journal entries questions with solutions pdf
Here are 10 more journal entry-related questions for you:
- What is the journal entry for receiving ₹10,000 as advance payment from a customer?
- How would you record the payment of ₹7,000 for advertising expenses in cash?
- What is the journal entry for purchasing a vehicle worth ₹5,00,000 by taking a loan?
- How would you record the sale of an old machine worth ₹50,000 for cash?
- What is the journal entry for receiving ₹20,000 as a refund from a supplier?
- How would you record the payment of ₹12,000 as insurance premium by cheque?
- What is the journal entry for writing off ₹4,000 as discount allowed to a debtor?
- How would you record the purchase of stationery worth ₹3,000 in cash?
- What is the journal entry for transferring ₹1,00,000 from the business account to the owner’s personal account?
- How would you record the donation of ₹15,000 given to a charity in cash?
1. Receiving ₹10,000 as advance payment from a customer:
| Account | Debit (₹) | Credit (₹) |
|---|---|---|
| Cash/Bank A/c | 10,000 | |
| Advance from Customer A/c | 10,000 |
Explanation:
Cash/Bank is received, so the Cash/Bank Account is debited. The advance is a liability, so the Advance from Customer Account is credited.
2. Payment of ₹7,000 for advertising expenses in cash:
| Account | Debit (₹) | Credit (₹) |
|---|---|---|
| Advertising Expense A/c | 7,000 | |
| Cash A/c | 7,000 |
Explanation:
Advertising is an expense, so the Advertising Expense Account is debited. Cash is paid, so the Cash Account is credited.
3. Purchasing a vehicle worth ₹5,00,000 by taking a loan:
| Account | Debit (₹) | Credit (₹) |
|---|---|---|
| Vehicle A/c | 5,00,000 | |
| Loan A/c | 5,00,000 |
Explanation:
The vehicle is an asset, so the Vehicle Account is debited. The loan is a liability, so the Loan Account is credited.
4. Sale of an old machine worth ₹50,000 for cash:
| Account | Debit (₹) | Credit (₹) |
|---|---|---|
| Cash A/c | 50,000 | |
| Machine A/c | 50,000 |
Explanation:
Cash is received, so the Cash Account is debited. The machine is an asset, so the Machine Account is credited.
5. Receiving ₹20,000 as a refund from a supplier:
| Account | Debit (₹) | Credit (₹) |
|---|---|---|
| Cash/Bank A/c | 20,000 | |
| Supplier A/c | 20,000 |
Explanation:
Cash/Bank is received, so the Cash/Bank Account is debited. The supplier’s balance is reduced, so the Supplier Account is credited.
6. Payment of ₹12,000 as insurance premium by cheque:
| Account | Debit (₹) | Credit (₹) |
|---|---|---|
| Insurance Premium A/c | 12,000 | |
| Bank A/c | 12,000 |
Explanation:
Insurance is an expense, so the Insurance Premium Account is debited. Payment is made by cheque, so the Bank Account is credited.
7. Writing off ₹4,000 as discount allowed to a debtor:
| Account | Debit (₹) | Credit (₹) |
|---|---|---|
| Discount Allowed A/c | 4,000 | |
| Debtor A/c | 4,000 |
Explanation:
Discount allowed is an expense, so the Discount Allowed Account is debited. The debtor’s balance is reduced, so the Debtor Account is credited.
8. Purchase of stationery worth ₹3,000 in cash:
| Account | Debit (₹) | Credit (₹) |
|---|---|---|
| Stationery A/c | 3,000 | |
| Cash A/c | 3,000 |
Explanation:
Stationery is an expense, so the Stationery Account is debited. Cash is paid, so the Cash Account is credited.
9. Transferring ₹1,00,000 from the business account to the owner’s personal account:
| Account | Debit (₹) | Credit (₹) |
|---|---|---|
| Drawings A/c | 1,00,000 | |
| Bank A/c | 1,00,000 |
Explanation:
The amount withdrawn by the owner is recorded in the Drawings Account (debited). The bank balance is reduced, so the Bank Account is credited.
10. Donation of ₹15,000 given to a charity in cash:
| Account | Debit (₹) | Credit (₹) |
|---|---|---|
| Donation A/c | 15,000 | |
| Cash A/c | 15,000 |
Explanation:
Donation is an expense, so the Donation Account is debited. Cash is paid, so the Cash Account is credited.
