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The opening journal entry• Date Particulars LF Debit Credit• 01-07-20XX Fixed Assets A/c 18,00,000
Stock of Raw Materials A/c 1,50,000 Sundry Debtors A/c 3,50,000
• Bank A/c 1,00,000 Cash in hand A/c 2,00,000
• Security Deposit A/c 5,00,000
• Capital A/c 15,00,000• Bank Loan A/c 7,50,000• Sundry Creditors A/c 2,50,000• Bills Payable A/c 5,00,000• Taxes Payable A/c 1,00,000
• (Being the amount of balance at the beginning)
Journal Entries (July 02,06 & 08)
• 02-07-20XX Sundry Creditors A/c 1,50,000• Bank A/c
1,50,000• (Being amount paid to one of the sundry creditors; vide cheque
No.3364852)
• 06-07-20XX Bank A/c 2,50,000• Sundry Debtor A/c 2,50,000• (Being cheque No.1243324 received from Oriental Insurance Co.
against previous dues)
• 08-07-2005 Cash A/c 1,00,000• Sundry Debtor A/c 1,00,000• (Being cash received from Vijaya Bank against previous dues)
Journal Entries (July 10,11 & 26)
• 10-07-2005 Tax Payable A/c 1,00,000• Bank A/c
1,00,000• (Being amount paid to against tax payable; vide cheque
No.3364853)
• 11-07-20XX Purchases A/c 5,00,000• Sundry Creditors A/c 5,00,000• (M/s Dhanbad Grocery)• (Being raw materials purchased from M/s Dhanbad Grocery on
credit)
• 26-07-20XX Wages A/c 2,50,000• Cash A/c 2,50,000• (Being wages for the month paid in cash)
Journal Entries (July 26,20XX)• 26-07-20XX Electricity Expenses A/c 2,50,000• Cash A/c 2,50,000• (Being Electricity Expenses for the month paid in cash)
• 26-07-20XX Cash A/c 7,00,000• Sundry Debtors A/c 1,00,000• Sales A/c 8,00,000• (Being Cash sales worth Rs.7,00,000 and credit sales worth
Rs.1,00,000 made during the period)
• 26-07-20XX Interest on Loan A/c 20,000• Misc. Expenses A/c 50,000• Cash A/c 70,000• (Being cash paid for the interest on bank loan and Misc. expenses
for the month).