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Journalise followings:
1. Bricks, Cement etc. for 1,40,000 and Timber purchased Rs.2,00,000 and used for office building. Payment made by cheque.
2. Paid Rent for Rs.15,000, only 1/3 part of premises used for business. 3. Life Insurance premium paid for employees, Rs.10,000 and for proprietor Rs.2,000.
4. Placed an order with Rakesh for supply of goods of the list price of Rs.1,00,000. as an advance by Cheque. In this connection, Raman paid 10% of the list price
5. Supplied goods costing Rs.3,600 to Sanjay, issued invoice at 20% above cost less 10% Trade Discount.
6. Sold goods to Anil costing Rs.40,000 for cash at a profit of 25% on cost less 20% Trade Discount.
. Paid Income Tax Rs.1,000 by cheque. 7
8. Received Rs. 97,000 after deducting 3% cash discount, from Aman?
Most Upvoted Answer
Journalise followings:1. Bricks, Cement etc. for 1,40,000 and Timber p...
Journal Entries for Transactions
1. Purchase of Bricks, Cement, and Timber
- Bricks and Cement: Rs. 1,40,000
- Timber: Rs. 2,00,000
- Payment Method: Cheque
Journal Entry:
Office Building Account Dr. 3,40,000
To Bank Account 3,40,000
(Being materials purchased for office building)
2. Rent Payment
- Total Rent Paid: Rs. 15,000
- Business Usage: 1/3
Journal Entry:
Rent Expense Account Dr. 5,000
To Bank Account 5,000
(Being rent paid for business premises)
3. Life Insurance Premium
- Employees: Rs. 10,000
- Proprietor: Rs. 2,000
Journal Entry:
Insurance Expense Account Dr. 12,000
To Bank Account 12,000
(Being life insurance premium paid)
4. Advance Payment for Goods
- Order Amount: Rs. 1,00,000
- Advance Paid: 10%
Journal Entry:
Goods Inventory Account Dr. 10,000
To Bank Account 10,000
(Being advance paid for goods)
5. Sale of Goods to Sanjay
- Cost of Goods: Rs. 3,600
- Selling Price Calculations:
- Marked Price: Rs. 4,320 (20% above cost)
- Trade Discount: Rs. 432 (10% of Rs. 4,320)
- Final Invoice: Rs. 3,888
Journal Entry:
Accounts Receivable Account Dr. 3,888
To Sales Revenue Account 3,888
(Being goods supplied to Sanjay)
6. Sale of Goods to Anil
- Cost of Goods: Rs. 40,000
- Profit: 25% on cost
- Trade Discount: 20%
Journal Entry:
Cash Account Dr. 30,000
To Sales Revenue Account 30,000
(Being goods sold to Anil)
7. Payment of Income Tax
- Income Tax Paid: Rs. 1,000
Journal Entry:
Income Tax Expense Account Dr. 1,000
To Bank Account 1,000
(Being income tax paid)
8. Cash Received from Aman
- Amount Received: Rs. 97,000 (after 3% cash discount)
Journal Entry:
Cash Account Dr. 97,000
To Accounts Receivable Account 97,000
(Being cash received from Aman)
These entries summarize the financial transactions effectively while adhering to accounting principles.
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Journalise followings:1. Bricks, Cement etc. for 1,40,000 and Timber purchased Rs.2,00,000 and used for office building. Payment made by cheque.2. Paid Rent for Rs.15,000, only 1/3 part of premises used for business. 3. Life Insurance premium paid for employees, Rs.10,000 and for proprietor Rs.2,000.4. Placed an order with Rakesh for supply of goods of the list price of Rs.1,00,000. as an advance by Cheque. In this connection, Raman paid 10% of the list price 5. Supplied goods costing Rs.3,600 to Sanjay, issued invoice at 20% above cost less 10% Trade Discount.6. Sold goods to Anil costing Rs.40,000 for cash at a profit of 25% on cost less 20% Trade Discount.. Paid Income Tax Rs.1,000 by cheque. 78. Received Rs. 97,000 after deducting 3% cash discount, from Aman?
Question Description
Journalise followings:1. Bricks, Cement etc. for 1,40,000 and Timber purchased Rs.2,00,000 and used for office building. Payment made by cheque.2. Paid Rent for Rs.15,000, only 1/3 part of premises used for business. 3. Life Insurance premium paid for employees, Rs.10,000 and for proprietor Rs.2,000.4. Placed an order with Rakesh for supply of goods of the list price of Rs.1,00,000. as an advance by Cheque. In this connection, Raman paid 10% of the list price 5. Supplied goods costing Rs.3,600 to Sanjay, issued invoice at 20% above cost less 10% Trade Discount.6. Sold goods to Anil costing Rs.40,000 for cash at a profit of 25% on cost less 20% Trade Discount.. Paid Income Tax Rs.1,000 by cheque. 78. Received Rs. 97,000 after deducting 3% cash discount, from Aman? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Journalise followings:1. Bricks, Cement etc. for 1,40,000 and Timber purchased Rs.2,00,000 and used for office building. Payment made by cheque.2. Paid Rent for Rs.15,000, only 1/3 part of premises used for business. 3. Life Insurance premium paid for employees, Rs.10,000 and for proprietor Rs.2,000.4. Placed an order with Rakesh for supply of goods of the list price of Rs.1,00,000. as an advance by Cheque. In this connection, Raman paid 10% of the list price 5. Supplied goods costing Rs.3,600 to Sanjay, issued invoice at 20% above cost less 10% Trade Discount.6. Sold goods to Anil costing Rs.40,000 for cash at a profit of 25% on cost less 20% Trade Discount.. Paid Income Tax Rs.1,000 by cheque. 78. Received Rs. 97,000 after deducting 3% cash discount, from Aman? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Journalise followings:1. Bricks, Cement etc. for 1,40,000 and Timber purchased Rs.2,00,000 and used for office building. Payment made by cheque.2. Paid Rent for Rs.15,000, only 1/3 part of premises used for business. 3. Life Insurance premium paid for employees, Rs.10,000 and for proprietor Rs.2,000.4. Placed an order with Rakesh for supply of goods of the list price of Rs.1,00,000. as an advance by Cheque. In this connection, Raman paid 10% of the list price 5. Supplied goods costing Rs.3,600 to Sanjay, issued invoice at 20% above cost less 10% Trade Discount.6. Sold goods to Anil costing Rs.40,000 for cash at a profit of 25% on cost less 20% Trade Discount.. Paid Income Tax Rs.1,000 by cheque. 78. Received Rs. 97,000 after deducting 3% cash discount, from Aman?.
Solutions for Journalise followings:1. Bricks, Cement etc. for 1,40,000 and Timber purchased Rs.2,00,000 and used for office building. Payment made by cheque.2. Paid Rent for Rs.15,000, only 1/3 part of premises used for business. 3. Life Insurance premium paid for employees, Rs.10,000 and for proprietor Rs.2,000.4. Placed an order with Rakesh for supply of goods of the list price of Rs.1,00,000. as an advance by Cheque. In this connection, Raman paid 10% of the list price 5. Supplied goods costing Rs.3,600 to Sanjay, issued invoice at 20% above cost less 10% Trade Discount.6. Sold goods to Anil costing Rs.40,000 for cash at a profit of 25% on cost less 20% Trade Discount.. Paid Income Tax Rs.1,000 by cheque. 78. Received Rs. 97,000 after deducting 3% cash discount, from Aman? in English & in Hindi are available as part of our courses for UPSC. Download more important topics, notes, lectures and mock test series for UPSC Exam by signing up for free.
Here you can find the meaning of Journalise followings:1. Bricks, Cement etc. for 1,40,000 and Timber purchased Rs.2,00,000 and used for office building. Payment made by cheque.2. Paid Rent for Rs.15,000, only 1/3 part of premises used for business. 3. Life Insurance premium paid for employees, Rs.10,000 and for proprietor Rs.2,000.4. Placed an order with Rakesh for supply of goods of the list price of Rs.1,00,000. as an advance by Cheque. In this connection, Raman paid 10% of the list price 5. Supplied goods costing Rs.3,600 to Sanjay, issued invoice at 20% above cost less 10% Trade Discount.6. Sold goods to Anil costing Rs.40,000 for cash at a profit of 25% on cost less 20% Trade Discount.. Paid Income Tax Rs.1,000 by cheque. 78. Received Rs. 97,000 after deducting 3% cash discount, from Aman? defined & explained in the simplest way possible. Besides giving the explanation of Journalise followings:1. Bricks, Cement etc. for 1,40,000 and Timber purchased Rs.2,00,000 and used for office building. Payment made by cheque.2. Paid Rent for Rs.15,000, only 1/3 part of premises used for business. 3. Life Insurance premium paid for employees, Rs.10,000 and for proprietor Rs.2,000.4. Placed an order with Rakesh for supply of goods of the list price of Rs.1,00,000. as an advance by Cheque. In this connection, Raman paid 10% of the list price 5. Supplied goods costing Rs.3,600 to Sanjay, issued invoice at 20% above cost less 10% Trade Discount.6. Sold goods to Anil costing Rs.40,000 for cash at a profit of 25% on cost less 20% Trade Discount.. Paid Income Tax Rs.1,000 by cheque. 78. Received Rs. 97,000 after deducting 3% cash discount, from Aman?, a detailed solution for Journalise followings:1. Bricks, Cement etc. for 1,40,000 and Timber purchased Rs.2,00,000 and used for office building. Payment made by cheque.2. Paid Rent for Rs.15,000, only 1/3 part of premises used for business. 3. Life Insurance premium paid for employees, Rs.10,000 and for proprietor Rs.2,000.4. Placed an order with Rakesh for supply of goods of the list price of Rs.1,00,000. as an advance by Cheque. In this connection, Raman paid 10% of the list price 5. Supplied goods costing Rs.3,600 to Sanjay, issued invoice at 20% above cost less 10% Trade Discount.6. Sold goods to Anil costing Rs.40,000 for cash at a profit of 25% on cost less 20% Trade Discount.. Paid Income Tax Rs.1,000 by cheque. 78. Received Rs. 97,000 after deducting 3% cash discount, from Aman? has been provided alongside types of Journalise followings:1. Bricks, Cement etc. for 1,40,000 and Timber purchased Rs.2,00,000 and used for office building. Payment made by cheque.2. Paid Rent for Rs.15,000, only 1/3 part of premises used for business. 3. Life Insurance premium paid for employees, Rs.10,000 and for proprietor Rs.2,000.4. Placed an order with Rakesh for supply of goods of the list price of Rs.1,00,000. as an advance by Cheque. In this connection, Raman paid 10% of the list price 5. Supplied goods costing Rs.3,600 to Sanjay, issued invoice at 20% above cost less 10% Trade Discount.6. Sold goods to Anil costing Rs.40,000 for cash at a profit of 25% on cost less 20% Trade Discount.. Paid Income Tax Rs.1,000 by cheque. 78. Received Rs. 97,000 after deducting 3% cash discount, from Aman? theory, EduRev gives you an ample number of questions to practice Journalise followings:1. Bricks, Cement etc. for 1,40,000 and Timber purchased Rs.2,00,000 and used for office building. Payment made by cheque.2. Paid Rent for Rs.15,000, only 1/3 part of premises used for business. 3. Life Insurance premium paid for employees, Rs.10,000 and for proprietor Rs.2,000.4. Placed an order with Rakesh for supply of goods of the list price of Rs.1,00,000. as an advance by Cheque. In this connection, Raman paid 10% of the list price 5. Supplied goods costing Rs.3,600 to Sanjay, issued invoice at 20% above cost less 10% Trade Discount.6. Sold goods to Anil costing Rs.40,000 for cash at a profit of 25% on cost less 20% Trade Discount.. Paid Income Tax Rs.1,000 by cheque. 78. Received Rs. 97,000 after deducting 3% cash discount, from Aman? tests, examples and also practice UPSC tests.
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