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Commonly used Journal Entry Problems and Solutions are here for students. Journal entry is first step in accounting cycle...
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For the following transactions, pass journal entries for the month of January, 2018. Jan. Rs. 1 Commenced business with cash 90,000. 2 Purchased goods from X and Co. on credit 40,000. 3 Accepted bill drawn by X and Co. 20,000. 4 Sold goods to D and Co. on credit 10,000. 5 Paid by cash the bill drawn by X and Co.
Here are examples of transactions, their journal entries, and explanation on how we prepared them. Learn how to prepare journal entries correctly in this lesson ...
20 Δεκ 2023 · Example 2. Pass the necessary journal entries in the books of Reshi Raj, (a) On 1 April 2023, Cash Purchases ₹20,000. (b) On 9 April 2023, Sold goods to Rama at the list price of ₹60,000 at a trade discount of 10%. (c) On 11 April 2023, Vinod sold goods to us worth ₹30,000 at a 10% trade discount.
Our journal entry problems progress from basic to advanced, allowing students and professionals of all levels to challenge themselves. Beginners can start with simple transactions, while more experienced users can tackle complex accounting scenarios.
The journal book must record every business transaction, which means entries need to be made. In accounting lingo, this is called a journal entry. We will provide you with 20 frequently asked journal entry examples on Google along with their logic.
Example 3: Investing Activities The company purchased $12,000 equipment and paid in cash. Analysis of Transaction
