deposited cash into bank)	40,000	40,000
3.	Purchase A/c Dr. To Cash A/c (Goods purchased for cash)	5,000	5,000
4.	Purchase A/c Dr. To Lipton & Co: A/c (Goods purchased on credit)	10,000	10,000
5.	Cash A/c Dr. To Sales A/c (Cash sales made)	11,000	11,000
6.	Salaries A/c Dr. To Cash A/c (Salaries paid)	5,000	5,000
7.	Lipton & Co. A/c Dr. To Bank A/c (Payment made by cheque)	10,000	10,000
8.	Furniture A/c Dr. To Cash A/c (Furniture bought for cash)	4,000	4,000
9.	Electricity charges A/c Dr. To Cash A/c (Electricity charges paid)	1,000	1,000
10.	Insurance premium A/c Dr. To Bank A/c (Insurance premium on furniture paid)	300	300

Transaction	Assests					Capital Rs	Liabilities Rs
Transaction	Cash Rs	Stock Rs	Machine Rs	Debtors Rs		Capital Rs	Liabilities Rs
(i) Started business with cash, stock & machine.	+20,000	+12,000	+8,000			+40,000
Equation	+20,000	+12,000	+8,000		=	+40,000
(iii) Credit purchases		+7,000					7,000
Equation	+20,000	+19,000	+8,000		=	+40,000	+7,000
(iii) Payment made to Ramani in full settlement	-6,900					+100	-7,000
Equation	+13,000	+19,000	+8,000		=	+40,000
(iv) Credit sales		-5,400		+6,000		+600
Equation	+13,000	+13,600	+8,000	+6,000	=	40,700
(v) Cash receipt from Rajan in full settlement	+5,800			-6,000		-200
Equation	+18,000	+13,600	+8,000		=	+40,500
(vi) Wages outstanding						-400	+400
Equation	+18,900	+13,600	+8,000		=	+40,100	+400