Journal entries questions and answers Fully Explained
February 11, 2025 2025-02-11 15:34Journal entries questions and answers Fully Explained
Journal entries questions in English for practice with Fully Explain Answer
Journal entries questions: Here are 10 Journal entries-related questions in English for practice:
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- What is the journal entry for purchasing goods worth ₹10,000 in cash?
- How would you record the sale of goods worth ₹15,000 on credit?
- What is the journal entry for paying rent of ₹5,000 by cheque?
- How would you record the withdrawal of ₹20,000 cash from the bank for office use?
- What is the journal entry for receiving ₹12,000 from a debtor?
- How would you record the payment of salaries worth ₹50,000 to employees?
- What is the journal entry for purchasing machinery worth ₹1,00,000 on credit?
- How would you record the owner withdrawing ₹10,000 cash for personal use?
- What is the journal entry for receiving a loan of ₹2,00,000 from a bank?
- How would you record the depreciation of an asset worth ₹5,000 for the year?
Here are the journal entries for all the questions
1. Purchasing goods worth ₹10,000 in cash:
Account | Debit (₹) | Credit (₹) |
---|---|---|
Purchases A/c | 10,000 | |
Cash A/c | 10,000 |
Explanation:
Goods are purchased, so the Purchases Account is debited. Cash is paid, so the Cash Account is credited.
2. Sale of goods worth ₹15,000 on credit:
Account | Debit (₹) | Credit (₹) |
---|---|---|
Debtor A/c | 15,000 | |
Sales A/c | 15,000 |
Explanation:
Goods are sold on credit, so the Debtor Account is debited, and the Sales Account is credited.
3. Paying rent of ₹5,000 by cheque:
Account | Debit (₹) | Credit (₹) |
---|---|---|
Rent A/c | 5,000 | |
Bank A/c | 5,000 |
Explanation:
Rent is an expense, so the Rent Account is debited. Payment is made by cheque, so the Bank Account is credited.
4. Withdrawal of ₹20,000 cash from the bank for office use:
Account | Debit (₹) | Credit (₹) |
---|---|---|
Cash A/c | 20,000 | |
Bank A/c | 20,000 |
Explanation:
Cash is withdrawn from the bank, so the Cash Account is debited, and the Bank Account is credited.
5. Receiving ₹12,000 from a debtor:
Account | Debit (₹) | Credit (₹) |
---|---|---|
Cash A/c | 12,000 | |
Debtor A/c | 12,000 |
Explanation:
Cash is received, so the Cash Account is debited. The debtor’s balance is reduced, so the Debtor Account is credited.
6. Payment of salaries worth ₹50,000 to employees:
Account | Debit (₹) | Credit (₹) |
---|---|---|
Salaries A/c | 50,000 | |
Cash/Bank A/c | 50,000 |
Explanation:
Salaries are an expense, so the Salaries Account is debited. Payment is made, so the Cash/Bank Account is credited.
7. Purchasing machinery worth ₹1,00,000 on credit:
Account | Debit (₹) | Credit (₹) |
---|---|---|
Machinery A/c | 1,00,000 | |
Creditor A/c | 1,00,000 |
Explanation:
Machinery is an asset, so the Machinery Account is debited. Since it is purchased on credit, the Creditor Account is credited.
8. Owner withdrawing ₹10,000 cash for personal use:
Account | Debit (₹) | Credit (₹) |
---|---|---|
Drawings A/c | 10,000 | |
Cash A/c | 10,000 |
Explanation:
The owner’s withdrawal is recorded in the Drawings Account (debited). Cash is reduced, so the Cash Account is credited.
9. Receiving a loan of ₹2,00,000 from a bank:
Account | Debit (₹) | Credit (₹) |
---|---|---|
Bank A/c | 2,00,000 | |
Loan A/c | 2,00,000 |
Explanation:
The bank balance increases, so the Bank Account is debited. The loan is a liability, so the Loan Account is credited.
10. Depreciation of an asset worth ₹5,000 for the year:
Account | Debit (₹) | Credit (₹) |
---|---|---|
Depreciation A/c | 5,000 | |
Asset A/c | 5,000 |
Explanation:
Depreciation is an expense, so the Depreciation Account is debited. The value of the asset decreases, so the Asset Account is credited.