Here is the journal entry solution for the transactions of Mr.
Tulsian:
Date Particulars L.F. Debit Credit
(₹) (₹)
01.01.20X1 Cash A/c Dr. 2,00,000
Goods A/c Dr. 1,00,000
Furniture A/c Dr. 50,000
To Capital A/c 3,50,000
(Being business started with cash, goods, and
furniture)
01.01.20X1 Current Account A/c Dr. 1,00,000
To Cash A/c 1,00,000
(Being current account opened)
02.01.20X1 Ritik Roshan A/c Dr. 1,00,000
To Bank A/c 9,000
To Advance for Goods A/c 91,000
(Being 9% advance paid on order for goods)
03.01.20X1 Purchases A/c Dr. 88,000
Packing and Delivery Charges A/c Dr. 1,000
To Ritik Roshan A/c 89,000
(Being goods supplied by Ritik Roshan with
12% discount and packing charges)
04.01.20X1 Purchases A/c Dr. 88,000
Discount Received A/c Dr. 4,400
To Bank A/c 83,600
(Being goods purchased from Murli with
discount)
05.01.20X1 Bank A/c Dr. 10,000
Shyam A/c Dr. 90,000
To Sales A/c 1,00,000
(Being order received from Shyam with 10%
advance)
06.01.20X1 Shyam A/c Dr. 89,000
Packing and Delivery Charges A/c Dr. 1,000
To Sales A/c 90,000
(Being goods supplied to Shyam with 10%
discount)
07.01.20X1 Cash A/c Dr. 87,200
Discount Allowed A/c Dr. 1,600
To Sales A/c 88,800
(Being goods sold to Mr. X with 10% trade and
2% cash discount)
08.01.20X1 Drawings A/c Dr. 3,000
To Purchases A/c 3,000
(Being goods taken for personal use)
09.01.20X1 Bad Debts A/c Dr. 27,000
To Shyam A/c 27,000
(Being Shyam became insolvent, paid 80 paisa
per rupee)
10.01.20X1 Ritik Roshan A/c Dr. 72,000
To Bank A/c 72,000
(Being 80% paid to Ritik Roshan on account)
11.01.20X1 Loss by Theft A/c Dr. 4,000
To Goods A/c 4,000
(Being goods stolen)
12.01.20X1 Life Insurance Premium A/c Dr. 1,000
To Bank A/c 1,000
(Being life insurance premium paid)
13.01.20X1 Loss by Embezzlement A/c Dr. 1,000
To Cash A/c 1,000
(Being cash embezzled by an employee)