ABC & Company (Furniture Business)

Journal Entries
Month of June 2021

Date Particulars Ref. Debit Credit

6/1/2021 Cash 500,000
Capital (Aslam) 500,000
Investment of amount from Mr. Aslam

6/2/2021 Bank 1,000,000

Furniture 25,000
Computer 40,000
Electronic Equipment 35,000
Capital (Aslam) 1,100,000
Investment made by Aslam…
6/3/2022 Purchase - Chairs 250,000
Purchase - Tables 250,000
Bank 200,000
Account Payable (Ali) 300,000
Purchase of Chairs & Tables from Ali
6/5/2021 Bank 310,000
Account Receivable (Akmal) 465,000
Sales - Chairs 375,000
Sales - Tables 400,000
To record sale made to Akmal
6/10/2021 Account Payable (Ali) 300,000
Bank 300,000
Full & Final payment to Ali
6/15/2021 Bank 465,000
Account Receivable - Akmal 465,000
Final amount received from Akmal
6/30/2021 Electricity Expense 10,000
Telephone Expense 5,000
Mibile Expense 6,000
Cash 21,000
Payment of Utility Expenses through cash

Purchase - Debit A / Payable Credit

Purchase Return - Credit A / Payable Debit

Sales - Credit A / Receivable Debit

Sales Return - Debit A / Receivable Credit
 Title Impact
On June 1, 2021, Mr. Aslam being an owner, invested Rs. 500,000 into Asset - Cash Debit
the Business.
Capital Credit

On June 2, 2021, Mr. Aslam deposited Rs.1 million into Bank and also Asset - Bank Debit
invested in the form of Furniture Rs. 25,000, Computer Rs.40,000 and
AC Rs.35,000. Asset - Furniture Debit
Asset - Computer Debit
Asset - Elec Equip Debit
Capital Credit

On. June 03,2021 Aslam purchased 50 Chairs @ Rs.5,000 each and 25 Purchase Chairs Debit
Tables @ Rs.10,000 each. 40 % paid from Bank and 60% on credit from
Mr. Ali Purchase Tables Debit
Asset - Bank Credit
Liablity - Payable Credit

On. June 05, 2021 Aslam sold 50 Chairs @ Rs.8,000 each and 25 Tables Bank Debit
@ Rs.15,000 each. 40 % received through cheque and 60% on credit to
Akmal Account ReceivableDebit
Sale Tables Credit
Sale Chairs Credit

On June 10, 2021 Full and final payment made to Mr. Ali. Via Cheque

A P Ali Debit
Bank Credit
15-16-2021 Receiving full amount from Mr. Akmal via cheque

Bank Debit
A R Akmal Credit
30-06-2021 following payment made through cash. Electricity Rs.
10,000, Telephone 5,000, Mobile Expense Rs. 6000
30-06-2021 following payment made through cash. Electricity Rs.
10,000, Telephone 5,000, Mobile Expense Rs. 6000
Electricity Debit
Telephone Debit
Mobile Debit
Cash Credit
250000
250000
200000
300000

310000
465000
375000
400000
775000

300000
30000

465000
465000
10000
5000
6000
21000