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2/15/24, 2:28 PM Journal Entry Problems and Solutions - Format - Examples
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Journal Entry Problems and

Solutions
Click Here To Download Journal Entry Problems and

Solutions
Previous Lesson: Accounting Variation Proforma Problems and
Solutions
Next Lesson: General Ledger Practice Questions
Journal entry is first step in accounting cycle. In order to understand
accounting, you need to practice journal entry problems and solutions.
Following are important journal entry problems and solutions.
Problem 1:
https://www.accountancyknowledge.com/journal-entry-problems-and-solutions/ 1/33
On April 01, 2016 Anees started business with Rs. 100,000 and other
transactions for the month are:
2. Purchase Furniture for Cash Rs. 7,000.
8. Purchase Goods for Cash Rs. 2,000 and for Credit Rs. 1,000 from
Khalid Retail Store.
14. Sold Goods to Khan Brothers Rs. 12,000 and Cash Sales Rs. 5,000.
18. Owner withdrew of worth Rs. 2,000 for personal use.
22. Paid Khalid Retail Store Rs. 500.
26. Received Rs. 10,000 from Khan Brothers.
30. Paid Salaries Expense Rs. 2,000
Click Here To Download Journal Entry Problems

Solution:
Journal Entry Format Download
>> Read explanation and examples of Journal Entry…
Problems 2:
Prepare general journal entries for the following transactions of a
business called Pose for Pics in 2016:
Aug. 1: Hashim Khan, the owner, invested Rs. 57,500 cash and Rs.
32,500 of photography equipment in the business.
04: Paid Rs. 3,000 cash for an insurance policy covering the next
24 months.
07: Services are performed and clients are billed for Rs. 10,000.
13: Purchased office supplies for Rs. 1,400. Cash paid Rs. 400 and
remaining outstanding.
20: Received Rs. 2,000 cash in photography fees earned previously.
24: The client immediately pays Rs. 15,000 for services to be
performed at a later date.
29: In addition, the business acquires photography equipment. The
purchase price is Rs. 100,000, pays Rs. 25,000 cash and signs a note
for the balance.
Click Here To Download Journal Entry Problems
Solution:
>> Understanding Chart of Accounts is required…
Problem 3:
On March 2017, Farhan Rahim, starts wholesaling business. Following
transactions as follows:
1. He started business with capital of Rs. 15,000 and Land worth Rs.
10,000.
8. Bought goods from Bilal and Friends Rs. 1,000 and by cash from
XYZ Co. Rs 2,000.
13. However, sold goods to Rehman & sons Rs. 1,500 and sale by cash
Rs. 5,000.
17. Gave away charity of cash Rs. 50 and merchandising worth Rs. 30.
21. Paid Bilal and Friends cash Rs. 975; discount received Rs. 25.
28. Received cash from Rehman & Sons Rs. 1,450; allowed him
discount of Rs. 50.
Journal Entry Format Download
Solution:
>> More reading Normal Balance…
Problem 4:
Shah Sauood Marine is a boat repair yard. During August 2016, its
transactions included the following:
03. Loan taken from Habib Bank Ltd. of Rs. 25,000. Rs. 20,000
withdrawn for business and remaining in the bank a/c.
06. Paid rent for the month of August Rs. 4,400 and accrued rent
expenses was Rs. 600.
12. At request of Kiwi Insurance, Inc, made repairs on boat of Jon
Seaways. Sent bill for Rs. 5,620 for services rendered to Kiwi
Insurance Inc. (credit Repair Service Revenue).
18. Made repairs to boat of Dennis Copper and collected in full the
charge of Rs. 2,830.
20. After that, placed Advertisement in The Dawn of Rs. 165, payment
to be made within 30 days.
25. Received a check for 5,620 from Kiwi Insurance Inc representing
collection of the receivable of August 12.
30. Sent check to The Dawn in payment of the liability incurred on
August 20.
Solution:
>> Golden Rules of Accounting…
Problems 5:
st
1 January, 2017, Saeed Ahmad started business other transactions for
the month of June as follows:
02. Purchased from Kareem goods of list price of Rs. 6,000 subject to
10% trade discount by cash.
04. Sold goods to Din Muhammad Rs. 800 and cash sales of Rs. 200.
10. Distributed goods worth Rs. 200 as free samples and goods taken
away by the proprietor for personal use Rs. 100.
12. Received discount Rs 20 and Commission Rs 500.
17. Goods returned by Din Muhammad Rs. 200 and payment other
outstanding amount.
24. Furniture lost by fire of worth Rs. 500.
30. Bad Debts during the period was Rs.100.
Solution:
>> See more Journal Entry Examples…
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References
Ramchandran, N., & Kakani, R. K. (2007). Financial Accounting for
Management. (2nd, Ed.) New Delhi: Tata McGraw Hill.
Sehgal, A., & Sehgal, D. (n.d.). Advanced Accountancy (Vol. I & II).
New Delhi: Taxmann Publication Pvt. Ltd.
Shukla, M. C., Grewal, T. S., & Gupta, S. C. (2008). Advanced
Accountancy (Vol. I & II). New Delhi: S Chand & Co.
Weygandt, J. J., Kimmel, P. D., & Kieso, D. E. (2012). Accounting
Principles (10th ed.). Hoboken: John Wiley & Sons, Inc.
Williams, M., & Bettner, H. (1999). Accounting (The basic for business
decisions). (11th, Ed.) USA: Irwin McGraw- Hill.
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Cash A/c ———————–Dr.

To capital A/c
Reply
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1. Pure Gold 500 gms issued to Goldsmith for converting

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received 550 gms of Gold Jewellery
Please help with this entry
Reply
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Reply
baris on October 12, 2021 at 10:26 am
Can someone help me on this ?
Prepare Journal entry:

1. Paid €3,000 cash on accounts payable.
2. Collected €1,000 of accounts receivable.
3. Purchased additional office equipment for €2,000,
paying €500 in cash and the balance on account.
4. Earned revenue of €10,000, of which €3,500 is received
in cash and the others on account.
5. Paid salaries €1,500, rent for July €900, and advertising
expense €400.
6. Incurred utilities expense for month on account €150.
7. Received €5,000 from Capital Bank (money borrowed
as a note payable).
Reply
Rogelio Macion on June 18, 2022 at 2:38 am
1. Account Payable 3,000

Cash. 3,000
2. Cash. 1,000
Acc. Receiv. 1,000
3. Equipment. 2,000
Cash 500
Acc. Pay. 1,500
4. Cash. 3,500
Bank. 6,500
Revenue. 10,000
5. Salaries Ex 1,500
Rent Ex. 900
Ad. Ex. 400
Cash. 2,800
6. Utilities 150
Utilities Payable. 150
7. Cash. 5,000
Notes Payable. 5,000
Reply
Aumi on November 11, 2022 at 3:36 pm
Prepare the journal by recording the

folllowing transactions
3-Dec Mrs.Veena started business by
introducing cash Rs5000 and Rs500000 as
transfer from her saving bank account in the
business.
5-Dec She Purchased furniture worth
Rs60000,50% payment made through the
bank account of the business and the rest

amount is payble.
7-Dec She purchased goods for sale,costing
her Rs 315000 and made the payment through
the business account.
8-Dec She sold off the entire goods at Rs
500000
10-Dec She paid rent , electricity , salary to
employees Rs 10000 of each type of expense
through the bank account
Reply
Kaori chaniza on April 4, 2023 at 3:38 am
What if the transaction ” ordered equipment

15,000″
What is the transaction?
Reply
Mandar on July 22, 2021 at 3:23 pm
Credit balance Journal entries for accounts payable Bank

charges journal entries?
Reply
Aditya on April 12, 2021 at 7:33 am
Loan taken RS. 200000 from union bank and paid for
following
company registration expenses RS. 80000

computer purchased for office use RS.45000
furniture RS.20000
(Remaining balance deposited into Punjab bank)
what is the journal entry of this question?
Reply
Zaheer Swati on April 17, 2021 at 9:29 am
Cash 200,000
Bank Loan 200,000
Reg. Exp. 80,000

Cash 80,000
Computer 45,000
Furniture 20,000
Cash 65,000
Bank 55,000
Cash 55,000
Reply
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IKRAM AHMED on October 11, 2020 at 7:13 pm
Q No.12 Use following title of accounts to complete

journal entries of given transactions.
CASH A/C RECEIVABLE A/C PAYABLE RENT
EXPENSE
DRAWING CAPITAL SALARIES EXPENSE
EQUIPMENT
FURNITURE SERVICE INCOME SUPPLIES
1. Mr. A deposited into bank Rs.50,000 to start a business
2. Paid rent for three months at Rs.2500 per month
3. Bought office equipment from B&Co. for Rs. 10000,
paid to them Rs.3000 and promised to pay
the balance after two months.
4. Rendered services to clients and received cash Rs. 5000
5. Purchase supplies for cash Rs. 400
6. Paid salaries to staff Rs. 5400
7. Bought furniture for Rs. 3200,paid to K&Co. Rs.1200
and promised to pay balance after one
month
8. Withdrew cash for personal use Rs. 3000
9. Billed to Nasir for services rendered Rs. 12500
10. Received from Nasir Rs.5000
INSTRUCTION
a. Prepare journal entries

b. Post to ledger accounts
c. Prepare a trial balance at July 31,2005
Reply
Bea on October 1, 2022 at 1:51 am
Journal Entry
1. Cash. 50,000
Mr. A, Capital. 50,000
2. Rent exp. 2,500
Cash. 2,500
3. Office equip. 10,000
Cash. 3,000
Account payable. 7,000
4. Cash. 5,000
Service Revenue. 5,000
5. Supplies. 400
Cash. 400
6. Salaries Exp. 5,400
Cash. 5,400
7. Furniture. 3,200
Cash. 1,200
Account payable. 2,000
8. Drawing. 3,000
Cash. 3,000
9. Account receivable. 12,500
Service revenue. 12,500
10. Cash. 5,000
Account receivable. 5,000
Trial Balance
Cash. 44,500
A/R. 7,500
Supplies. 400
Furniture. 3,200
Equipment. 10,000
A/P. 9,000
Capital. 50,000
Drawing. 3,000
Service revenue. 17,500
Rent Exp. 2,500
Salaries Exp. 5,400
TOTAL. 76,500. 76,500
Reply
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1. On January 3, 2019, Lynn Sanders’ printing service

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2. On January 5, 2019, purchases equipment on account
for $3,500, payment due within the month.
3. On January 9, 2019, receives $4,000 cash in advance
from a customer for services not yet
rendered/Delivered/performed.
4. On January 10, 2019, provides $5,500 in services to a
customer who asks to be billed for the services.
5. On January 12, 2019, Paid cash for electric bill, $75.00.
6. On January 15, 2019, pays a $300 utility bill with cash.
7. On January 17, 2019, receives $2,800 cash from a
customer for services rendered.
8. On January 18, 2019, Paid cash to owner for personal
use, $1,000
9. On January 19, 2019, paid in full, with cash, for the
equipment purchase on January 5.
10. On January 20, 2019, paid $3,600 cash in salaries
expense to employees.
11. On January 23, 2019, received cash payment in full
from the customer on the January 10 transaction.
12. On January 25, 2019, Sold services on account to
Connie Vaughn, $20,000
13. On January 27, 2019, provides $1,200 in services to a
customer who asks to be billed for the services.
14. On January 28, 2019, Paid cash for insurance,
$3,000.00.
15. On January 30, 2019, purchases supplies on account
for $500, payment due within three months.
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Reply
Abdullah khan on December 8, 2019 at 6:39 pm
Enter the transactions in the Journal of Rahman.

$
Aug. 01 Commenced business with cash 10,000
Aug. 03 Bought goods for cash 300
Aug. 05 Bought furniture for cash 2,000
Aug. 07 Sold goods to Nasir 1,000
Aug. 10 Purchase goods from Salman & Co. 300
Aug. 17 Sold goods for cash 150
Aug. 20 Received cash from Nasir $900 and allowed him

discount $100
Aug. 24 Paid salary to clerk 50
Aug. 26 Paid cash to Salman & Co. $290 and received
discount $10
Aug. 27 Bought weighting scale & iron safe for cash 185
Aug. 30 Paid general expenses for the current month 50
Aug. 30 Paid rent 100
Aug. 30 Paid salary 500
Aug. 31 Paid trade expenses 30
please solve
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Arushi on November 3, 2022 at 1:07 pm
*Started business bringing tk 100000 cash, inventory

tk 200000, furniture tk 100000 and equipment tk
100000
*Three months rent tk 15000were paid in advance

*Purchased of goods on account tk 200000
Reply
Monika on January 11, 2019 at 5:42 am
mohan and sons started a computer company . by investing

rs 100000 in cash and furniture worth 100,000 investment
worth rs 50,000 machines rs rs 100,000 shares at rs 40,000
and bulding 100000 .(2) company has taken a loan on the 1
april from punjab national bank worth rs.200000 at 10%
interest rer annum. ees question ka answer journal entry
kar ka bhtao
Reply
Aruna on December 14, 2019 at 11:23 am
Cash A/c Dr 100000

Furniture a/c Dr 100000
Machinery a/c Dr 100000
Investment a/c Dr 50000
Stocks a/c Dr 40000
Building a/c Dr 100000
To Capital a/c Cr 490000
Bank a/c Dr 200000

To Loan a/c Cr 200000
Reply
Ziyaur Rahman khan on September 27, 2022 at 1:53 pm
june 1 Anil commenced a business with cash

10000
Reply
mohamoud on January 4, 2020 at 7:06 pm
Thanks you my bro
Reply
Rohit sharma on November 2, 2022 at 5:50 am
Jan1 started business with cash RS 500000

Jan 1 started business with cash RS 400000
and building RS 600000
Jan 7 cash deposited into bank RS 5000
Jan 20 salary paid for the month of RS 20000
Jan 30 Rent paid cheque RS 30000
Reply
Rohit sharma on November 2, 2022 at 5:58 am
March 1 furniture purchase by cash RS 80000

March 3 building sold by cash RS 20000
March 7 rent paid RS 30000
March 11 salary paid RS 40000
Required:(1) journal entries.
(2) ledger of cash A/C .
Reply
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2/15/24, 2:28 PM Journal Entry Problems and Solutions - Format - Examples

Journal Entry Problems and

Click Here To Download Journal Entry Problems and

Previous Lesson: Accounting Variation Proforma Problems and

Next Lesson: General Ledger Practice Questions

Journal entry is first step in accounting cycle. In order to understand

accounting, you need to practice journal entry problems and solutions.

Following are important journal entry problems and solutions.

transactions for the month are:

2. Purchase Furniture for Cash Rs. 7,000.

Khalid Retail Store.

18. Owner withdrew of worth Rs. 2,000 for personal use.

22. Paid Khalid Retail Store Rs. 500.

26. Received Rs. 10,000 from Khan Brothers.

30. Paid Salaries Expense Rs. 2,000

Click Here To Download Journal Entry Problems

Journal Entry Format Download

>> Read explanation and examples of Journal Entry…

business called Pose for Pics in 2016:

32,500 of photography equipment in the business.

20: Received Rs. 2,000 cash in photography fees earned previously.

24: The client immediately pays Rs. 15,000 for services to be

performed at a later date.

29: In addition, the business acquires photography equipment. The

for the balance.

Click Here To Download Journal Entry Problems

>> Understanding Chart of Accounts is required…

XYZ Co. Rs 2,000.

discount of Rs. 50.

Journal Entry Format Download

>> More reading Normal Balance…

transactions included the following:

withdrawn for business and remaining in the bank a/c.

expenses was Rs. 600.

12. At request of Kiwi Insurance, Inc, made repairs on boat of Jon

Insurance Inc. (credit Repair Service Revenue).

charge of Rs. 2,830.

to be made within 30 days.

collection of the receivable of August 12.

30. Sent check to The Dawn in payment of the liability incurred on

>> Golden Rules of Accounting…

the month of June as follows:

10% trade discount by cash.

away by the proprietor for personal use Rs. 100.

12. Received discount Rs 20 and Commission Rs 500.

24. Furniture lost by fire of worth Rs. 500.

30. Bad Debts during the period was Rs.100.

>> See more Journal Entry Examples…

Follow Page Share

Back To Accounting Problems and Solutions

Next To General Ledger Problems and Solutions

Journal Entry MCQs

Journal Entry Examples

Journal Entry Questions

Journal Entry Format

Journal Entry Proforma Exercises

Journal Entry Problems PDF

Golden Rule of Accounts

Accounting Variation Proforma

Management. (2nd, Ed.) New Delhi: Tata McGraw Hill.

New Delhi: Taxmann Publication Pvt. Ltd.

Shukla, M. C., Grewal, T. S., & Gupta, S. C. (2008). Advanced

Accountancy (Vol. I & II). New Delhi: S Chand & Co.