Journalise the following transactions in the books of Mr. Sancheti.

2011 Oct.

1

Mr. Sancheti received Rs 50,000 from his uncle as a gift and deposited the same into the account of business Bank of India A/c.

3

Purchased goods of Rs 15,000 from Mahesh.

5

Sold goods on credit to Suman for Rs 18,000.

7

Goods of Rs 600 being defective returned by Suman.

11

Remitted cash to Mahesh Rs 14,800 and received discount Rs 200.

15

Bought machinery from KK & Co. Rs 30,000 and half the amount paid immediately.

17

Paid for repairs to Machinery Rs 400.

20

Purchased a horse for Rs 4,800 and carriage charges Rs 200 paid.

25

Withdrawn from bank Rs 5,000 for personal use.

27

Amount due from Girish Rs 900 is proved to be irrecoverable and has to be written off as bad.

29

Paid for sales vouchers Rs 1,100.

31

Paid Insurance Premium Rs 6,000.

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Solution

In the Books of Mr. Sancheti

Journal

Date

Particulars

L.F.

Debit

Amount

(Rs)

Credit

Amount

(Rs)

Oct

2011

1

Bank A/c

Dr.

50,000

To Capital A/c

50,000

(Amount in business)

3

Purchases A/c

Dr.

15,000

To Mahesh

15,000

(Goods purchased from Mahesh on credit)

5

Suman

Dr.

18,000

To Sales A/c

18,000

(Goods sold on credit to Suman)

7

Sales Return A/c

Dr.

600

To Suman A/

600

(Goods returned by Suman)

11

Mahesh

Dr.

15,000

To Cash A/c

14,800

To Discount Received A/c

200

(Cash remitted to Mahesh and discount received)

15

Machinery A/c

Dr.

30,000

To Cash A/c

15,000

To KK & Co.

15,000

(Machinery purchased from KK & Co. and half of the amount paid in cash)

17

Repairs to Machinery A/c

Dr.

400

To Cash A/c

400

(Repairs made to Machinery)

20

Horse A/c

Dr.

4,800

Carriage A/c

Dr.

200

To Cash A/c

5,000

(Horse purchased and carriage paid)

25

Drawings A/c

Dr.

5,000

To Bank A/c

5,000

(Amount withdrawn from Bank from personal use)

27

Bad Debts A/c

Dr.

900

To Girish

900

(Amount due from Girish is found irrecoverable)

29

Purchases A/c

Dr.

1,100

To Cash A/c

1,100

(Amount paid for Sales Voucher)

31

Insurance Premium A/c

Dr.

6,000

To Cash A/c

6,000

(Insurance Premium paid)

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2011 Oct.	1	Mr. Sancheti received Rs 50,000 from his uncle as a gift and deposited the same into the account of business Bank of India A/c.
	3	Purchased goods of Rs 15,000 from Mahesh.
	5	Sold goods on credit to Suman for Rs 18,000.
	7	Goods of Rs 600 being defective returned by Suman.
	11	Remitted cash to Mahesh Rs 14,800 and received discount Rs 200.
	15	Bought machinery from KK & Co. Rs 30,000 and half the amount paid immediately.
	17	Paid for repairs to Machinery Rs 400.
	20	Purchased a horse for Rs 4,800 and carriage charges Rs 200 paid.
	25	Withdrawn from bank Rs 5,000 for personal use.
	27	Amount due from Girish Rs 900 is proved to be irrecoverable and has to be written off as bad.
	29	Paid for sales vouchers Rs 1,100.
	31	Paid Insurance Premium Rs 6,000.

Journal
Date	Particulars		L.F.	Debit Amount (Rs)	Credit Amount (Rs)
Oct 2011
1	Bank A/c	Dr.		50,000
	To Capital A/c				50,000
	(Amount in business)

3	Purchases A/c	Dr.		15,000
	To Mahesh				15,000
	(Goods purchased from Mahesh on credit)

5	Suman	Dr.		18,000
	To Sales A/c				18,000
	(Goods sold on credit to Suman)

7	Sales Return A/c	Dr.		600
	To Suman A/				600
	(Goods returned by Suman)

11	Mahesh	Dr.		15,000
	To Cash A/c				14,800
	To Discount Received A/c				200
	(Cash remitted to Mahesh and discount received)

15	Machinery A/c	Dr.		30,000
	To Cash A/c				15,000
	To KK & Co.				15,000
	(Machinery purchased from KK & Co. and half of the amount paid in cash)

17	Repairs to Machinery A/c	Dr.		400
	To Cash A/c				400
	(Repairs made to Machinery)

20	Horse A/c	Dr.		4,800
	Carriage A/c	Dr.		200
	To Cash A/c				5,000
	(Horse purchased and carriage paid)

25	Drawings A/c	Dr.		5,000
	To Bank A/c				5,000
	(Amount withdrawn from Bank from personal use)

27	Bad Debts A/c	Dr.		900
	To Girish				900
	(Amount due from Girish is found irrecoverable)

29	Purchases A/c	Dr.		1,100
	To Cash A/c				1,100
	(Amount paid for Sales Voucher)

31	Insurance Premium A/c	Dr.		6,000
	To Cash A/c				6,000
	(Insurance Premium paid)