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 



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