Question 1: Journalise the following transactions

01.01. 2021 - David started business with cash $ 100,000

02.01. 2021 -Paid into Bank $ 70,000
03.01. 2021 -Bought goods for cash $ 5000
04.01. 2021 -Sold goods $ 50,000
05.01. 2021 -Bought goods from X $ 55,000
06.01. 2021 -Sold goods to Y $ 30,000
07.01. 2021 -Received from Y $ 30,000
08.01. 2021 -Paid to X $ 55,000
09.01. 2021 -Purchase building $ 700,000
10.01. 2021 -Sold furniture $ 30,000
DATE PARTICULARS LF DEBIT ($) CREDIT ($)

01.01. 2021 Cash A/C 100,000

Capital A/C 100,000

(Narration)

02.01. 2021 Bank A/C 70,000

Cash A/C 70,000

(Narration)

03.01. 2021 Purchase A/C 5,000

Cash A/C 5,000

(Narration)

04.01. 2021 Cash A/C 50,000

Sales A/C 50,000

(Narration)

05.01.2021 Purchase A/C 55,000

X's A/C (Creditor) 55,000

(Narration)

06.01.2021 Y's A/C (Debtor) 30,000

Sales A/C 30,000

(Narration)

07.01.2021 Cash A/C 30,000

Y's A/C (Debtor) 30,000

(Narration)

08.01.2021 X's A/C (Creditor) 55,000

Cash A/C 55,000

(Narration)

09.01.2021 Building A/C 700,000

Cash A/C 700,000

(Narration)

10.01.2021 Cash A/C 30,000

Furniture A/C 30,000

(Narration)
Question 2: Journalise the following transactions

01.02.2021 - Paid rent $ 5,000

02.02.2021 - Paid Salary $ 10,000
03.02.2021 - Cash withdrawal from personal use $ 50,000
04.02.2021 - Paid income tax $ 70,000
05.02.2021 - Commission Received $ 25,000
06.02.2021 - Commission Paid $ 10,000
07.02.2021 - Purchassed computer through cheque - $ 20,000
08.02.2021 - Purchased goods for cash - $ 50,000
09.02.2021 - Sold goods for cash $ 100,000
10.02.2021 - Depreciation on Machinery @ 10% on $ 500,000
DATE PARTICULARS LF DEBIT ($) CREDIT ($)
01.02. 2021 Rent A/C 5,000
Cash A/C 5,000
(Narration)
02.02. 2021 Salary A/C 10,000
Cash A/C 10,000
(Narration)
03.02. 2021 Ddrawings A/C 50,000
Cash A/C 50,000
(Narration)
04.02. 2021 Income Tax A/C 70,000
Cash A/C 70,000
(Narration)
05.02.2021 Cash A/C 25,000
Commission Received 25,000
(Narration)
06.02.2021 Commission paid 10,000
Cash A/C 10,000
(Narration)
07.02.2021 Computer A/C 20,000
Bank A/C 20,000
(Narration)
08.02.2021 Purchase A/C 50,000
Cash A/C 50,000
(Narration)
09.02.2021 Cash A/C 100,000
Sales A/C 100,000
(Narration)
10.02.2021 Depreciation A/C 50,000
Machinery A/C 50,000
(Narration)
Question 3: Journalise the following transactions

01.03.2021 - Outstanding Salary $ 20,000

02.03.2021 - Prepaid Rent $ 5,000

03.03.2021 - Interest due but not paid $ 7,000

04.03.2021 - Unexpired Insurance $ 20,000

05.03.2021 - Commission Received in advance $ 10,000

06.03.2021 - Accrued income (Interest) $ 8,000

07.03.2021 - Allow 10% Interest on Capital of $ 100,000

08.03.2021 - Rent due to Land Loard $ 5,000

09.03.2021 - Interest on Drawings $ 5,000

10.03.2021 - Introduced additional capital by cheque $ 40,000

DATE PARTICULARS LF DEBIT ($) CREDIT ($)
01.03. 2021 Salary A/c 20,000
Outstanding Salary 20,000
(Narration)
02.03. 2021 Prepaid Rent 5,000
Cash A/C 5,000
(Narration)
03.03. 2021 Interest on Bank Loan 7,000
Interest Outstanding A/C 7,000
(Narration)
04.03. 2021 Prepaid Insurance 20,000
Cash A/C 20,000
(Narration)
05.03.2021 Cash A/C 10,000
Commission Received in Advance 10,000
(Narration)
06.02.2021 Accrued Interest A/C 8,000
Interest A/C 8,000
(Narration)
07.02.2021 Interest on Capital A/C 10,000
Capital A/C 10,000
(Narration)
08.02.2021 Rent A/C 5,000
Outstanding Rent A/C 5,000
(Narration)
09.02.2021 Drawings A/C 5,000
Interest on Drawings 5,000
(Narration)
10.02.2021 Bank A/C 40,000
Capital A/C 40,000
(Narration)