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Fourth Day Tally Contents (Journal Entry Part - 2)

The document records various business transactions of a sole proprietorship including starting the business with cash, furniture, and machinery, purchasing and selling goods from various parties some for cash and some on credit, providing and receiving trade discounts on purchases and sales, and paying expenses such as salary, printing, and wages. Debits and credits are recorded for the corresponding accounts along with the accounting rules applied for each transaction.

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Kamlesh Kumar
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91 views9 pages

Fourth Day Tally Contents (Journal Entry Part - 2)

The document records various business transactions of a sole proprietorship including starting the business with cash, furniture, and machinery, purchasing and selling goods from various parties some for cash and some on credit, providing and receiving trade discounts on purchases and sales, and paying expenses such as salary, printing, and wages. Debits and credits are recorded for the corresponding accounts along with the accounting rules applied for each transaction.

Uploaded by

Kamlesh Kumar
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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TALLY

JOURNAL ENTRY
JOURNAL ENTRY
• 1.Started business with cash Rs.10,000,furniture Rs.4,000 and
machinery Rs.5,000.
• 2.Bought goods from Anil on credit Rs. 4,000 and for cash
Rs.5,000.
• 3.Sold goods to Rajesh on credit Rs.5,000 and for cash
Rs.3,000.
• 4. Bought goods from Arun Subject to trade discount of 2% of
Rs.2,000.
• 5. Sold goods to Ramesh subject to trade discount of 5% of
Rs.4,000.
• 6. Paid salary Rs.1,000, printing Rs.150 and wages rs.100.
1. STARTED BUSINESS WITH CASH RS.10,000,
FURNITURE RS.4,000 AND MACHINERY RS.5,000.

Account Involved Debit / Credit Amount Rule Applied

Cash A/c Debit Rs 10000/- Real A/c – Dr. what comes in

Furniture A/c Debit Rs 4000/- Real A/c – Dr. what comes in

Machinery A/c Debit Rs 5000/- Real A/c – Dr. what comes in

To Capital A/c Credit Rs 19000/- Personal A/c – Cr. the Giver


2. BOUGHT GOODS FROM ANIL ON CREDIT RS. 4,000
AND FOR CASH RS.5,000.

Account Involved Debit / Credit Amount Rule Applied

Purchase A/c Debit Rs. 9000/- Nominal A/c – Dr. all expenses

To anil A/c Credit Rs. 4000/- Personal A/c – Cr. the Giver

To cash A/c Credit Rs. 5000/- Real A/c – Cr. what goes out
3.SOLD GOODS TO RAJESH ON CREDIT RS.5,000 AND
FOR CASH RS.3,000.

Account Involved Debit / Credit Amount Rule Applied

Rajesh A/c Debit Rs. 5000/- Personal – Dr. the Receiver

Cash A/c Debit Rs. 3000/- Real A/c – Dr. what comes in

Nominal A/c – Cr. all income


To Sales A/c Credit Rs. 8000/-
and gain
4. BOUGHT GOODS FROM ARUN SUBJECT TO TRADE
DISCOUNT 2% OF RS.2,000.

Account Involved Debit / Credit Amount Rule Applied

Purchase A/c Debit Rs. 2000/- Nominal A/c – Dr. all expenses

Nominal A/c – Cr. all income


To discount receive A/c Credit Rs. 40/-
and gain

To Arun A/c Credit Rs. 1960/- Personal A/c – Cr. the Giver
5. SOLD GOODS TO RAMESH SUBJECT TO TRADE
DISCOUNT OF 5% OF RS.4,000.

Account Involved Debit / Credit Amount Rule Applied

Ramesh A/c Debit Rs. 3800/- Personal – Dr. the Receiver

Discount Given A/c Debit Rs. 200/- Nominal A/c – Dr. all expenses

Nominal A/c – Cr. all income


To Sales A/c Credit Rs. 4000/-
and gain
6. PAID SALARY RS.1,000, PRINTING RS.150 AND WAGES
RS.100.

Account Involved Debit / Credit Amount Rule Applied

Salary A/c Debit Rs. 1000/- Nominal A/c – Dr. all expenses

Printing A/c Debit Rs. 150/- Nominal A/c – Dr. all expenses

Wages A/c Debit Rs. 100/- Nominal A/c – Dr. all expenses

To Cash A/c Credit Rs. 1250/- Real A/c – Cr. what goes out

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