Question No 08 Chapter No 8 - D.K Goal 11 Class

Question No 08 Chapter No 8

Journal Proper

08. Enter the following transactions in the ‘Journal Proper’ of Karuna Store

2018
Mar.1	Purchased furniture on credit from Kuber Furniture Store for 15,000.
Mar.5	Goods for 6,000 given away as charity
Mar.12	Goods worth 8,000 and Cash 4,000 were stolen by an employee
Mar.15	Arun who owed us 20,000 was declared insolvent and nothing was received from him.
Mar.18	Proprietor withdrew for his personal use cash 5,000 and goods worth 10,000.
Mat.31	Provide interest on capital of 5,00,000 at 6% p.a. for a full year.
Mar.31	Out of the rent paid this year, 5,000 is related to the next year.
Mar.31	Salaries due to clerks 12,000.

The solution of Question No 08 Chapter No 8: –


Date	Particulars		L.F.	Debit	Credit
2020
Mar.1	Furniture A/c	Dr.		15,000
	To Kuber Furniture Store				15,000
	(Being started Furniture purchased on credit.)

Mar.5	Charity A/c	Dr.		6,000
	To Purchases A/c				6,000
	(Being Goods given as charity)

Mar.12	Loss by Theft A/c	Dr.		8,000
	To Purchases A/c				8,000
	(Being goods stolen)

Mar.15	Bad Debts A/c	Dr.		20,000
	To Arun A/c				20,000
	(Being Arun was declared insolvent)

Mar.18	Drawings A/c	Dr.		15,000
	To Purchases A/c				15,000
	(Being Goods withdrawn for personal use.)

Mar.31	Interest on Capital A/c	Dr.		30,000
	To Capital A/c				30,000
	(Being Interest on capital allowed)

Mar.31	Prepaid Rent A/c	Dr.		5,000
	To Rent A/c				5,000
	(Being Adjustment entry for prepaid rent)

Mar.31	Salary A/c	Dr.		12,000
	To Outstanding Salary A/c				12,000
	(Being 60 Pasise in a rupee recovered on insolvency)

Note: Cash transactions will not be recorded in Journal Proper.

https://tutorstips.com/journal-proper/

Thanks, Please Like and share with your friends

Comment if you have any question.

Also, Check out the solved question of all Chapters: –

Chapter 1 Evolution of Accounting & Basic Accounting Terms
Chapter 2 Accounting Equations
Chapter 3 Meaning and Objectives of Accounting
Chapter 4 Double Entry System
Chapter 5 Books of Original Entry – Journal
Chapter 6 Accounting for Goods and Service Tax (GST) (Coming soon)
Chapter 7 Books of Original Entry – Cash Book (Coming soon)
Chapter 8 Books of Original Entry – Special Purpose Subsidiary Books (Coming soon)
Chapter 9 Ledger (Coming soon)
Chapter 10 Trial Balance and Errors (Coming soon)
Chapter 11 Bank Reconciliation Statement (Coming soon)
Chapter 12 Depreciation (Coming soon)
Chapter 13 Bills of Exchange (Coming soon)
Chapter 14 Generally Accepted Accounting Principles(GAAP)
Chapter 15 Bases of Accounting
Chapter 16 Accounting Standards and International Financial Reporting Standard(IFRS) (Coming soon)
Chapter 17 Capital and Revenue
Chapter 18 Provisions and Reserves
Chapter 19 Final Accounts (Coming soon)
Chapter 20 Final Accounts – With Adjustments (Coming soon)
Chapter 21 Errors and their Rectification (Coming soon)
Chapter 22 Accounts from Incomplete Records – Single Entry System (Coming soon)
Chapter 23 Accounts of Not-for-Profit Organisations (Coming soon)
Chapter 24 Computerised Accounting System (Coming soon)
Chapter 25 Introduction to Accounting Information System (Coming soon)

Check out the Accountancy Class +1 by D.K. Goal (Arya Publication) from their official Site.