Transactions for Capital and drawings. Write journal entries for the following transactions in the books of Shubham.





. Transactions for Capital and drawings. Write journal entries for the following transactions in the books of Shubham.

 




 2014
Jan 

1. Introduced goods of ₹10,000, cash ₹15,000, furniture ₹5,000, debtors of ₹10,000 and commenced business.

12. Personal motor car sold for ₹80,000 and introduced ₹50,000 in business.

13. ₹1,000 withdrawn from bank for personal use.

15. Income tax refund of ₹500 of owner of sole proprietor deposited with bank account of business.

20. from business goods of ₹1000 and  cash ₹400 are withdrawn for personal use.

21. Traveling expense of daughter ₹1,500 paid from business.

28. Furniture of 42000, purchased from Ganga furniture Mart for house.

31. Life insurance premium of ₹500 paid by cheque.


Solution :

Journal entries.

In the books Shubham


Date 

Particulars 

L/F 

Debit ₹ 

Credit ₹ 

2014 Jan. 

 

 

 

 

1. 

Stock of goods A/c                  Dr. 

Cash A/c                                   Dr. 

Furniture A/c                           Dr. 

Debtors A/c                           Dr. 

           To Capital A/c  

[Being Commenced business with goods, cash, furniture and debtors] 

 

10,000 

15,000 

5,000 

10,000 

 

 

 

 

40,000 

12.  

Cash A/c                                       Dr. 

        To Capital A/c 

[Being Sold personal motor and introduced cash into the business] 

 

50,000 

 

50,000 

13. 

Drawings A/C                               Dr. 

         To Bank A/c  

[Being Withdrawn cash from bank for personal use] 

 

1000 

 

1000 

  


15. 

Income tax refund A/c                  Dr. 

         To Capital A/c 

[Being income tax refund and de posited in business bank account] 

 

500 

 

500 

20.  

Drawings A/c                               Dr. 

      To Purchase A/c  

      To Cash A/c 

[Being goods and cash withdrawn for personal use] 

 

1400 

 

1000 

400 

21. 

Drawings A/c                              Dr. 

       To Cash A/c  

[Being cash withdrawn and paid daughter travelling expense] 

 

1500 

 

 

1500 

28. 

Drawings A/c                              Dr. 

          To Ganga Furniture Mart A/c  

[Being purchased Furniture for house] 

 

2,000 

 

2,000 

31. 

Drawings A/c                           Dr. 

         To Bank A/c  

[being Life insurance premium paid by cheque] 

 

500 

 

500 

 

 

 

96,900 

96,900 


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