Journal Entry for Exam Based Problems | Journal Entries | Mixed Problems of Journal Entries

 

 

Basic journal entries:

Journal entry for business started (capital)

Journal entry for business goods (inventory, merchandise) purchases

Journal entry for business goods (inventory, merchandise) sold

Journal entry for assets purchase

Journal entry for assets sold (at loss or at profit)

Journal entry for full settlement (discount allowed and discount received)

Journal entry for loan taken, loan given and investment

Journal entry for operating expenses

Journal entry for outstanding expenses (expenses payable)

Journal entry for prepaid expenses (advance expenses)

Journal entry for drawings and withdrawals

Journal entry for purchase returns (return outward, return to creditors and suppliers)

Journal entry for sales returns (return inward, return from debtors and customers)

Journal entry for sundry income (commission, discount, interest, rent)

Journal entry for depreciation on fixed assets (tangible assets)

Journal entry for amortisation on fictitious assets (intangible assets)

Journal entry for appreciation on fixed assets (tangible assets)

Journal entry for bad debts, provision for bad debts and discount to debtors

Journal entry for bad debts recovered

Journal entry for goods (inventory, merchandise) lost and insurance claim

Journal entry for free samples

 

 

********************

 

EXAM  BASED  PROBLEMS  OF  JOURNAL  ENTRIES

Here, Amount = Rs = $ = £ = € = ₹ = Af = ৳ = Nu = Rf = රු = 

problem: 1      

The following information is given to you by Syanja Traders:

Feb 1,     Business commenced with cash Rs 2,00,000 and machinery worth Rs 50,000.

Feb 2,     Stationery purchased in cash worth Rs 2,000.         

Feb 3,     Goods purchase in cash Rs 80,000.

Feb 4,     Goods sold in cash Rs 50,000.

Feb 5,     Computer purchased Rs 30,000.

Feb 6,     A part of machinery sold for Rs 10,000.

Required: Journal entries

 

Here, Amount = Rs = $ = £ = € = ₹ = Af = ৳ = Nu = Rf = රු = Br = P = ₦ = Birr = Currency of your country 

problem: 2      

Namuna Traders has following extracted transactions:

    Jan 5,      Business started with cash Rs 2,00,000 and furniture Rs 30,000.

    Jan 6,      Good sold to debtor worth Rs 30,000.

    Jan 7,      Damaged goods returned by debtor of Rs 1,000.

    Jan 8,      Unused furniture was disposed-off for Rs 2,000.

    Jan 9,      Salary paid to Ganesh Rs 8,000.

    Jan 10,   Debtor settled his account after receiving cash discount of Rs 500.

Required: Journal entries

[Answer: Cash received = Rs 28,500]

Here, Amount = Rs = $ = £ = € = ₹ = Af = ৳ = Nu = Rf = රු = Br = P = ₦ = Birr = Currency of your country 

problem: 3      

Rajan Traders has following data:

    March 1, Goods purchased on-credit Rs 30,000.

    March 2, Goods withdrawn by proprietor for personal use Rs 3,000.

    March 3, Goods destroyed by fire of Rs 15,000 and claim admitted by insurance company for Rs 10,000.

    March 4, Goods returned to creditor Rs 2,000.

    March 5, Cash paid to creditor Rs 27,500 in full settlement.

    March 6, Amount due from Bharat Rs 5,000 has been written off as bad debts.

Required: Journal entries

[Answer: Discount received = Rs 500]

Here, Amount = Rs = $ = £ = € = ₹ = Af = ৳ = Nu = Rf = රු = Br = P = ₦ = Birr = Currency of your country 

problem: 4      

Following transactions are given by ST Business Concern:

    April 2:   Business started with cash Rs 2,00,000.

    April 3:   Bank account open with deposited Rs 1,00,000.

    April 4:   Out of goods purchased from Bhawana of Rs 50,000; Rs 30,000 is paid in cash and rest on-credit.

    April 6:   Goods sold to Shanti Rs 25,000.

    April 8:   Settled Bhawana’s account by issuing cheque Rs 19,500.

    April 9:   Shanti settled her account and allowed her 3% discount.

Required: Journal entries

[Answer: Discount received = Rs 500; Discount allowed = Rs 750]

###########

Click on link for YouTube videos

ACCOUNTING EQUATION  http://tiny.cc/c89jkz

BASIC JOURNAL ENTRIES IN NEPALI http://tiny.cc/uaakkz

BASIC JOURNAL ENTRIES http://tiny.cc/8aakkz

JOURNAL ENTRY AND LEDGER http://tiny.cc/caakkz

LEDGER http://tiny.cc/haakkz

SUBSIDIARY BOOK http://tiny.cc/399jkz

CASH BOOK http://tiny.cc/889jkz

TRIAL BALANCE & ADJUSTED TRIAL BALANCE http://tiny.cc/c59jkz

BANK RECONCILIATION STATEMENT (BRS) http://tiny.cc/q59jkz

DEPRECIATION http://tiny.cc/ugakkz

FINAL ACCOUNT: CLASS 11 http://tiny.cc/y89jkz

ADJUSTMENT IN FINAL ACCOUNT http://tiny.cc/keakkz

CAPITAL AND REVENUE http://tiny.cc/peakkz

SINGLE ENTRY SYSTEM http://tiny.cc/n19jkz

NON-PROFIT ORGANIZATION (NON-TRADING CONCERN http://tiny.cc/j09jkz

GOVERNMENT ACCOUNTING http://tiny.cc/hcakkz

GOSWARA VOUCHER (JOURNAL VOUCHER) http://tiny.cc/hcakkz

###########

 

Here, Amount = Rs = $ = £ = € = ₹ = Af = ৳ = Nu = Rf = රු = Br = P = ₦ = Birr = Currency of your country 

problem: 5      

SM Traders has following extracted transaction:

(a) Started business with bank Rs 5,00,000 and equipment Rs 50,000.

(b) Cash withdrew from bank Rs 50,000 for office use and Rs 25,000 for personal use.

(c) Depreciation on equipment Rs 5,000.

(c) Bad debts recovered Rs 3,000 written off previous year.

(d) VAT/GST paid through bank Rs 20,000.

Required: Journal entries

 

Here, Amount = Rs = $ = £ = € = ₹ = Af = ৳ = Nu = Rf = රු = Br = P = ₦ = Birr = Currency of your country 

problem: 6      

SK Traders has following extracted transaction:

(a) Goods purchased on credit Rs 250,000 and bill accepted for three month.

(b) Goods sold Rs 2,00,000 bill received for the same. 

(c) Appreciation on land Rs 3,00,000.

(d) Manoj became insolvent and recovered 60 paisa in a rupee of Rs 10,000 by cheque.

(e) VAT (sales tax) payable to the government Rs 15,000.

Required: Journal entries

 

Here, Amount = Rs = $ = £ = € = ₹ = Af = ৳ = Nu = Rf = රු = Br = P = ₦ = Birr = Currency of your country 

problem: 7      

CN Traders has following extracted transaction:

(a) Old bike costing Rs 1,00,000 exchanged for new bike of Rs 2,50,000 and balance amount paid in cash.

(b) Goods worth Rs 5,000 was stolen.

(c) Interest charged on capital @ 6% (capital Rs 5,00,000)

(d) 12% Loan paid to Mega Bank of Rs 3,00,000 after 6 months by cheque. 

(e) 10% Dividend received at bank on share investment of Rs 50,000.

Required: Journal entries

 

***********

Thank for investing your time.

Please comment on article.

You can help me by sharing this article at your social media platform.

 

Jay Google, Jay YouTube, Jay Social Media
जय गूगल, जय युट्युब, जय सोशल मीडिया