Previous Lesson: Accounting Equation Solved Questions
Next Lesson: General Ledger Practice Questions
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…
Problems 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 Rs. 20,000 withdrawn for business and remaining in the bank a/c.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:
Problems 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…
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.
Can someone help me on this ?
Prepare Journal entry:
1. Paid €3,000 cash on accounts payable.
2. Collected €1,000 of accounts receivable.
3. Purchased additional office equipment for €2,000, paying €500 in cash and the balance on account.
4. Earned revenue of €10,000, of which €3,500 is received in cash and the others on account.
5. Paid salaries €1,500, rent for July €900, and advertising expense €400.
6. Incurred utilities expense for month on account €150.
7. Received €5,000 from Capital Bank (money borrowed as a note payable).
Credit balance Journal entries for accounts payable Bank charges journal entries?
Loan taken RS. 200000 from union bank and paid for following
company registration expenses RS. 80000
computer purchased for office use RS.45000
furniture RS.20000
(Remaining balance deposited into Punjab bank)
what is the journal entry of this question?
Cash 200,000
Bank Loan 200,000
Reg. Exp. 80,000
Cash 80,000
Computer 45,000
Furniture 20,000
Cash 65,000
Bank 55,000
Cash 55,000
Wow! Thank you! I constantly needed to write on my site something like that. Can I take a part of your post to my blog?
My brother suggested I might like this blog. He was entirely right. This post truly made my day. You cann’t imagine simply how much time I had spent for this information! Thanks!
Best view i have ever seen !
I just like the valuable information you provide in your articles. I will bookmark your weblog and test again here regularly. I’m slightly certain I will learn many new stuff proper right here! Best of luck for the following!
This actually answered my problem, thank you!
Q No.12 Use following title of accounts to complete journal entries of given transactions.
CASH A/C RECEIVABLE A/C PAYABLE RENT EXPENSE
DRAWING CAPITAL SALARIES EXPENSE EQUIPMENT
FURNITURE SERVICE INCOME SUPPLIES
1. Mr. A deposited into bank Rs.50,000 to start a business
2. Paid rent for three months at Rs.2500 per month
3. Bought office equipment from B&Co. for Rs. 10000, paid to them Rs.3000 and promised to pay
the balance after two months.
4. Rendered services to clients and received cash Rs. 5000
5. Purchase supplies for cash Rs. 400
6. Paid salaries to staff Rs. 5400
7. Bought furniture for Rs. 3200,paid to K&Co. Rs.1200 and promised to pay balance after one
month
8. Withdrew cash for personal use Rs. 3000
9. Billed to Nasir for services rendered Rs. 12500
10. Received from Nasir Rs.5000
INSTRUCTION
a. Prepare journal entries
b. Post to ledger accounts
c. Prepare a trial balance at July 31,2005
Amazin!
Can someone help me? :((
a. Incorporators infused P12.5 million cash in a newly organized corporation, ASC Company, a trading company. The par value of the shares is ₱1.00.
b. ASC Company bought land and building for P6 million cash. The value of the building which has a remaining useful life of 20 years is P4 million. A full-year depreciation for the building can be recognized in 2014.
I enjoyed reading this. I enjoyed your post. Thank you. I will just tell you , great! It’s like you wrote the book on it or something.
Ever since the time I first visited your site I’ve applied your tricks , they have really enhanced my day to day activities. I enjoyed reading what you had to say. Great post! I enjoyed your post. Thank you.
Thanks for writing this. I will be sure to bookmark your website because I’ll definitely come back when I’m able to . Nice write up. This is an excellent, an eye-opener for sure!
I enjoyed reading this. I enjoyed reading this. I truly appreciate this post. I truly appreciate this post.
I truly appreciate this post. Hit me up! Thanks for writing this. You are obviously very knowledgeable.
I’ll right away grab your rss feed as I can not to find your e-mail subscription link or newsletter service. Do you have any? Please permit me understand in order that I could subscribe. Thanks.
You appear to know a lot about this. I bet anythingyou sweatknowledge. I have been looking everywhere for this! This is an excellent, an eye-opener for sure!
I am in fact happy to glance at this weblog posts which carries tons of useful data, thanks for providing these data.
Hello colleagues, its great post concerning educational, fully explained, keep it up all the time.
1. On January 3, 2019, Lynn Sanders’ printing service company owner started his business $200,000 for cash.
2. On January 5, 2019, purchases equipment on account for $3,500, payment due within the month.
3. On January 9, 2019, receives $4,000 cash in advance from a customer for services not yet rendered/Delivered/performed.
4. On January 10, 2019, provides $5,500 in services to a customer who asks to be billed for the services.
5. On January 12, 2019, Paid cash for electric bill, $75.00.
6. On January 15, 2019, pays a $300 utility bill with cash.
7. On January 17, 2019, receives $2,800 cash from a customer for services rendered.
8. On January 18, 2019, Paid cash to owner for personal use, $1,000
9. On January 19, 2019, paid in full, with cash, for the equipment purchase on January 5.
10. On January 20, 2019, paid $3,600 cash in salaries expense to employees.
11. On January 23, 2019, received cash payment in full from the customer on the January 10 transaction.
12. On January 25, 2019, Sold services on account to Connie Vaughn, $20,000
13. On January 27, 2019, provides $1,200 in services to a customer who asks to be billed for the services.
14. On January 28, 2019, Paid cash for insurance, $3,000.00.
15. On January 30, 2019, purchases supplies on account for $500, payment due within three months.
I need job like tally
This information is worth everyone’s attention. Where can I find out more?
nich blog
Hello, just wanted to mention, I loved this blog post.
I think this is among the most vital info for me. And i am glad reading your article. But want to remark on some general things, The website style is ideal, the articles is really nice : D. Good job, cheers
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
Where we will write a debit
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
please solve
sir send some difficult journal entries for practice or any pdf of journal entriese
Managerial accounting ki book download kr lo soft copy mein
Appreciate this post. Will try it out.
i want my problem to be solve
Gooɗ info. Lᥙcky mе I discoveгed your site by chance (stumbleupon).
I’ve saved as a favorite for later!
journal ledger trial balance and final accounts of a company 2019
than thank you so much my brother smart man
I is s o so nice
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
Thanks you my bro