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Journalise the following: (i) Received a V.P.P. from Ram for 20,000. Sent a peon to collect it *150 as cartage. (ii) Paid 33,000 for subscribing for newspapers and magazines. (iii) Received 500 from sale of old newspapers and magazines. (iv) Received 10,000 from sale of old chairs, tables etc. (v) Paid interest on loan 6,000. (vi) Withdrawn goods for personal use 8,000.?
Most Upvoted Answer
Journalise the following: (i) Received a V.P.P. from Ram for 20,000. S...
Journal Entries:
(i) When we receive a V.P.P. from Ram for 20,000 and sent a peon to collect it *150 as cartage, the journal entry will be:
Debit: Bank Account - 20,000
Debit: Cartage Expenses - 150
Credit: Ram's Account - 20,150
(ii) When we pay 33,000 for subscribing for newspapers and magazines, the journal entry will be:
Debit: Expenses - 33,000
Credit: Bank Account - 33,000
(iii) When we receive 500 from the sale of old newspapers and magazines, the journal entry will be:
Debit: Bank Account - 500
Credit: Sales - 500
(iv) When we receive 10,000 from the sale of old chairs, tables, etc., the journal entry will be:
Debit: Bank Account - 10,000
Credit: Sales - 10,000
(v) When we pay interest on a loan 6,000, the journal entry will be:
Debit: Interest Expenses - 6,000
Credit: Bank Account - 6,000
(vi) When we withdraw goods for personal use 8,000, the journal entry will be:
Debit: Drawings - 8,000
Credit: Stock - 8,000
Explanation:
Journal entry is the first step in the accounting process. It is a chronological record of all financial transactions of a business. The journal entries are recorded in the journal, which is a book of original entry. It helps in the preparation of the financial statements.
In the given transactions, we have recorded all the financial transactions in the form of journal entries. The first transaction is the receipt of a V.P.P. from Ram for 20,000, and we sent a peon to collect it *150 as cartage. We have debited the bank account and cartage expenses and credited Ram's account.
The second transaction is the payment of 33,000 for subscribing to newspapers and magazines. We have debited expenses and credited the bank account.
The third transaction is the receipt of 500 from the sale of old newspapers and magazines. We have debited the bank account and credited sales.
The fourth transaction is the receipt of 10,000 from the sale of old chairs, tables, etc. We have debited the bank account and credited sales.
The fifth transaction is the payment of interest on a loan 6,000. We have debited interest expenses and credited the bank account.
The sixth transaction is the withdrawal of goods for personal use 8,000. We have debited drawings and credited stock.
Thus, by recording all transactions in the form of journal entries, we can keep track of all financial activities of the business.
(i) When we receive a V.P.P. from Ram for 20,000 and sent a peon to collect it *150 as cartage, the journal entry will be:
Debit: Bank Account - 20,000
Debit: Cartage Expenses - 150
Credit: Ram's Account - 20,150
(ii) When we pay 33,000 for subscribing for newspapers and magazines, the journal entry will be:
Debit: Expenses - 33,000
Credit: Bank Account - 33,000
(iii) When we receive 500 from the sale of old newspapers and magazines, the journal entry will be:
Debit: Bank Account - 500
Credit: Sales - 500
(iv) When we receive 10,000 from the sale of old chairs, tables, etc., the journal entry will be:
Debit: Bank Account - 10,000
Credit: Sales - 10,000
(v) When we pay interest on a loan 6,000, the journal entry will be:
Debit: Interest Expenses - 6,000
Credit: Bank Account - 6,000
(vi) When we withdraw goods for personal use 8,000, the journal entry will be:
Debit: Drawings - 8,000
Credit: Stock - 8,000
Explanation:
Journal entry is the first step in the accounting process. It is a chronological record of all financial transactions of a business. The journal entries are recorded in the journal, which is a book of original entry. It helps in the preparation of the financial statements.
In the given transactions, we have recorded all the financial transactions in the form of journal entries. The first transaction is the receipt of a V.P.P. from Ram for 20,000, and we sent a peon to collect it *150 as cartage. We have debited the bank account and cartage expenses and credited Ram's account.
The second transaction is the payment of 33,000 for subscribing to newspapers and magazines. We have debited expenses and credited the bank account.
The third transaction is the receipt of 500 from the sale of old newspapers and magazines. We have debited the bank account and credited sales.
The fourth transaction is the receipt of 10,000 from the sale of old chairs, tables, etc. We have debited the bank account and credited sales.
The fifth transaction is the payment of interest on a loan 6,000. We have debited interest expenses and credited the bank account.
The sixth transaction is the withdrawal of goods for personal use 8,000. We have debited drawings and credited stock.
Thus, by recording all transactions in the form of journal entries, we can keep track of all financial activities of the business.
Community Answer
Journalise the following: (i) Received a V.P.P. from Ram for 20,000. S...
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Journalise the following: (i) Received a V.P.P. from Ram for 20,000. Sent a peon to collect it *150 as cartage. (ii) Paid 33,000 for subscribing for newspapers and magazines. (iii) Received 500 from sale of old newspapers and magazines. (iv) Received 10,000 from sale of old chairs, tables etc. (v) Paid interest on loan 6,000. (vi) Withdrawn goods for personal use 8,000.?
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Journalise the following: (i) Received a V.P.P. from Ram for 20,000. Sent a peon to collect it *150 as cartage. (ii) Paid 33,000 for subscribing for newspapers and magazines. (iii) Received 500 from sale of old newspapers and magazines. (iv) Received 10,000 from sale of old chairs, tables etc. (v) Paid interest on loan 6,000. (vi) Withdrawn goods for personal use 8,000.? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Journalise the following: (i) Received a V.P.P. from Ram for 20,000. Sent a peon to collect it *150 as cartage. (ii) Paid 33,000 for subscribing for newspapers and magazines. (iii) Received 500 from sale of old newspapers and magazines. (iv) Received 10,000 from sale of old chairs, tables etc. (v) Paid interest on loan 6,000. (vi) Withdrawn goods for personal use 8,000.? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Journalise the following: (i) Received a V.P.P. from Ram for 20,000. Sent a peon to collect it *150 as cartage. (ii) Paid 33,000 for subscribing for newspapers and magazines. (iii) Received 500 from sale of old newspapers and magazines. (iv) Received 10,000 from sale of old chairs, tables etc. (v) Paid interest on loan 6,000. (vi) Withdrawn goods for personal use 8,000.?.
Journalise the following: (i) Received a V.P.P. from Ram for 20,000. Sent a peon to collect it *150 as cartage. (ii) Paid 33,000 for subscribing for newspapers and magazines. (iii) Received 500 from sale of old newspapers and magazines. (iv) Received 10,000 from sale of old chairs, tables etc. (v) Paid interest on loan 6,000. (vi) Withdrawn goods for personal use 8,000.? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Journalise the following: (i) Received a V.P.P. from Ram for 20,000. Sent a peon to collect it *150 as cartage. (ii) Paid 33,000 for subscribing for newspapers and magazines. (iii) Received 500 from sale of old newspapers and magazines. (iv) Received 10,000 from sale of old chairs, tables etc. (v) Paid interest on loan 6,000. (vi) Withdrawn goods for personal use 8,000.? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Journalise the following: (i) Received a V.P.P. from Ram for 20,000. Sent a peon to collect it *150 as cartage. (ii) Paid 33,000 for subscribing for newspapers and magazines. (iii) Received 500 from sale of old newspapers and magazines. (iv) Received 10,000 from sale of old chairs, tables etc. (v) Paid interest on loan 6,000. (vi) Withdrawn goods for personal use 8,000.?.
Solutions for Journalise the following: (i) Received a V.P.P. from Ram for 20,000. Sent a peon to collect it *150 as cartage. (ii) Paid 33,000 for subscribing for newspapers and magazines. (iii) Received 500 from sale of old newspapers and magazines. (iv) Received 10,000 from sale of old chairs, tables etc. (v) Paid interest on loan 6,000. (vi) Withdrawn goods for personal use 8,000.? in English & in Hindi are available as part of our courses for Commerce.
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