Question

Journalise the following transactions in the books of Prakash:

(i) Opened a current account with Punjab National Bank ₹ 1,00,000.
(ii) Received a cheque of ₹ 12,900 from Chandradev and allowed discount ₹ 300 to him. The cheque was deposited into Bank on the same day.
(iii) Purchased machinery for ₹ 1,00,000, payment made by cheque. Installation charge of machinery ₹ 6,000 paid in cash.
(iv) Purchased a horse for business for ₹ 20,000.
(v) Sold goods to Gokul at a list price of ₹ 4,000. Trade discount 10% and cash discount 5%. He paid the amount on the same day and availed the cash discount.
(vi) Purchased goods for ₹ 10,000 and paid ₹ 400 for carriage on these goods.
(vii) Additional cash introduced by the proprietor ₹ 40,000.
(viii) Purchased stationery ₹ 800 and postal stamps ₹ 100.
(ix) Withdrawn from bank ₹ 20,000.
(x) Received an order to supply goods of ₹ 40,000 from Manu and received ₹ 10,000 as an advance together with the order.
(xi) Cash ₹ 10,000 and goods worth ₹ 4,000 were stolen.
(xii) Purchased goods from Devendra for ₹ 40,000 and the payment was made by cheque.
(xiii) Sold 1/4th of the above goods at a profit of 25% on cash.

Answer 1

Journal
Date	Particulars		L.F.	Debit Amount (₹)	Credit Amount (₹)
(i)	Bank A/c	Dr.		1,00,000
	To Cash A/c				1,00,000
	(opened a bank account in PNB)
(ii)	Bank A/c	Dr.		12,900
	Discount Allowed A/c	Dr.		300
	To Chandradev				13,200
	(received cheque from Chandradev and allowed discount)
(iii)	Machinery A/c	Dr.		1,06,000
	To Bank A/c				1,00,000
	To Cash A/c				6,000
	(machinery purchased and installation charges paid)
(iv)	Livestock A/c	Dr.		20,000
	To Cash A/c				20,000
	(purchased horse for business)
(v)	Cash A/c	Dr.		3,420
	Discount Allowed A/c	Dr.		180
	To Sales A/c				3,600
	(sold goods to Gokul and received payment)
(vi)	Purchases A/c	Dr.		10,000
	Carriage inwards A/c	Dr.		400
	To Cash A/c				10,400
	(purchases made and carriage paid)
(vii)	Cash A/c	Dr		40,000
	To Capital A/c				40,000
	(capital introduced)
(viii)	Stationery A/c	Dr.		800
	Postage A/c	Dr.		100
	To Cash A/c				900
	(stationery & postal stamps bought)
(ix)	Cash A/c	Dr.		20,000
	To Bank A/c				20,000
	(withdrawn from bank)
(x)	Cash A/c	Dr.		10,000
	To Manu(Advance)				10,000
	(Advance received from Manu)
(xi)	Loss by theft A/c	Dr.		14,000
	To Purchases A/c				4,000
	To Cash A/c				10,000
	(cash & goods stolen)
(xii)	Purchases A/c	Dr.		40,000
	To Bank A/c				40,000
	(purchases paid via cheque)
(xiii)	Cash A/c	Dr.		12,500
	To Sales A/c				12,500
	(1/4 th of the goods sold @25% profit)
	TOTAL			3,90,600	3,90,600