Transfer Entry in Journal Proper
Arjun EP
Journal proper refer to the special types of journals which occur occasionally. Journal proper contents opening entries, closing entries and transfer entry
Transfer Entry
When accounts are transferred from one account to another, it is known as transfer entry.
It is combination of allied items; it is necessary to pass transfer entry.
The transfer entry will be passed as follows:
Here, Amount = Rs = $ = £ = € = ₹ = Af = ৳ = Nu = Rf = රු =
PROBLEM: 4
You have following extracted information:
Gross profit $/₹/Rs 150,000
Net profit $/₹/Rs 80,000
Drawings $/₹/Rs 7,700
Required: Transfer entries in journal proper
SOLUTION
Journal Entry
|
Date |
Particulars |
|
LF |
Amount |
Amount |
|
|
Gross profit account To Profit and loss account (Being- gross profit transferred to profit and loss account) |
Dr
|
|
150,000
|
150,000 |
|
|
Net profit account To Capital account (Being- net profit transferred to capital account) |
Dr
|
|
80,000
|
80,000 |
|
|
Capital account To Drawings account (Being- drawings transferred to capital account) |
Dr
|
|
7,500
|
7,500 |
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|
PROBLEMS AND ANSWERS |
Here, Amount = Rs = $ = £ = € = ₹ = Af = ৳ = Nu = Rf = රු =
Basic Problem: 4
You have following extracted information:
Gross profit $/₹/Rs 225,000
Net profit $/₹/Rs 180,000
Transfer to general reserve from net profit @ 10%
Drawings $/₹/Rs 5,300
Required: Transfer entries in journal proper
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