From the following transaction write Journal entries in the books of Pranjal.






.From the following transaction write Journal entries in the books of Pranjal.

 

1. Introduced ₹10,000 cash and commenced business.

2. Goods of ₹5,000 purchased on cash.

3. Goods of ₹8,000 purchased on credit from Rajan.

4. Goods of ₹4,000 given for donation.

5. Given order to Shivani to dispatch goods of ₹4,000

 6. Shivani has dispatched goods as per order.

7. paid ₹2,500 for life Insurance premium.


Solution

Journal Entry

In the Books of pranjal.

 

Date 

Particulars 

L/F 

Debit ₹ 

Credit ₹ 

1. 

Cash A/c                                Dr. 

    To Capital A/c 

[Being Commenced Business with Cash] 

 

10,000 

 

10,000 

2. 

Purchase A/c                        Dr. 

     To Cash A/c 

[Being purchased goods on Cash] 

 

5,000 

 

5,000 

3. 

Purchase A/c                        Dr 

      To Rajan A/c  

[Being Purchased goods from Rajan on credit] 

 

 

8,000 

 

8,000 




4. 

Donation A/c                 Dr. 

      To Purchase A/c 

[Being Cash Goods given for donation] 

 

4,000 

 

4,000 

5. 

No Entry 

 

 

 

6. 

Purchase A/c                        Dr. 

    To shivani A/c  

[Being Shivani dispatched goods] 

 

4,000 

 

4,000 

7. 

Drawings A/c                        Dr. 

        To Cash A/c 

[Being paid life insurance premium] 

 

2,500 

 

2,500 



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