journal entry accounting solution
5. Paid Rs. 250 in cash as wages in installation of a
Machine.
Date
|
Particulars
|
L.F
|
Amount
(Debit)
|
Amount
(Credit)
|
5
|
Machinery A/c Dr
To Cash A/c
(being
wages paid on installation of
machinery)
|
250
|
250
|
Personal A/c
|
Debit : the Receiver
Credit: the Giver
|
|
Real A/c
|
Debit : What comes in
Credit: What goes out
|
Machinery
Cash
|
Nominal A/c
|
Debit : All expenses and
Loss
Credit: All income and profit
|
6. Goods
worth Rs. 500 Were given as Charity.
Solution .
Date
|
Particulars
|
L.F
|
Amount
(Debit)
|
Amount
(Credit)
|
6
|
Charity A/c Dr
To Purchases A/c
(Being
goods given as charity)
|
500
|
500
|
7. Received a
first final dividend of 60 paise in a rupee from the
official Receiver of Mr. Karan , who owed Rs. 100
Date
|
Particulars
|
L.F
|
Amount
(Debit)
|
Amount
(Credit)
|
7
|
Cash A/c Dr
Bad Debts A/c Dr
To Mr. Karan
(Being first and final dividend
received )
|
60
40
|
100
|
8. Received Cash Rs. 500 of a debt written off
last year .
Date
|
Particulars
|
L.F
|
Amount
(Debit)
|
Amount
(Credit)
|
8
|
Cash A/c Dr
To Bad Debts Recovered A/c
(Being
cash received on account of a debt
written of last year )
|
500
|
500
|
9. Returned Goods to Mohan of the value of Rs.500
Date
|
Particulars
|
L.F
|
Amount
(Debit)
|
Amount
(Credit)
|
9
|
Mohan A/c Dr
To Purchases Return
A/c
(Being goods returned to Mohan)
|
500
|
500
|
10.
A textile mill buys yarn for making cloth for Rs. 20,000 and pays VAT @4%
Solution:
20,000 x 4% = 20,000 x 4/100 =
800
Date
|
Particulars
|
L.F
|
Amount
(Debit)
|
Amount
(Credit)
|
10
|
Purchases A/c Dr
VAT (input) Dr
To Cash
(Being yarn purchased for making
cloth and VAT Paid)
|
20,000
800
|
20,800
|
