Page 46 - DEBK-XI(2020)

Journal 8.15

6. Journalise the following transactions in the books of Gupta Bros., Lucknow (UP):

2020 `
March 1 Started business with cash ` 30,000; goods worth ` 15,000 and furniture worth ` 20,000
March 2 Paid into bank 20,000
March 3 Bought goods from Mohan Bros., Lucknow 7,000
March 4 Sold goods to Goyal Bros., Kanpur 6,000
March 5 Bought a computer against cheque 20,000
March 7 Received from salesman for goods sold by him after deducting conveyance expenses ` 150 2,850
March 10 Goyal Bros. gave cheque; deposited in the bank 6,000
March 11 Paid to Mohan Bros. by cheque 6,700
Discount allowed by him 300
March 13 Received an order for goods along with advance of ` 1,000 in cash from Mahesh 5,000
March 15 Interest received from bank 400
March 20 Bank intimates that the cheque of Goyal Bros. is returned dishonoured
March 22 Paid rent by cheque 6,000
March 23 Salaries for the month of February remains unpaid 30,000
Solution: JOURNAL OF GUPTA BROS.

Date Particulars L.F. Dr. (`) Cr. (`)
2020
March 1 Cash A/c ...Dr. 30,000
Stock A/c ...Dr. 15,000
Furniture A/c ...Dr. 20,000
To Capital A/c 65,000
(Being the business started with cash, goods and furniture)
March 2 Bank A/c ...Dr. 20,000
To Cash A/c 20,000
(Being the cash paid into bank)

March 3 Purchases A/c ...Dr. 7,000
To Mohan Bros. 7,000
(Being the goods purchased from Mohan Bros., Lucknow)
March 4 Goyal Bros. ...Dr. 6,000
To Sales A/c 6,000
(Being the goods sold to Goyal Bros., Kanpur)
March 5 Computer A/c ...Dr. 20,000
To Bank A/c 20,000
(Being the computer purchased against cheque)
March 7 Cash A/c ...Dr. 2,850
Conveyance Expenses A/c ...Dr. 150
To Sales A/c 3,000
(Being the cash received from salesman after deducting conveyance expenses)
March 10 Bank A/c ...Dr. 6,000
To Goyal Bros. 6,000
(Being the cheque received from Goyal Bros. deposited in bank)