Journal Entries in the Books of Arjun

1. Arjun accepted a bill drawn by Krishna for Rs. 40,000 at 3 months:

To record the acceptance of the bill, the following journal entry is made:

Debit: Bills Payable (Krishna's Account) - Rs. 40,000
Credit: Arjun's Account - Rs. 40,000

Explanation: When Arjun accepts the bill drawn by Krishna, it becomes a liability for Arjun. The Bills Payable account represents the amount Arjun owes to Krishna, and Arjun's account is credited to reflect the increase in his liability.

2. Preparation of AdSense Account:

To prepare the AdSense account, the following journal entry is made:

Debit: Advertising Expenses Account - Rs. X
Credit: AdSense Account - Rs. X

Explanation: The AdSense account is used to record the revenue earned through online advertisements placed on a website. The Advertising Expenses account is debited with the amount spent on advertising, and the AdSense account is credited with the revenue earned.

3. International Broken Christmas Account:

To record the transaction related to the International Broken Christmas account, the following journal entry is made:

Debit: International Broken Christmas Account - Rs. X
Credit: Relevant Account (e.g., Sales Account or Purchase Account) - Rs. X

Explanation: The International Broken Christmas account is used to record any losses or damages related to international shipments of Christmas items. The account is debited with the amount of loss or damage, and the relevant account (e.g., Sales or Purchase account) is credited to reflect the impact on the business.

4. Urgent Book Account:

To record the transaction related to the Urgent Book account, the following journal entry is made:

Debit: Urgent Book Account - Rs. X
Credit: Cash or Bank Account - Rs. X

Explanation: The Urgent Book account is used to record any urgent purchases of books. The account is debited with the amount spent on purchasing the books, and the Cash or Bank account is credited as payment is made either in cash or through a bank transaction.

By following the above journal entries, Arjun can accurately record the transactions in his books and maintain a clear financial record of his business activities.