Transaction of Goods : Write journal entry for the following transactions in the books of ramesh :

    2014 

April

1.. Cash purchase ₹15,000 and cash sales ₹14,000.

5. A personal goods of ₹10,000, brought to business.

7. Goods of ₹12,000 purchase from Harsh.

10. Out of goods purchased due to defective goods half goods returned to Harsh.

12. Goods of ₹10,000 purchased from Ramila and half amount paid by cheque.

15.goods purchased from Ramila sold to Mita after adding 30% profit, 10% trade discount.

18. Mita returned goods of ₹1,000.

20. Goods of ₹20,000 sold to Kalpana at 10% trade Discount and 5% cash discount.

22. Goods of ₹2,000 destroyed by fire and insurance company admitted claim of ₹1,000.

25. Goods of ₹500 ruined in rain, ₹200 are realized by selling it.

27. Goods of ₹300 received as free sample.

29. Goods of ₹250 was received as free sample sold for ₹400.

30. A mobile of ₹1,500 purchased against exchange of goods of ₹1,000.

Solution :

Journal Entry

In the books of Ramesh.

Date	Particulars	L/F	Debit (₹)	Credit (₹)
2014,  April
1	Purchase A/c            Dr.  Cash A/c                Dr.              To Cash A/c              To Sales A/c  (Being cash purchase and sold goods)		15,000  14,000	15,000  14,000
5	Stock of Goods A/c  Dr.             To Capital A/c  (Being personal goods bought to business)		10,000	10,000
7	Purchase A/c              Dr.             To Harsh A/c   (Being goods purchase from Harsh)		12,000	12,000
10	Harsh A/c           Dr.        To purchase Return A/c  (Being half defective goods return)		6,000	6,000
12	Purchase A/c             Dr.              To Bank A/c                To Ramila A/c  (Being goods purchase, half amount paid in cheque and half in credit)		10,000	5,000  5,000

   

15	Mita A/c                  Dr.             To Sales A/c  (Being goods sold to Mita)		11,700	11,700
18	Sales Return A/c      Dr.              To Mita A/c  (Being goods return)		1,000	1,000
20	Kalpana A/c              Dr.                To Sales A/c  (Being goods sold to Kalpana @10% trade discount)		18,000	18,000
22	Insurance Company A/c     Dr  Loss by Fire A/c        Dr.             To Purchase A/c  (Being goods destroyed by fire and insurance claimed)		1,000  1,000	2,000
25	Loss by Rain A/c         Dr.  Cash A/c                       Dr.             To Purchase A/c   (Being goods destroyed by rain)		300  200	500
29	Cash A/c                   Dr.               To Sales A/c  (Being goods distributed as free sample and sold)		400	400
30	Mobile A/c                Dr.             To Purchase A/c  (Being mobile purchase against exchange of goods)		1,000	1,000
			1,01,600	1,01,600