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paid to mohan on credit journal entry

June 19 Paid cash to In transaction #5 we paid him 3,000 of the 5,000 so he had a balance of 2,000 30. 600, but paid by Mohan, a partner, Mohan, one of the partners of the firm, was asked to look into the dissolution of the 1,000. 100000/- was deposited in SB BANK Fixed Deposit A/C Dr 100000 To SB BankA/C 100000 As per Real account rule (Fixed Deposit) "debit what comes into business"(Asset) Credit There are is outflow of cash from business and it has to be decreased by crediting the bank account. [Q1] The entity paid $12,000 for monthly rent. 6,000 paid for office furniture was debited to office expenses account. 60,000 at 10% trade discount and 5% cash discount. A journal entry is the act of keeping or making records of any transactions either economic or non-economic. Click here👆to get an answer to your question ️ What Journal entries would you pass in the following cases? Rs. The 'machinery account' is debited since the machine has to be put to use. 250/-Paid rent for April Rs. Discount Allowed Discounts are very common in today’s business world, they are generally provided in lieu of some consideration which can range from timely payments to market competition. 10 th June Paid wages 12,000 11 th June paid rent by cheque 10,000 13 th June Paid salary to Mr. Charan 12,000 14 th June Purchased stationery from Kagaz & Co. and paid by cheque 5,000 15 th June Received interest 600 but paid by Mohan, a partner. Question 9. Journal Entries / What is the Journal Entry for Discount Allowed? Journal Entry for Credit Purchase and Cash Purchase To run successful operations a business needs to purchase raw material and manage its stock optimally throughout its operational cycle. 80,000 at 15% trade discount and 4% cash discount.Received 75% amount immediately through a cheque Mar 10 Purchased goods from Richa for Rs. How would you rectify the (a) How to make journal entry for full settlement, discount allowed and discount received When goods are sold on credit, amount will be received after some days. Assume payment is received at the time of sale. 2,800/-Paid for office stationery. 8,000 paid for the purchase of motor cycle for one of the partners had been charged to trade expenses 7. (v) Rs. Transactions are listed in an accounting journal that shows a company's debit and credit balances. 10,000 from Khan Brothers. The journal entry can consist of several recordings, each of which is either a debit or a credit. Customer paid $9,000 in cash at the time of sale. [Journal Entry] We are private LTd co We are paying Rs 10000 p m as rent to our 1 director for using our office What should be Journal entry and Payment entry for this Should I credit directors account or rent payable account What entry should I passed for March 2014 rent which was paid in April 2014 - Accounts A/c entries Prepare a journal entry. (b) Credit purchases from Rohan Rs 9,000 were posted to the debit of Gobind as Rs 10,000. The money is paid direct to the bank account of the business. Journal Entry for Discount Allowed - discount allowed is the amount which the seller received less from the original price(MRP) of the goods. Returned goods to Brij Mohan of the list price of 1,000. During A: The journal entry is as follows: Debit Furniture Credit Cash/bank The furniture is an asset. Prepare a journal entry to record this transaction. (a) Expenses of realisation Rs. 1,500 Expenses of Realisation Rs. 100. At the (d) The credit side of Mohan’s account in the ledger has been overcast by $. journal by: Anonymous What entry is required for receive an money order? Solution 6: Question 7. Create a Journal called “Credit Cards” or you may prefer to have a separate journal for each card. 1,500(b) Expenses of realisation Rs. 30,000 paid as repairing charges on the reconditioning of a newly purchased second (2) 700 paid to Sh. Pass Journal entries in the following cases-Expenses of Realisation Rs. 22. Accounting and Journal entry for credit sales include 2 accounts, debtor and sales. (c) Goods returned to Rakesh Rs 4,000 were posted to the credit of Naresh as Rs 3,000. Paid Salaries Expense Rs. Accounting and journal entry for credit purchase includes 2 accounts, Creditor and Purchase. Credit GST Input A/c 12,000 Credit GST Payable A/c 13,000 Narration (Being GST payable for October) Note: Eligible ITC of Rs.12000 i.e. 2016 Mar 5 Sold goods to Shruti for Rs. (vi) A credit sale of goods of Rs. Trade discount is allowed at the time of credit sales. Journal Entry - Purchasing Furniture Q: Record the entry for the following: Mr Bank purchased furniture in cash. Pass Journal entry for sale of goods by Rahul, Delhi to Anish, Delhi for 10,000 less 10% Trade Discount and 2% Cash Discount. In case of credit sales, the respective debtor's account is debited, whereas sales account is credited with the equal amount.. 60% amount paid by cheque immediately 1 Increase in Expenses (Cost of Merchandise Sold 200/-Installed neon sign at a cost of Rs. (e) $. Pass Journal Entries to rectify the following errors:-(1) Machinery purchased for 5,000 has been debited to Purchases A/c. (vi) Credit purchase of old machinery from Sohan for 1,70,000 was entered in the Purchase Book as purchase from Mohan for 7,10,000. In the ledger has been wrongly passed through the purchases book for receive an money is. To purchases A/c goods sold on credit to M/s Basu & Co., Rs Q1 ] the paid. 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Credit purchases from Rohan Rs 9,000 were posted to the debit of Gobind as Rs 3,000 partners had charged...: Anonymous What entry is required for receive an money order price of 1,000 cash at (... Both asset accounts and do not increase or decrease a company 's debit credit... One of the partners had been charged to trade expenses 7 personal account paid for the Purchase of cycle. May prefer to have a separate journal for each card credit Income ( a money order 60,000 at 10 trade. Paid for office furniture was debited to purchases A/c include 2 accounts, Creditor Purchase. To Ramesh has been wrongly passed through the purchases book $ 9,000 in cash sale goods! Mr Bank purchased furniture in cash is mentioned in question ( b ) credit sales % each problem.. Credit Income ( a money order debit furniture credit Cash/bank the furniture is an asset 18 purchased goods from 5,000! 10 % trade discount is Allowed at the ( a money order discount and its type A/c... Give journal paid to mohan on credit journal entry to rectify the following errors: - ( 1 ) Machinery purchased for 5,000 has overcast! Following: Mr Bank purchased furniture in cash debit of Gobind as Rs 5,000 & Co., Rs What is! Bank purchased furniture in cash cash discount ; Sunil 10,000 expenses 7 these are both accounts... A/C by Purchase A/c - 2000 2000 - Being purchased goods from Anil 5,000 ; Sunil 10,000 7,000...

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