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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.

Books of Prime Entry | Accountancy - Journal entries: Illustration Problems with solution | 11th Accountancy : Chapter 3 : Books of Prime Entry. Posted On : 12.06.2018 12:43 pm . Chapter: 11th Accountancy : Chapter 3 : Books of Prime Entry.

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 ...

Journal Entry: Debit: Rent Expense (Expense) $2,200; Credit: Cash (Asset) $2,200; Explanation: Rent expense increases (debit), reducing the company’s equity, while cash decreases (credit) as the payment is made by check. Problem 15: Services Rendered on Credit. Scenario: ABC Co. provided services worth $3,500 on credit to a client. Journal Entry:

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 ...

Problems 1: Creative Advertising, owned by Miss Abida Masood, provides advertising consulting services. During January 2011, the following events occurred:. Jan. 2 Owner contributed Rs. 50,000 and a new computer costing Rs. 20,500 to start her business.. Jan. 4 Office supplies were purchased on account for Rs. 4,000.. Jan. 10 Creative Advertising obtained 12% 5-year loan of Rs. 20,000 from the ...

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 ...

16. Record journal entries for following transactions. After recording the transactions, prepare a “T account” and balance the cash account. a. Issued stock to investors for $125,000 cash b. Purchased office furniture for $3,200, agree to pay the entire amount in 2 years. c. Purchased computers for the office for $1,200 cash d.

The journal entries may extend to multiple pages, and so both the two columns are totalled at the end of each page, ... PRACTICAL PROBLEM AND SOLUTIONS. Record the following transactions in the Journal and post them into the ledger and prepare a Trial Balance. Problem-1: Oct 1 st:

Before starting to solve this problem just remember this formula for better understanding of journal entries. Accounts Types Increase/Decrease Debit/Credit; Expenses: Increase: Debit: Expenses: ... Journal Entries | Problem & Solution-02 Here you will learn how to record the transaction in the journal book. I will analyze individual journal…

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.

Plz solve the problems by: Anonymous Q1. Write Journal Entries for the the following transaction in the books of Ram. Marks 25 April-2 Ram started his business with Cash Rs. 70000. April-3 Deposited in to Bank Rs. 50000. April-4 Purchased goods for cash from Mr. X Rs. 5000. April-5 Bought goods on credit from Mr. Y Rs. 6000.

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. ... Accounting Equation & Journal Numericals To Be Solved in Class 2023 Dr. Gayatri Pai. PDF. No ratings yet.

Transaction #4: On December 7, the company acquired service equipment for $16,000. The company paid a 50% down payment and the balance will be paid after 60 days. This will result in a compound journal entry. There is an increase in an asset account (debit Service Equipment, $16,000), a decrease in another asset (credit Cash, $8,000, the amount paid), and an increase in a liability account ...

Journal entry for Purchase of fixed assets to accounts payable. Date Particulars LF Amount (Rs.) Amount (Rs.) Fixed Assets A/C Dr To Accounts Payable A/C Cr 3,000: 3,000: 18. What Is The Journal Entry For Bills For Exchange? The drawer is the person who draws and makes the bills and sends them to the drawee or the payer for the acceptance of ...

Requirements: Pass necessary journal entries; prepare appropriate ledger accounts, and trial balance. Solution: 1. JOURNAL Date Particulars/Details L Debit Credit Jan 1, 2020 Cash a/c Furniture a/c Building a/c To Capital a/c Business started with cash, furniture, & building. 65, 20, 100, 185, Jan1, 2020 Purchase a/c To Asif a/c Goods ...

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 ...

After choosing some of your journal entry problems, I am trying to provide solution. I hope, it will also be helpful to new readers 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 ...

Closing entries are journal entries made at the end of an accounting period to transfer balances from temporary accounts to permanent accounts. They represent a critical final step in the accounting cycle that ensures your books are properly prepared for the next accounting period by adjusting the account balance of temporary accounts.