Practical Problems regarding journal entries

1. Shubham commenced business as on January 01, 2016. Given below are his transactions for
the month of Jan. 2016. Journalize them.
Jan. 1 Business commenced with a capital of Rs. 20,000
Jan. 2 Bank account opened by depositing cash Rs. 10,000
Jan. 3 Goods purchased from R on credit Rs. 5,000
Jan. 5 Goods sold to RP on credit Rs. 4,000
Jan. 7 Goods purchased from RM on credit Rs. 6,000
Jan. 8 Wages paid to employees Rs. 200
Jan. 9 Goods sold to M on credit Rs. 5,000
Jan.10 Cheque received from RP Rs. 4,000
Jan.12 Paid for office expenses Rs. 1,000
Jan.12 Sold Goods to Jagdish on cash Rs. 2,000
Jan.13 Cheque issued in favor of RM Rs. 6,000
Jan.15 Cash withdrawn for personal use Rs. 2,000

2. Journalizing the following transactions

1. Started business with cash for Rs. 40,000 and goods for Rs. 10,000
2. Purchased machinery for Rs. 2,000 giving Rs. 500 in cash and the balance through a loan.
3. Returned damaged goods to Ram for Rs. 50
4. Received cheque from Ram for Rs. 1,000
5. Deposited cheque into bank for Rs. 1,000
6. Goods drawn for use at home for Rs. 50.
7. Introduced further capital for Rs. 500.
8. Sent money order to Mukesh for Rs. 100. M.O commission paid Rs.4.

9. Harish bought goods from us for Rs. 100

10. Purchased goods from Ravi for Rs. 1000.
11. Received goods returned and paid value in cash for Rs. 1000.
12. Purchased securities worth for Rs. 1000
13. Securities sold for Rs. 1000

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3.
Journalize
the following transactions:
1. Purchased goods from Rahul Rs. 25,000 less trade discount of 20% plus VAT @ 10%.
2. Sold goods costing Rs. 6,000 to Nikhil for Rs . 7,500 plus VAT @ 10%.
3. Sold the balance goods for Rs. 20,000 and charged VAT @ 10% against cheque.
4. VAT was deposited into Government Account on the due date.
4: Journalise the following in the books of KG Gupta :
(i) Received Rs.9,750 from Hari Ram in full settlement of his account for Rs.10,000.
(ii) Received Rs.9,750 from Shyam on his account for Rs.10,000.
(iii) Received first and final dividend of 60 paisa in the rupees from the Official Receiver of Mr.
Ashok who owed Rs.10,000.
(iv) Paid Rs.4,800 to Sign in full settlement of his account for Rs.5,000.
(v) Paid Rs.4,800 to Mohan on his account against Rs.5,000 due.

5: Journalise the following in the books of timber merchant:

(i) Goods costing Rs.500 were used by proprietor for domestic purposes.
(ii) Rs.200 due from Hari are bad debts.

(iii) Goods costing Rs.3, 000 were destroyed by fire. They were not insured.
(iv) Goods damaged by fire Rs.1, 000 and Insurance Co. accepted claim of Rs.800.
(v) Goods costing Rs.500 given as charity (Sale Price Rs.600).
(vi) Paid landlord Rs.1, 500 for rent. One third of the premises are occupied by the proprietor for
his own residence.
(vii) Sold household furniture for Rs.5, 000 in cash and paid the money into business.
(ix) Wood used for making office furniture Rs.2,000.

6: Journalise the following in the books of timber merchant:

1. Maharajan commenced business with cash 1,00,000
2. Purchased goods for cash 70,000
3. Purchased goods on credit 80,000
4. Purchased furniture for cash 3,000
5. Paid rent 2,000
6. Sold goods for cash costing Rs.45,000.
7. Paid to creditors 20,000
8. Withdrew cash for private use 10,000
9. Paid salaries 5,000
10. Sold goods on credit 80,000

7. Journalize the following in the books of accounts:

8. Journalise the following transactions