MB20104 Financial Reporting Statement and Analysis

1. JOURNAL ENTRIES

1.3. Journalise the following transactions of Z Co Ltd.

1-7-21 Purchased machinery on credit from Rangan Rs.50,000
3-7-21 Bought furniture from Ramesh for cash Rs.25,000
5-7- 21 Goods sold to yesodha Rs.22,500
7-7-21 Goods returned by yesodha Rs.2,500
9-7- 21 Goods sold for cash Rs.50,000
12-7- 21 Cash received from yesodha Rs.10,000
15-7- 201 Cash paid to Ramola Rs.20,000
18-7- 21 Cash withdrawn from bank Rs.50,000
20-7-21 Paid advertisement expenses Rs.12,500
22-7-21 Cash withdrawn from bank for personal use Rs.6,250
24-7-21 Sold goods to Jane for cash Rs.3,000
26-7- 21 Paid rent to Krishnan the landlord Rs.800
27-7-21 Paid freight on goods purchased Rs.300
28-7-21 Paid freight on machine purchased Rs.400
29-7-21 Paid Lokesh the manager his salary Rs.3,000

Journal entries in the books of Mr. Z

Date Particulars L. F. No Dr. [Rs.] Cr. [Rs.]
1-7-21 Machine A/c Dr. 50,000 ----
To Rangan A/c ---- 50,000
[Being machine purchased from Rangan for credit]
3-7-21 Furniture A/c Dr. 25,000 ----
To Cash A/c ---- 25,000
[Being furniture purchased from Ramesh for cash]
5-7- 21 Yesodha A/C Dr. 22,500 ----
To Sales A/c ---- 22,500
[Being goods sold to yesodha]
7-7-21 Sales Return A/c Dr. 2,500 ----
To yesodha a/c ---- 2,500
[Being sold goods returned by Yesodha]
9-7- 21 Cash A/c Dr. 50,000 ----
To Sales A/c ---- 50,000
[Being goods sold for cash]
12-7- 21 Cash A/c Dr. 10,000 ----
To Yesodha A/c ---- 10,000
[Being cash received from Yesodha]
15-7- 21 Ramola A/c Dr. 20,000 ----
To Cash A/c ---- 20,000
[Being cash paid to Ramola
18-7- 21 Cash A/c Dr. 50,000 ----
To Bank A/c ---- 50,000
[Being amount withdrawn from Bank
20-7-21 Advertisement expenses A/c Dr. 12,500 ----
To Cash A/c ---- 12,500
[Being advertisement expenses paid in cash]
22-7-21 Drawings A/c Dr. 6,259 ----
To Bank A/c ---- 6,250
[Being amount withdrawn from Bank for personal use]
24-7-21 Cash A/c Dr. 3,000 ----
To Sales A/c ---- 3,000
[Being goods sold to jane for cash]
26-7- 21 Rent A/c Dr. 800 ----
To Cash A/c. ---- 800
[Being rent paid in cash]
27-7-21 Freight A/c 300 ----
To Cash A/c ---- 300
[Being freight charges paid in cash]
28-7-21 Machine A/c Dr 400 ----
To Cash A/c ---- 400
[Being freight charges paid for machine]
29-7-21 Salary A/c Dr. 3,000 ----
To Cash A/c ---- 3,000
[Being salary paid in cash]
31-7-21 Total 2,56,250 2,56,250