Question

A)Sold goods to Kriti on credit costing Rs. 8,000 for Rs. 10,000.

b)Paid salary in advance Rs. 15,000.

c)Rent outstanding Rs. 2,000.

d)purchased furniture for Rs. 12,000 giving Rs. 4,000 in cash and balance on credit.

e)furniture purchased and paid by cheque rs10,000.
:journal entry.​

Answer 1

Here are the journal entries for the given transactions:

a) Sold goods to Kriti on credit costing Rs. 8,000 for Rs. 10,000.

Debit: Accounts Receivable (Kriti) 10,000

Credit: Sales Revenue 10,000

Debit: Cost of Goods Sold 8,000

Credit: Inventory 8,000

Copy

b) Paid salary in advance Rs. 15,000.

Debit: Prepaid Salary 15,000

Credit: Cash 15,000

Copy

c) Rent outstanding Rs. 2,000.

Debit: Rent Expense 2,000

Credit: Accrued Rent Payable 2,000

Copy

d) Purchased furniture for Rs. 12,000 giving Rs. 4,000 in cash and balance on credit.

Debit: Furniture 12,000

Credit: Cash 4,000

Credit: Accounts Payable 8,000

Copy

e) Furniture purchased and paid by cheque rs10,000.

Debit: Furniture 10,000

Credit: Cash (or Bank if paid by cheque) 10,000