Register now or log in to join your professional community.
Pass the journal entries for the following transactions in
the Books of Mr S.K.Jain?
a) He Sold old furniture for Rs/-
b) He received insurance commission of Rs0/-
c) Rent paid by cheque Rs/-
d) He incurred traveling expenses of Rs/-
Cash Debit Rs/- 5000
Furniture Credit Rs/- 5000
Answer a) Cash --Debit Rs/- 5000
Furniture Credit Rs/- 5000
b)
Bank debit
Insurance comission credit
C) rent exenses -Debit
Bank - Credit
D) Traveling Expenses - Debit
Traveling expenses payable - Credit
1. sales account --------dr 5000
to furniture acconut ---------cr 5000
2. mr s.k.jain account -----dr 5000
to insurance commission account -----cr 5000
3 . rent account ------dr
to bank ----cr
4.travelling expenses account ----dr
to mr. s.k.jain -------cr