Page 96 - DCOM101_FINANCIAL_ACCOUNTING_I

Financial Accounting-I

Notes January 31 Goods worth `800 taken by Mr. Shiv Kumar for his personal use.

January 31 Paid salaries to staff `3,600.
January 31 Paid into bank `40,000.
January 31 Bought 200 shares in Dehradun Chemicals Ltd. at `11, per share Brokerage paid
`50.

January 31 Received `11,800 from Shobhit & Co. discount allowed `200.
Solution:

Journal Proper
Date Particulars L.F. Amount Amount
(Dr.) (Cr.)
2008 ` `
January 01 Cash Account Dr. 31,400
Bank Account Dr. 50,800
To Capital Account 82,200
(Entry made for opening balances)
January 24 Furniture Account Dr. 1,600
To Sardar Furniture House 1,600
(Being purchase of furniture on credit from
Sardar Furniture House)
January 28 Bad Debts Account Dr. 2,000
To Karim 2,000
(On the insolvency of Karim 50 paise in a rupee
received and balance treated as bad debts)
January 31 Interest on Capital Account Dr. 822
To Capital Account 822
(Interest on capital charged)
January 31 Drawing Account Dr. 800
To purchase Account 800
(Proprietor took goods for personal use)
January 31 Capital Account Dr. 1,800
To Drawing Account 1,800
(Balance of drawing account transferred to
Capital account)
Total 89,222 89,222

Sales Book
Date Particulars L.F. Details Amount
` `
2008
Jan. 7 Shobhit & Co.: Sale of goods 17,800
(–) 20% discount 3,560 14,240
Jan. 12 Karim: Sale of goods 12,800
Jan. 31 Total: Sale – Credit balance 27,040

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