A. jounalize the following transaction of a textile trader.
a. bought office equipment of rupees 50000 on cash and of rupees 70000 at credit from jayaraj.
b.furniture office equipment purchased on cash rupees 70000 .
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A. jounalize the following transaction of a textile trader.
a. bought office equipment of rupees 50000 on cash and of rupees 70000 at credit from jayaraj.
b.furniture office equipment purchased on cash rupees 70000 .
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JOURNAL ENTRY
Particulars Debit (₹) Credit (₹)
a. Office equipment A/C Dr. 120000
To cash A/C. 50000
To Jayaraj A/C. 70000
b. Furniture A/C Dr. 70000
To cash A/C 70000
The following transactions shall be passed:
a.) Office equipment A/C ----Dr. 120000
To cash A/C. 50000
To Jayaraj A/C. 70000
(Office equipment brought paid partially in cash and due for the rest of the amount.)
b.) Furniture A/C ---Dr. 70000
To cash A/C 70000
(Furniture purchased for office use through cash.)
GIVEN: a. bought office equipment of rupees 50000 in cash and rupees 70000 on credit from jayaraj.
b.furniture office equipment purchased on cash rupees 70000.
TO FIND Journal Entries for the given transactions.
SOLUTION:
As we are given in the question,
These are transactions given regarding a business and are to be recorded in the books of the Journal of the concerned Business.
The first part says that office equipment was brought from Jayraj for which half of the payment was made through cash and the rest were still due to be paid. The journal Entry for this transaction will be:
Office equipment A/C ----Dr. 120000
To cash A/C. 50000
To Jayaraj A/C. 70000
(Office equipment brought paid partially in cash and due for the rest of the amount.)
And in the second case, The business purchased furniture to be used in the business it is like an asset purchased the transaction will be as follows:
b.) Furniture A/C ---Dr. 70000
To cash A/C 70000
(Furniture purchased for office use through cash.)
Therefore, the Journal Entries shall be passed.
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