Click here for more Full Accounting Questions and Answers. Comments for Journal Entry Question and Answer. ... Anonymous How we can pass the journal entry for this question: 1.On 01.11.2019 bought a delivery Van of Rs.4,00,000 from Eram Motors on the following terms: Down payment paid to Eram Motors Rs. 50,000. Balance amount financed by HDFC ...
Difficulty Rating: Intermediate --> Advanced Time limit: 25 minutes Question: Create journal entries for the following transactions (Rs. = Rupees = Indian currency): 1. Harish started business with cash Rs. 10000 2. Bought goods from Manohar Rs. 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.
Journal Entries and Ledger Question - [email protected] by: S K Ahuja Mr.John started business with cash: Rs. 100,000 On 5th Feb 2020, he purchased goods from Khadim limited Rs. 20,500 On 15th Feb, he opened a bank account by depositing Rs. 40,000 On 17th Feb, he sold goods for cash Rs. 10,000 On 20th Feb, he paid Khadim by cheque Rs. 20,000 On 25th Feb 2020, full settlement was made.
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. ... Prb 5. Problem - 1 . 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 ...
Solution: Question 21. Name the accounts to be credited along with the amount for payment to Ajay of ₹ 4,800 by cheque in full settlement of ₹ 5,000. Solution: Question 22. Pass Journal entry for sale of goods by Rahul, Delhi to Anish, Delhi for ₹ 10,000 less 10% Trade Discount and 2% Cash Discount. Assume payment is received at the time ...
Journal Entry Questions and Solutions A journal is a book of original entries in which transactions are recorded, as and when they occur. The journal provides data-wise records of all the transactions and the amount of each transaction. Everyday transactions are recorded in a journal chronologically, giving a complete picture of the tra
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 ...
Journal Entries questions for Practice Journal Entries questions for Practice Question 1. Pass Journal entries in the Journal of M/s Rakesh Kumar: April 1, 2021, Commenced business with cash ₹5,80,000. April 4, 2021, Goods purchased for cash₹1,20,000. April 6, 2021, Goods sold for cash ₹1,80,000.
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 ...
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
accounting journal entry practice. Save. 4.9 (8 reviews) Flashcards. Learn. Test. Match. Get a hint. ... 1,097 solutions. Terms in this set (30) borrowed $45,000 from the bank and signed a note payable. cash: $45,000 (debit) notes payable: $45,000 (credit) paid cash of $40,000 to acquire land.
The answers to these questions will be the account name. Second – Identify what the account name is – an asset, liability, O.E., revenue, or expense. ... Practice Problem 3 – Record Journal Entries for Balance Sheet and Income Statement Transactions.
A. Record journal entries for the following transactions. B. Determine the balance for each account. C. Prepare a balance sheet. a. Collected $6,000 owed from customers b. Purchased $13,000 of inventory on account c. Repaid $5,000 to the bank d. Paid the total amount owed for interest e. Paid one half of the total amount owed to suppliers f.
Record journal entries for each transaction. Determine the balance in the cash account at the end of the period. 1) Received $200,000 from issuing stock to investors 2) Purchased a building for $139,000, agreeing to pay equal monthly payments for 10 years on a mortgage note. 3) Provided $25,000 in services to customers collecting $12,500 and ...
