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18. Record the following transactions in the journal proper of Usha Rani 1. Purchased a furniture of Rs 20000 by exchanging goods costing 18000. 2. Pass closing entries for purchase and Salary. 3. Endorsed a Bill of Rs 2500 accepted by Ramila in favour Rutvika in full settlement of her account of Rs 2550.?
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18. Record the following transactions in the journal proper of Usha Ra...
Journal Entries for Usha Rani
Transaction 1: Purchased Furniture by Exchanging Goods
- Furniture purchased: Rs 20,000
- Goods exchanged: Rs 18,000
Journal Entry:
Debit: Furniture Account - Rs 20,000
Credit: Goods Account - Rs 18,000
Credit: Cash/Bank Account - Rs 2,000
Transaction 2: Closing Entries for Purchase and Salary
Closing entries are made at the end of an accounting period to transfer the balances of temporary accounts (such as purchase and salary accounts) to permanent accounts (such as capital or retained earnings).
Journal Entry for Purchase Account:
Debit: Purchase Account
Credit: Trading or Profit and Loss Account
Journal Entry for Salary Account:
Debit: Salary Account
Credit: Trading or Profit and Loss Account
Transaction 3: Endorsing a Bill in Full Settlement
- Bill amount: Rs 2,500
- Account settled: Rs 2,550
Journal Entry:
Debit: Bill Receivable Account - Rs 2,500
Credit: Rutvika Account - Rs 2,500
Explanation:
Transaction 1: In this transaction, Usha Rani purchased furniture for Rs 20,000 by exchanging goods costing Rs 18,000. The journal entry is made by debiting the Furniture Account with the purchase amount and crediting the Goods Account with the cost of the exchanged goods. Since there is a difference of Rs 2,000, it is credited to the Cash/Bank Account.
Transaction 2: Closing entries are made to transfer the balances of temporary accounts (such as purchase and salary accounts) to permanent accounts. The journal entry for the purchase account involves debiting the Purchase Account and crediting the Trading or Profit and Loss Account. Similarly, the journal entry for the salary account involves debiting the Salary Account and crediting the Trading or Profit and Loss Account.
Transaction 3: In this transaction, Usha Rani endorses a bill of Rs 2,500 accepted by Ramila in favor of Rutvika in full settlement of her account of Rs 2,550. The journal entry is made by debiting the Bill Receivable Account with the bill amount and crediting the Rutvika Account with the settled amount of Rs 2,500.
Transaction 1: Purchased Furniture by Exchanging Goods
- Furniture purchased: Rs 20,000
- Goods exchanged: Rs 18,000
Journal Entry:
Debit: Furniture Account - Rs 20,000
Credit: Goods Account - Rs 18,000
Credit: Cash/Bank Account - Rs 2,000
Transaction 2: Closing Entries for Purchase and Salary
Closing entries are made at the end of an accounting period to transfer the balances of temporary accounts (such as purchase and salary accounts) to permanent accounts (such as capital or retained earnings).
Journal Entry for Purchase Account:
Debit: Purchase Account
Credit: Trading or Profit and Loss Account
Journal Entry for Salary Account:
Debit: Salary Account
Credit: Trading or Profit and Loss Account
Transaction 3: Endorsing a Bill in Full Settlement
- Bill amount: Rs 2,500
- Account settled: Rs 2,550
Journal Entry:
Debit: Bill Receivable Account - Rs 2,500
Credit: Rutvika Account - Rs 2,500
Explanation:
Transaction 1: In this transaction, Usha Rani purchased furniture for Rs 20,000 by exchanging goods costing Rs 18,000. The journal entry is made by debiting the Furniture Account with the purchase amount and crediting the Goods Account with the cost of the exchanged goods. Since there is a difference of Rs 2,000, it is credited to the Cash/Bank Account.
Transaction 2: Closing entries are made to transfer the balances of temporary accounts (such as purchase and salary accounts) to permanent accounts. The journal entry for the purchase account involves debiting the Purchase Account and crediting the Trading or Profit and Loss Account. Similarly, the journal entry for the salary account involves debiting the Salary Account and crediting the Trading or Profit and Loss Account.
Transaction 3: In this transaction, Usha Rani endorses a bill of Rs 2,500 accepted by Ramila in favor of Rutvika in full settlement of her account of Rs 2,550. The journal entry is made by debiting the Bill Receivable Account with the bill amount and crediting the Rutvika Account with the settled amount of Rs 2,500.
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18. Record the following transactions in the journal proper of Usha Rani 1. Purchased a furniture of Rs 20000 by exchanging goods costing 18000. 2. Pass closing entries for purchase and Salary. 3. Endorsed a Bill of Rs 2500 accepted by Ramila in favour Rutvika in full settlement of her account of Rs 2550.?
Question Description
18. Record the following transactions in the journal proper of Usha Rani 1. Purchased a furniture of Rs 20000 by exchanging goods costing 18000. 2. Pass closing entries for purchase and Salary. 3. Endorsed a Bill of Rs 2500 accepted by Ramila in favour Rutvika in full settlement of her account of Rs 2550.? for Class 11 2024 is part of Class 11 preparation. The Question and answers have been prepared according to the Class 11 exam syllabus. Information about 18. Record the following transactions in the journal proper of Usha Rani 1. Purchased a furniture of Rs 20000 by exchanging goods costing 18000. 2. Pass closing entries for purchase and Salary. 3. Endorsed a Bill of Rs 2500 accepted by Ramila in favour Rutvika in full settlement of her account of Rs 2550.? covers all topics & solutions for Class 11 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for 18. Record the following transactions in the journal proper of Usha Rani 1. Purchased a furniture of Rs 20000 by exchanging goods costing 18000. 2. Pass closing entries for purchase and Salary. 3. Endorsed a Bill of Rs 2500 accepted by Ramila in favour Rutvika in full settlement of her account of Rs 2550.?.
18. Record the following transactions in the journal proper of Usha Rani 1. Purchased a furniture of Rs 20000 by exchanging goods costing 18000. 2. Pass closing entries for purchase and Salary. 3. Endorsed a Bill of Rs 2500 accepted by Ramila in favour Rutvika in full settlement of her account of Rs 2550.? for Class 11 2024 is part of Class 11 preparation. The Question and answers have been prepared according to the Class 11 exam syllabus. Information about 18. Record the following transactions in the journal proper of Usha Rani 1. Purchased a furniture of Rs 20000 by exchanging goods costing 18000. 2. Pass closing entries for purchase and Salary. 3. Endorsed a Bill of Rs 2500 accepted by Ramila in favour Rutvika in full settlement of her account of Rs 2550.? covers all topics & solutions for Class 11 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for 18. Record the following transactions in the journal proper of Usha Rani 1. Purchased a furniture of Rs 20000 by exchanging goods costing 18000. 2. Pass closing entries for purchase and Salary. 3. Endorsed a Bill of Rs 2500 accepted by Ramila in favour Rutvika in full settlement of her account of Rs 2550.?.
Solutions for 18. Record the following transactions in the journal proper of Usha Rani 1. Purchased a furniture of Rs 20000 by exchanging goods costing 18000. 2. Pass closing entries for purchase and Salary. 3. Endorsed a Bill of Rs 2500 accepted by Ramila in favour Rutvika in full settlement of her account of Rs 2550.? in English & in Hindi are available as part of our courses for Class 11.
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Here you can find the meaning of 18. Record the following transactions in the journal proper of Usha Rani 1. Purchased a furniture of Rs 20000 by exchanging goods costing 18000. 2. Pass closing entries for purchase and Salary. 3. Endorsed a Bill of Rs 2500 accepted by Ramila in favour Rutvika in full settlement of her account of Rs 2550.? defined & explained in the simplest way possible. Besides giving the explanation of
18. Record the following transactions in the journal proper of Usha Rani 1. Purchased a furniture of Rs 20000 by exchanging goods costing 18000. 2. Pass closing entries for purchase and Salary. 3. Endorsed a Bill of Rs 2500 accepted by Ramila in favour Rutvika in full settlement of her account of Rs 2550.?, a detailed solution for 18. Record the following transactions in the journal proper of Usha Rani 1. Purchased a furniture of Rs 20000 by exchanging goods costing 18000. 2. Pass closing entries for purchase and Salary. 3. Endorsed a Bill of Rs 2500 accepted by Ramila in favour Rutvika in full settlement of her account of Rs 2550.? has been provided alongside types of 18. Record the following transactions in the journal proper of Usha Rani 1. Purchased a furniture of Rs 20000 by exchanging goods costing 18000. 2. Pass closing entries for purchase and Salary. 3. Endorsed a Bill of Rs 2500 accepted by Ramila in favour Rutvika in full settlement of her account of Rs 2550.? theory, EduRev gives you an
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