Journal Entry Questions and Solutions Example 1. Pass the necessary journal entries related to the 'Opening Entry'. (a) On 1st April 2023, Ram started a business with cash ₹5,00,000. (b) On 1st April 2023, Vinod started business with cash ₹1,00,000, furniture ₹2,00,000, and Building ₹10,00,000.
Key Features of Our General Journal Entry Problems and Solutions. Variety of Problems: We provide general journal entry problems that cover a wide range of topics. You’ll find everything from simple cash transactions to complex investment deals. Our carefully designed problems ensure a comprehensive learning experience. Realistic Scenarios:
17. Record journal entries for the following transactions. After recording the transactions, prepare a “T account” and balance the accounts payable account. a. Borrowed $50,000 from the bank, agreed to repay it in 3 years b. Purchased manufacturing equipment for $20,000 cash c. Purchased office furniture on account, $2,700 d.
Problems and Solutions based on and for understanding Journal and related aspects in financial accounting. ... Mr. Nirmal has the following transactions in the month of April. Write Journal Entries for the transactions. 10 th April : Commenced business with a capital of 1,00,000 : 11 th April : Purchased goods from Veeru for 20,000 : 13 th ...
Learn how to prepare journal entries for various business transactions with explanations and examples. See how to record assets, liabilities, expenses, revenues, and more.
Journal, Ledger and Trial Balance (Financial Accounting) In this article, we will discuss the basic concepts of financial accounting i.e. journal, ledger, and trial balance as per financial accounting rules. In this topic, we also cover how to prepare journal, ledger, and trial balance with practical problems and solutions. 1. JOURNAL
Journal entries by: Anonymous 1. The following accounts appear in the general ledger of ABC Company on 31st December 2018: Sales sh. 50,000,000 Accounts receivable 1,500,000 Allowance for doubtful accounts 10,000Dr Required: Prepare journal entries to recognize doubtful accounts expense for each of the independent assumptions below: i) The allowance for doubtful accounts is increased to a ...
Adjusting entry - value of supplies on hand at the end of the month by: Sherie b Hi Sir, I just want to know what is the adjusting entry for this transactions. So, value of supplies on hand at the end of the month, P300 See other comments here for the solution. - Editor
The document defines journal, ledger, and trial balance. It then provides two problems to practice journal entries, ledger accounts, and preparing a trial balance. The first problem involves transactions from January 1-10, 2020 including purchases, sales, and asset acquisitions. The solution shows journal entries, various ledger accounts, and the resulting trial balance. The second problem ...
The company has a debit of $1,000 and a credit of $200, so the entry doesn't balance. If you take the debit of $1,000 less the credit of $200, you can see the entry is off by a credit of $800. To make the entry balance, the company needs to record another credit of $800 and such a credit could be recorded to another account.
journal entry problem with solution.docx - Free download as Word Doc (.doc / .docx), PDF File (.pdf), Text File (.txt) or read online for free. 1. Albert starts a business with Rs. 50,000 in capital. He purchases various assets like furniture, machinery, and inventory. He receives payments from customers and pays various expenses. All business transactions are recorded through journal entries ...
Journal Entry Problems with Solution. BS accountancy 100% (10) 4. Int Acc Chapter 2 - Valix, Robles, Empleo, Millan. Intermediate Accounting 1 100% (3) 4. Answers for Problem 1-1 to 1-4 (IAA) Bachelor of Science in Accountancy 100% (1) 2. Exercises-Journalizing.Posting, Trial Balance. Accountancy 100% (1)
A. Record journal entries for the above transactions. Follow the steps given in practice problems 1 and 2. Go through the transactions and follow the above steps: 1. Borrowed $100,000 from the bank to be repaid in 3 years. Get – Cash Give up – liability – L/T notes payable. Cash is an Asset – increasing – debit
Problems on Journal Entries.docx - Free download as Word Doc (.doc / .docx), PDF File (.pdf), Text File (.txt) or read online for free. This document provides several examples of journal entries and transactions to practice posting to ledger accounts, as well as examples for preparing trial balances from the ledger accounts. It includes transactions for starting a business, purchases and sales ...
After choosing some of your journal entry problems, I am trying to provide solution. I hope, it will also be helpful to newreaders of accounting education and will encourage to write more journal entry problem for seeking solution. 1st Journal Entry Problem Investment of Rs. 10,00,000 made in the year 2009 @10%. What will be Journal entry for ...
Journal Entry: Next year, unearned commission will be adjusted as: Journal Entry: Income Received in Advance Journal Entry with Examples. 23. Income Tax: Income Tax is paid by the business on the profit earned during the year. Income Tax is a personal liability of the proprietor. The journal entry will be: A. Payment of Income Tax: Journal Entry:
PARTICULARS F Jul-03 Jagiya signed a contract of lease for a monthy rental of P 12, July 3 NO ENTRY Jul-06 Bought additional computer equipment amounting to 20% of the beginning computer equipment on ac 6 Computer Equipment 2110 P 2 0 0 4 8 Accounts Payable 3110 P 2 0 0 4 8 Jul-09 Received P 2,500 cash from customers on account Bought Computer ...
Problems (1-5) 7. PROBLEMS JOURNAL ENTRY (1-5) Problem # 7.1: On April 01, 2016 Anees started business with Rs. 100,000 and other transactions for the month are 2. Purchase Furniture for Cash Rs. 7,000 8.
