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    aanyaanaik11
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    Jeyaseeli started a provisions store with Rs. 80,000 cash. In January 2018, she deposited Rs. 40,000 in the bank, purchased Rs. 5,000 of goods for cash and Rs. 10,000 of goods from Lipton & Co. on credit. She sold goods to Joy for Rs. 11,000 cash, paid salaries of Rs. 5,000 and paid Lipton & Co. by cheque for the previous purchase. She also purchased Rs. 4,000 of furniture for cash and paid Rs. 1,000 for electricity charges. The bank paid Rs. 300 for insurance on the furniture.

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    Jeyaseeli started a provisions store with Rs. 80,000 cash. In January 2018, she deposited Rs. 40,000 in the bank, purchased Rs. 5,000 of goods for cash and Rs. 10,000 of goods from Lipton & Co. on credit. She sold goods to Joy for Rs. 11,000 cash, paid salaries of Rs. 5,000 and paid Lipton & Co. by cheque for the previous purchase. She also purchased Rs. 4,000 of furniture for cash and paid Rs. 1,000 for electricity charges. The bank paid Rs. 300 for insurance on the furniture.

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    6 views3 pages

    Solved Journal Entries

    Uploaded by

    aanyaanaik11
    Jeyaseeli started a provisions store with Rs. 80,000 cash. In January 2018, she deposited Rs. 40,000 in the bank, purchased Rs. 5,000 of goods for cash and Rs. 10,000 of goods from Lipton & Co. on credit. She sold goods to Joy for Rs. 11,000 cash, paid salaries of Rs. 5,000 and paid Lipton & Co. by cheque for the previous purchase. She also purchased Rs. 4,000 of furniture for cash and paid Rs. 1,000 for electricity charges. The bank paid Rs. 300 for insurance on the furniture.

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    Solved Journal Entries

    Jeyaseeli is a sole proprietor having a provisions store. Following are the


    transactions during the month of January, 2018. Journalise them.

    Jan. Rs.

    1 Commenced business with cash 80,000

    2 Deposited cash with bank 40,000

    3 Purchased goods by paying cash 5,000

    4 Purchased goods from Lipton & Co. on credit 10,000

    5 Sold goods to Joy and received cash 11,000

    6 Paid salaries by cash 5,000

    7 Paid Lipton & Co. by cheque for the purchases made on 4th Jan.

    8 Bought furniture by cash 4,000

    9 Paid electricity charges by cash 1,000

    10 Bank paid insurance premium on furniture as per standing


    instructions 300

    Solution

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