PRACTICALS ON JOURNAL
1. Journalise following transactions in the books of Mr.X:
01.07.2015 Commenced business with ₹. 2,00,000
03.07.2015 Opened SB A/c with Vijaya Bank ₹. 50,000
06.07.2015 Sold goods to Pranay on credit ₹.13,000.
08.07.2015. Bought goods on credit from Praveen ₹.10,000.
10.07.2015 Paid travelling expenses ₹.400.
12.07.2015. Received an amount of ₹.25,000 from Gana as loan.
15.07.2015 Returned goods to Praveen ₹.1,500.
18.07.2015 Received commission from Pavithra ₹.3,500.
22.07.2015 Bought furniture worth ₹.7500.
23.07.2015 Sold goods to Bharat ₹.4000.
25.07.2015 Paid carriage ₹.150.
26.07.2015 Paid salary to manager ₹.15,000.
27.07.2015 Withdrew cash from office for personal use ₹.5,000.
Solution:
JOURNAL ENTRIES IN THE BOOKS OF Mr.X
DATE PARTICULARS LF DEBIT (₹.) CREDIT (₹.)
2015 Cash a/c Dr 2,00,000
JUL 1st To Capital a/c 2,00,000
(Being Mr.X commenced business
with cash)
JUL 3rd Bank a/c Dr 50,000
To cash a/c 50,000
(being S/B account opened in
Vijaya bank)
JUL 6th Pranay a/c Dr 13,000
To sales a/c 13,000
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PRACTICALS ON JOURNAL
(Being goods sold to pranay on
credit)
JUL 8th Purchases a/c Dr 10,000
To Praveen’s a/c 10,000
(Being goods purchases from
[Link] on credit basis)
JUL 10th Travelling expenses a/c Dr 400
To cash a/c 400
(being travelling expenses paid)
JUL 12th Cash a/c Dr 25,000
To Gana’s loan a/c 25,000
(being loan taken from [Link])
Praveen’s a/c Dr
JUL 15th 1,500
To Purchase returns a/c
1,500
(being goods returned to
[Link])
3,500
Cash a/c Dr
JUL 18th 3,500
To commission a/c
(being commission received from
Pavithra)
JUL 22nd Furniture a/c Dr 7,500
To cash a/c 7,500
( being furniture purchased for
cash)
JUL 23rd Bharath a/c Dr 4,000
To sales a/c 4,000
(being goods sold to Bharath on
credit basis)
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PRACTICALS ON JOURNAL
JUL 25th Carriage a/c Dr 150
To cash a/c 150
(being carriage paid)
JUL 26th Salary a/c Dr 15,000
To cash a/c 15,000
(being salary paid to Manager)
Drawings a/c Dr
5,000
To cash a/c
JUL 27th 5,000
(being amount withdrew from
business for personal use)
3,35,050 3,35,050
2. Journalise the following transactions in the books of Raveesh:
2021
April 1 Commenced business with cash ₹.20,000.
April 2 Purchased goods from Ravi ₹.5,000.
April 3 Bought office furniture for cash ₹.8,000.
April 9 Paid salaries ₹.1,500.
April 12 Prashanth returned goods ₹.950.
April 13 Amar withdrew for personal use ₹.1200.
April 16 Received commission ₹.150.
April 17 Cash withdrawn for personal use ₹.1,450.
April 23 Drew a cheque for personal use ₹.800.
April 24 Paid wages ₹.2,300.
April 25 Appointed Mr. Sathish as manager with a monthly salary of ₹.5,000 per month.
April 30 Received a crossed cheque from Ramesh for ₹.6,000.
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PRACTICALS ON JOURNAL
Solution:
JOURNAL ENTRIES IN THE BOOKS OF Mr. Raveesh
DATE PARTICULARS LF DEBIT (₹.) CREDIT (₹.)
2021 Cash a/c Dr 20,000
APR 1 To Capital a/c 20,000
(Being [Link] commenced
business with cash)
APR 2 Purchases a/c Dr 5,000
To [Link]’s a/c 5,000
(being goods purchased from
[Link] on credit)
APR 3 Furniture a/c Dr 8,000
To cash a/c 8,000
(being furniture purchased for
cash)
APR 9 Salaries a/c Dr 1,500
To cash a/c 1,500
(being salaries paid)
Sales return a/c Dr
APR 12 950
To Prashanth a/c
950
(being goods returned by
Prashanth)
APR 13 Amar’s loan a/c Dr 1,200
To cash a/c 1,200
(being loan given to [Link])
APR 16 Cash a/c Dr 150
To commission a/c 150
(being commission received)
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PRACTICALS ON JOURNAL
Drawings a/c Dr
APR 17 To cash a/c 1,450
(being amount withdrew from 1,450
business for personal use)
Drawings a/c Dr
APR 23 800
To bank a/c
800
(being cheque drew from business
for personal use)
APR 24 Wages a/c Dr 2,300
To cash a/c 2,300
(being wages paid)
APR 30 Bank a/c Dr 6,000
To Ramesh a/c 6,000
(being crossed cheque received
from ramesh, presented at the
bank)
47,350 47,350
Note: Transaction on April 25th, appointment of Mr. Sathish as manager, is just an appointment & here there is no exchange of
benefit yet. Therefore, we did not enter this in journal.
This transaction can be recorded when Mr. Sathish gets his salary.
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