Journal Entry Problems and Solutions
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Journal Entry Unsolved Problems Download
Problem 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. Purchase Goods for Cash Rs. 2,000 and for Credit Rs. 1,000 from Khalid Retail Store.
14. Sold Goods to Khan Brothers Rs. 12,000 and Cash Sales Rs. 5,000.
18. Owner withdrew of worth Rs. 2,000 for personal use.
22. Paid Khalid Retail Store Rs. 500.
26. Received Rs. 10,000 from Khan Brothers.
30. Paid Salaries Expense Rs. 2,000
Solution:
>> Read explanation and examples of Journal Entry…
Problem 2:
Prepare general journal entries for the following transactions of a business called Pose for Pics in 2016:
Aug. 1: Hashim Khan, the owner, invested Rs. 57,500 cash and Rs. 32,500 of photography equipment in the business.
04: Paid Rs. 3,000 cash for an insurance policy covering the next 24 months.
07: Services are performed and clients are billed for Rs. 10,000.
13: Purchased office supplies for Rs. 1,400. Cash paid Rs. 400 and remaining outstanding.
20: Received Rs. 2,000 cash in photography fees earned previously.
24: The client immediately pays Rs. 15,000 for services to be performed at a later date.
29: The business acquires photography equipment. The purchase price is Rs. 100,000, pays Rs. 25,000 cash and signs a note for the balance.
Solution:
>> Understanding Chart of Accounts is required…
Problem 3:
On March 2017, Farhan Rahim, starts wholesaling business. Following transactions as follows:
1. He started business with capital of Rs. 15,000 and Land worth Rs. 10,000.
8. Bought goods from Bilal and Friends Rs. 1,000 and by cash from XYZ Co. Rs 2,000.
13. Sold goods to Rehman & sons Rs. 1,500 and sale by cash Rs. 5,000.
17. Gave away charity of cash Rs. 50 and merchandising worth Rs. 30.
21. Paid Bilal and Friends cash Rs. 975; discount received Rs. 25.
28. Received cash from Rehman & Sons Rs. 1,450; allowed him discount of Rs. 50.
Solution:
>> More reading Normal Balance…
Problem 4:
Shah Sauood Marine is a boat repair yard. During August 2016, its transactions included the following:
03. Loan taken from Habib Bank Ltd. of Rs. 25,000. Rs. 20,000 withdrawn for business and remaining in the bank a/c.
06. Paid rent for the month of August Rs. 4,400 and accrued rent expenses was Rs. 600.
12. At request of Kiwi Insurance, Inc, made repairs on boat of Jon Seaways. Sent bill for Rs. 5,620 for services rendered to Kiwi Insurance Inc. (credit Repair Service Revenue).
18. Made repairs to boat of Dennis Copper and collected in full the charge of Rs. 2,830.
20. Placed Advertisement in The Dawn of Rs. 165, payment to be made within 30 days.
25. Received a check for 5,620 from Kiwi Insurance Inc representing collection of the receivable of August 12.
30. Sent check to The Dawn in payment of the liability incurred on August 20.
Solution:
Problem 5:
1st January, 2017, Saeed Ahmad started business other transactions for the month of June as follows:
02. Purchased from Kareem goods of list price of Rs. 6,000 subject to 10% trade discount by cash.
04. Sold goods to Din Muhammad Rs. 800 and cash sales of Rs. 200.
10. Distributed goods worth Rs. 200 as free samples and goods taken away by the proprietor for personal use Rs. 100.
12. Received discount Rs 20 and Commission Rs 500.
17. Goods returned by Din Muhammad Rs. 200 and payment other outstanding amount.
24. Furniture lost by fire of worth Rs. 500.
30. Bad Debts during the period was Rs.100.
Solution:
>> See more Journal Entry Examples…
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References
Ramchandran, N., & Kakani, R. K. (2007). Financial Accounting for Management. (2nd, Ed.) New Delhi: Tata McGraw Hill.
Sehgal, A., & Sehgal, D. (n.d.). Advanced Accountancy (Vol. I & II). New Delhi: Taxmann Publication Pvt. Ltd.
Shukla, M. C., Grewal, T. S., & Gupta, S. C. (2008). Advanced Accountancy (Vol. I & II). New Delhi: S Chand & Co.
Weygandt, J. J., Kimmel, P. D., & Kieso, D. E. (2012). Accounting Principles (10th ed.). Hoboken: John Wiley & Sons, Inc.
Williams, M., & Bettner, H. (1999). Accounting (The basic for business decisions). (11th, Ed.) USA: Irwin McGraw- Hill.
mohan and sons started a computer company . by investing rs 100000 in cash and furniture worth 100,000 investment worth rs 50,000 machines rs rs 100,000 shares at rs 40,000 and bulding 100000 .(2) company has taken a loan on the 1 april from punjab national bank worth rs.200000 at 10% interest rer annum. ees question ka answer journal entry kar ka bhtao
Cash A/c Dr 100000
Furniture a/c Dr 100000
Machinery a/c Dr 100000
Investment a/c Dr 50000
Stocks a/c Dr 40000
Building a/c Dr 100000
To Capital a/c Cr 490000
Bank a/c Dr 200000
To Loan a/c Cr 200000
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Enter the transactions in the Journal of Rahman.
$
Aug. 01 Commenced business with cash 10,000
Aug. 03 Bought goods for cash 300
Aug. 05 Bought furniture for cash 2,000
Aug. 07 Sold goods to Nasir 1,000
Aug. 10 Purchase goods from Salman & Co. 300
Aug. 17 Sold goods for cash 150
Aug. 20 Received cash from Nasir $900 and allowed him discount $100
Aug. 24 Paid salary to clerk 50
Aug. 26 Paid cash to Salman & Co. $290 and received discount $10
Aug. 27 Bought weighting scale & iron safe for cash 185
Aug. 30 Paid general expenses for the current month 50
Aug. 30 Paid rent 100
Aug. 30 Paid salary 500
Aug. 31 Paid trade expenses 30
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Where we will write a debit
1 recieved cheque for rs.9800 from star company in final settlement of their account.
2 deposite cheque os star company in bank
3 purchased merchandise on account from moon bros rs.7500
4 merchandise returned by moon bros rs. 1800
5 account of moon bros settled by isuing a cheque for balance amount
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