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Pass the Journal entries for the following transactions of Sahil:
April 16 Cheque received from Raman deposited in bank
April 20 Cheque received from Raman was dishonoured, Bank charged bank charges 200
April 25 Paid Life Insurance Premium of Sahil by Bank Draft. Paid bank charges of ₹ 100 10,000
April 30 Amount transferred to fixed deposit 5,00,000?
April 16 Cheque received from Raman deposited in bank
April 20 Cheque received from Raman was dishonoured, Bank charged bank charges 200
April 25 Paid Life Insurance Premium of Sahil by Bank Draft. Paid bank charges of ₹ 100 10,000
April 30 Amount transferred to fixed deposit 5,00,000?
Most Upvoted Answer
Pass the Journal entries for the following transactions of Sahil:April...
Journal Entries:
- April 16:
- Bank Account Dr. 10,000
- Raman's Account Cr. 10,000
(Cheque received from Raman deposited in bank)
- April 20:
- Raman's Account Dr. 10,200
- Bank Charges Dr. 200
- Bank Account Cr. 10,000
(Cheque received from Raman dishonoured, Bank charged bank charges 200)
- April 25:
- Life Insurance Premium Dr. 10,000
- Bank Charges Dr. 100
- Bank Account Cr. 10,100
(Paid Life Insurance Premium of Sahil by Bank Draft. Paid bank charges of ₹ 100)
- April 30:
- Fixed Deposit Account Dr. 5,00,000
- Bank Account Cr. 5,00,000
(Amount transferred to fixed deposit)
Explanation:
- April 16:
- Sahil received a cheque from Raman for 10,000 and deposited it in the bank, increasing the bank account balance.
- April 20:
- The cheque received from Raman was dishonoured, leading to a reversal of the earlier entry and an additional charge of 200 for bank charges.
- April 25:
- Sahil paid the Life Insurance Premium by Bank Draft, reducing the bank account balance by 10,000. Additionally, a bank charge of 100 was also paid.
- April 30:
- Sahil transferred 5,00,000 from the bank account to a fixed deposit account, reducing the bank balance but increasing the investment in the fixed deposit.
These journal entries accurately record the transactions and their impact on Sahil's financial accounts.
- April 16:
- Bank Account Dr. 10,000
- Raman's Account Cr. 10,000
(Cheque received from Raman deposited in bank)
- April 20:
- Raman's Account Dr. 10,200
- Bank Charges Dr. 200
- Bank Account Cr. 10,000
(Cheque received from Raman dishonoured, Bank charged bank charges 200)
- April 25:
- Life Insurance Premium Dr. 10,000
- Bank Charges Dr. 100
- Bank Account Cr. 10,100
(Paid Life Insurance Premium of Sahil by Bank Draft. Paid bank charges of ₹ 100)
- April 30:
- Fixed Deposit Account Dr. 5,00,000
- Bank Account Cr. 5,00,000
(Amount transferred to fixed deposit)
Explanation:
- April 16:
- Sahil received a cheque from Raman for 10,000 and deposited it in the bank, increasing the bank account balance.
- April 20:
- The cheque received from Raman was dishonoured, leading to a reversal of the earlier entry and an additional charge of 200 for bank charges.
- April 25:
- Sahil paid the Life Insurance Premium by Bank Draft, reducing the bank account balance by 10,000. Additionally, a bank charge of 100 was also paid.
- April 30:
- Sahil transferred 5,00,000 from the bank account to a fixed deposit account, reducing the bank balance but increasing the investment in the fixed deposit.
These journal entries accurately record the transactions and their impact on Sahil's financial accounts.
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Pass the Journal entries for the following transactions of Sahil:April 16 Cheque received from Raman deposited in bankApril 20 Cheque received from Raman was dishonoured, Bank charged bank charges 200April 25 Paid Life Insurance Premium of Sahil by Bank Draft. Paid bank charges of ₹ 100 10,000April 30 Amount transferred to fixed deposit 5,00,000?
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Pass the Journal entries for the following transactions of Sahil:April 16 Cheque received from Raman deposited in bankApril 20 Cheque received from Raman was dishonoured, Bank charged bank charges 200April 25 Paid Life Insurance Premium of Sahil by Bank Draft. Paid bank charges of ₹ 100 10,000April 30 Amount transferred to fixed deposit 5,00,000? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Pass the Journal entries for the following transactions of Sahil:April 16 Cheque received from Raman deposited in bankApril 20 Cheque received from Raman was dishonoured, Bank charged bank charges 200April 25 Paid Life Insurance Premium of Sahil by Bank Draft. Paid bank charges of ₹ 100 10,000April 30 Amount transferred to fixed deposit 5,00,000? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Pass the Journal entries for the following transactions of Sahil:April 16 Cheque received from Raman deposited in bankApril 20 Cheque received from Raman was dishonoured, Bank charged bank charges 200April 25 Paid Life Insurance Premium of Sahil by Bank Draft. Paid bank charges of ₹ 100 10,000April 30 Amount transferred to fixed deposit 5,00,000?.
Pass the Journal entries for the following transactions of Sahil:April 16 Cheque received from Raman deposited in bankApril 20 Cheque received from Raman was dishonoured, Bank charged bank charges 200April 25 Paid Life Insurance Premium of Sahil by Bank Draft. Paid bank charges of ₹ 100 10,000April 30 Amount transferred to fixed deposit 5,00,000? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Pass the Journal entries for the following transactions of Sahil:April 16 Cheque received from Raman deposited in bankApril 20 Cheque received from Raman was dishonoured, Bank charged bank charges 200April 25 Paid Life Insurance Premium of Sahil by Bank Draft. Paid bank charges of ₹ 100 10,000April 30 Amount transferred to fixed deposit 5,00,000? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Pass the Journal entries for the following transactions of Sahil:April 16 Cheque received from Raman deposited in bankApril 20 Cheque received from Raman was dishonoured, Bank charged bank charges 200April 25 Paid Life Insurance Premium of Sahil by Bank Draft. Paid bank charges of ₹ 100 10,000April 30 Amount transferred to fixed deposit 5,00,000?.
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