Answered

Q) Prepare journal entries for the following transactions:

1. Purchased furniture - Rs 300
2. Cash sales - Rs 900
3. Received from Raju - Rs 500
4. Sold goods to Raju on credit - Rs 3,000
5. Purchased goods on credit from Ramjet - Rs 2,000
6. Paid cash to Ranjeet - Rs 4,005
7. Withdrew from bank for official use - Rs 3,000
8. Sold goods for cash - Rs 1,500
9. Paid salaries for the month - Rs 150



Answer :

GinnyAnswer
Sure! To prepare journal entries for the given transactions, we need to determine which accounts are affected by each transaction and how they should be debited or credited. Here are the journal entries:

### Journal Entries:

1. Ashad-1: Purchased furniture - Rs 300
```
Date: Ashad-1
Debit: Furniture Account - Rs 300
Credit: Cash Account - Rs 300
(Being furniture purchased for cash)
```

2. Ashad-2: Cash sales - Rs 900
```
Date: Ashad-2
Debit: Cash Account - Rs 900
Credit: Sales Account - Rs 900
(Being cash sales)
```

3. Ashad-4: Received from Raju - Rs 500
```
Date: Ashad-4
Debit: Cash Account - Rs 500
Credit: Accounts Receivable (Raju) - Rs 500
(Being amount received from Raju)
```

4. Ashad-8: Sold goods to Raju on credit - Rs 3000
```
Date: Ashad-8
Debit: Accounts Receivable (Raju) - Rs 3000
Credit: Sales Account - Rs 3000
(Being goods sold to Raju on credit)
```

5. Ashad-10: Purchased goods on credit from Ramjet - Rs 2000
```
Date: Ashad-10
Debit: Purchases Account - Rs 2000
Credit: Accounts Payable (Ramjet) - Rs 2000
(Being goods purchased on credit from Ramjet)
```

6. Ashad-13: Paid cash to Ranjeet - Rs 4005
```
Date: Ashad-13
Debit: Accounts Payable (Ranjeet) - Rs 4005
Credit: Cash Account - Rs 4005
(Being payment made to Ranjeet)
```

7. Ashad-20: Withdrew from bank for official use - Rs 3000
```
Date: Ashad-20
Debit: Cash Account - Rs 3000
Credit: Bank Account - Rs 3000
(Being amount withdrawn from bank for official use)
```

8. Ashad-25: Sold goods for cash - Rs 1900
```
Date: Ashad-25
Debit: Cash Account - Rs 1900
Credit: Sales Account - Rs 1900
(Being cash sales)
```

9. Ashad-30: Paid salaries for the month - Rs 150
```
Date: Ashad-30
Debit: Salaries Account - Rs 150
Credit: Cash Account - Rs 150
(Being salaries paid for the month)
```

Each entry follows the basic accounting principle that every debit must have an equal and corresponding credit. This ensures that the accounting equation (Assets = Liabilities + Equity) remains in balance.