Journal Entries

State the journal entries passed to open various accounts under Stock and Debtors System as applicable to hire purchase business.

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Introduction The Stock and Debtors System is an accounting method used for maintaining records under the hire purchase business. In this system, the business records transactions by maintaining various accounts to reflect goods sold on hire purchase, installments received, and assets in possession of customers. This method gives detailed control over the movement of goods […]

State the journal entries passed to open various accounts under Stock and Debtors System as applicable to hire purchase business. Read More »

Journalise the following transactions : 2018 Rs. June 1 Cash sale to Ashok 18,000 June 2 Bought goods from Vinod 10,000 June 2 Paid cartage on the goods bought 200 June 3 Old newspapers sold 100 June 4 PAID Municipal taxes by cheque 900 June 4 Paid for repairs to machinery 600 June 8 Received commission by cheque 1,700

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Introduction Journal entries are the foundation of the accounting process. They are used to record all financial transactions in chronological order, ensuring that every debit has a corresponding credit. The following are journal entries for the given transactions, based on generally accepted accounting principles. Main Body Journal Entries for June 2018 Date Particulars Debit (Rs.)

Journalise the following transactions : 2018 Rs. June 1 Cash sale to Ashok 18,000 June 2 Bought goods from Vinod 10,000 June 2 Paid cartage on the goods bought 200 June 3 Old newspapers sold 100 June 4 PAID Municipal taxes by cheque 900 June 4 Paid for repairs to machinery 600 June 8 Received commission by cheque 1,700 Read More »

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