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Record the following transaction in the journal: 1.Sold goods to mahaveer Rs10,000 2.Goods returned by mahaveer Rs2,000 3. Purchased goods from Dinesh Rs5,000 4. Goods returned to Dinesh. Rs500 5.Cash received from mahaveer in full settlement of his account. Rs7,500 6.Paid for refreshment Rs100 7. Depreciate machinery worth Rs 50,000 @10% per annum Rs 50,000 8.Withdrew for personal use Rs 500 [Ans. 31,100]?
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Record the following transaction in the journal: 1.Sold goods to mahav...
(1) Mahaveer Dr. 10000 To Sales A/c 10000 (2) Sales Return A/c Dr. 2000 To Mahaveer 2000 (3) Purchases A/c Dr. 5000 To Dinesh 5000(4) Dinesh Dr. 500 To Purchase Return A/c 500(5) Cash A/c Dr. 7500 Discount allowed A/c Dr. 500 To Mahaveer 8000(6) Sundry expences A/c Dr. 100 To Cash A/c 100(7) Depreciation A/c Dr. 5000 To Machinery A/c 5000(8) Drawings A/c Dr. 500 To Cash A/c 500
Community Answer
Record the following transaction in the journal: 1.Sold goods to mahav...
Journal Entry Transactions:
1. Sold goods to Mahaveer for Rs10,000
2. Goods returned by Mahaveer for Rs2,000
3. Purchased goods from Dinesh for Rs5,000
4. Goods returned to Dinesh for Rs500
5. Cash received from Mahaveer in full settlement of his account for Rs7,500
6. Paid for refreshment for Rs100
7. Depreciated machinery worth Rs50,000 @10% per annum for Rs5,000
8. Withdrew for personal use for Rs500
Explanation:
1. The sale of goods to Mahaveer results in an increase in revenue and accounts receivable.
2. The return of goods by Mahaveer results in a decrease in revenue and accounts receivable.
3. The purchase of goods from Dinesh results in an increase in inventory and accounts payable.
4. The return of goods to Dinesh results in a decrease in inventory and accounts payable.
5. The cash received from Mahaveer in full settlement of his account results in a decrease in accounts receivable.
6. The payment for refreshment results in a decrease in cash.
7. The depreciation of machinery results in a decrease in the value of machinery and an increase in depreciation expense.
8. The withdrawal for personal use results in a decrease in cash and an increase in the owner's drawings account.
In conclusion, the total of these transactions is Rs31,100, which can be verified by adding the debits and credits in the journal. These transactions are important for maintaining accurate financial records and ensuring that the business is operating efficiently.
1. Sold goods to Mahaveer for Rs10,000
2. Goods returned by Mahaveer for Rs2,000
3. Purchased goods from Dinesh for Rs5,000
4. Goods returned to Dinesh for Rs500
5. Cash received from Mahaveer in full settlement of his account for Rs7,500
6. Paid for refreshment for Rs100
7. Depreciated machinery worth Rs50,000 @10% per annum for Rs5,000
8. Withdrew for personal use for Rs500
Explanation:
1. The sale of goods to Mahaveer results in an increase in revenue and accounts receivable.
2. The return of goods by Mahaveer results in a decrease in revenue and accounts receivable.
3. The purchase of goods from Dinesh results in an increase in inventory and accounts payable.
4. The return of goods to Dinesh results in a decrease in inventory and accounts payable.
5. The cash received from Mahaveer in full settlement of his account results in a decrease in accounts receivable.
6. The payment for refreshment results in a decrease in cash.
7. The depreciation of machinery results in a decrease in the value of machinery and an increase in depreciation expense.
8. The withdrawal for personal use results in a decrease in cash and an increase in the owner's drawings account.
In conclusion, the total of these transactions is Rs31,100, which can be verified by adding the debits and credits in the journal. These transactions are important for maintaining accurate financial records and ensuring that the business is operating efficiently.
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Record the following transaction in the journal: 1.Sold goods to mahaveer Rs10,000 2.Goods returned by mahaveer Rs2,000 3. Purchased goods from Dinesh Rs5,000 4. Goods returned to Dinesh. Rs500 5.Cash received from mahaveer in full settlement of his account. Rs7,500 6.Paid for refreshment Rs100 7. Depreciate machinery worth Rs 50,000 @10% per annum Rs 50,000 8.Withdrew for personal use Rs 500 [Ans. 31,100]?
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Record the following transaction in the journal: 1.Sold goods to mahaveer Rs10,000 2.Goods returned by mahaveer Rs2,000 3. Purchased goods from Dinesh Rs5,000 4. Goods returned to Dinesh. Rs500 5.Cash received from mahaveer in full settlement of his account. Rs7,500 6.Paid for refreshment Rs100 7. Depreciate machinery worth Rs 50,000 @10% per annum Rs 50,000 8.Withdrew for personal use Rs 500 [Ans. 31,100]? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Record the following transaction in the journal: 1.Sold goods to mahaveer Rs10,000 2.Goods returned by mahaveer Rs2,000 3. Purchased goods from Dinesh Rs5,000 4. Goods returned to Dinesh. Rs500 5.Cash received from mahaveer in full settlement of his account. Rs7,500 6.Paid for refreshment Rs100 7. Depreciate machinery worth Rs 50,000 @10% per annum Rs 50,000 8.Withdrew for personal use Rs 500 [Ans. 31,100]? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Record the following transaction in the journal: 1.Sold goods to mahaveer Rs10,000 2.Goods returned by mahaveer Rs2,000 3. Purchased goods from Dinesh Rs5,000 4. Goods returned to Dinesh. Rs500 5.Cash received from mahaveer in full settlement of his account. Rs7,500 6.Paid for refreshment Rs100 7. Depreciate machinery worth Rs 50,000 @10% per annum Rs 50,000 8.Withdrew for personal use Rs 500 [Ans. 31,100]?.
Record the following transaction in the journal: 1.Sold goods to mahaveer Rs10,000 2.Goods returned by mahaveer Rs2,000 3. Purchased goods from Dinesh Rs5,000 4. Goods returned to Dinesh. Rs500 5.Cash received from mahaveer in full settlement of his account. Rs7,500 6.Paid for refreshment Rs100 7. Depreciate machinery worth Rs 50,000 @10% per annum Rs 50,000 8.Withdrew for personal use Rs 500 [Ans. 31,100]? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Record the following transaction in the journal: 1.Sold goods to mahaveer Rs10,000 2.Goods returned by mahaveer Rs2,000 3. Purchased goods from Dinesh Rs5,000 4. Goods returned to Dinesh. Rs500 5.Cash received from mahaveer in full settlement of his account. Rs7,500 6.Paid for refreshment Rs100 7. Depreciate machinery worth Rs 50,000 @10% per annum Rs 50,000 8.Withdrew for personal use Rs 500 [Ans. 31,100]? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Record the following transaction in the journal: 1.Sold goods to mahaveer Rs10,000 2.Goods returned by mahaveer Rs2,000 3. Purchased goods from Dinesh Rs5,000 4. Goods returned to Dinesh. Rs500 5.Cash received from mahaveer in full settlement of his account. Rs7,500 6.Paid for refreshment Rs100 7. Depreciate machinery worth Rs 50,000 @10% per annum Rs 50,000 8.Withdrew for personal use Rs 500 [Ans. 31,100]?.
Solutions for Record the following transaction in the journal: 1.Sold goods to mahaveer Rs10,000 2.Goods returned by mahaveer Rs2,000 3. Purchased goods from Dinesh Rs5,000 4. Goods returned to Dinesh. Rs500 5.Cash received from mahaveer in full settlement of his account. Rs7,500 6.Paid for refreshment Rs100 7. Depreciate machinery worth Rs 50,000 @10% per annum Rs 50,000 8.Withdrew for personal use Rs 500 [Ans. 31,100]? in English & in Hindi are available as part of our courses for Commerce.
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Record the following transaction in the journal: 1.Sold goods to mahaveer Rs10,000 2.Goods returned by mahaveer Rs2,000 3. Purchased goods from Dinesh Rs5,000 4. Goods returned to Dinesh. Rs500 5.Cash received from mahaveer in full settlement of his account. Rs7,500 6.Paid for refreshment Rs100 7. Depreciate machinery worth Rs 50,000 @10% per annum Rs 50,000 8.Withdrew for personal use Rs 500 [Ans. 31,100]?, a detailed solution for Record the following transaction in the journal: 1.Sold goods to mahaveer Rs10,000 2.Goods returned by mahaveer Rs2,000 3. Purchased goods from Dinesh Rs5,000 4. Goods returned to Dinesh. Rs500 5.Cash received from mahaveer in full settlement of his account. Rs7,500 6.Paid for refreshment Rs100 7. Depreciate machinery worth Rs 50,000 @10% per annum Rs 50,000 8.Withdrew for personal use Rs 500 [Ans. 31,100]? has been provided alongside types of Record the following transaction in the journal: 1.Sold goods to mahaveer Rs10,000 2.Goods returned by mahaveer Rs2,000 3. Purchased goods from Dinesh Rs5,000 4. Goods returned to Dinesh. Rs500 5.Cash received from mahaveer in full settlement of his account. Rs7,500 6.Paid for refreshment Rs100 7. Depreciate machinery worth Rs 50,000 @10% per annum Rs 50,000 8.Withdrew for personal use Rs 500 [Ans. 31,100]? theory, EduRev gives you an
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