0.23. Journalise the following transactions in the Journal of Navin1.

1.	0.23. Journalise the following transactions in the Journal of Navin1. Out of Insurance premium paid this year, 315,000 is related to next year.2. Credit purchases from Ram & Co. for 350,000. Cash discount will be receion payment of bill within 10 days.3. Cash paid to Ram & Co. and discount availed of4. Paid Income Tax *20,000 by cheque.5. Goods costing 2,00,000 sold for cash at a profit of 10%6. Purchased iron safe for 32,00,000, filing cabinet for 50,000 and Com81,00,000.Ans. Total 37,05,000]
Answer» Answer: 1. Prepaid INSURANCE A/c DR. 3,15,000 To Cash A/c. 3,15,000 2. Purchases A/c. Dr. 3,50,000 To Ram &com. A/c. 3,50,000 3. Ram &com. A/c. Dr. 350,000 To Cash A/c. 3,50,000 4. Drawings A/c. Dr. 20,000 To Bank A/c. 20,000 5. Cash A/c. Dr. 2,20,000 To Sales A/c. 2,20,000 6. IRON safe A/c. Dr. 32,00,000 Filing Cabinet A/c. Dr. 50,000 Computer A/c. Dr. 81,00,000 To Cash A/c. 1,13,50,000 Explanation: Are U sure the amount written in 6th no. is correct?

0.23. Journalise the following transactions in the Journal of Navin1. Out of Insurance premium paid this year, 315,000 is related to next year.2. Credit purchases from Ram & Co. for 350,000. Cash discount will be receion payment of bill within 10 days.3. Cash paid to Ram & Co. and discount availed of4. Paid Income Tax *20,000 by cheque.5. Goods costing 2,00,000 sold for cash at a profit of 10%6. Purchased iron safe for 32,00,000, filing cabinet for 50,000 and Com81,00,000.Ans. Total 37,05,000]

Answer»

Answer:

1. Prepaid INSURANCE A/c DR. 3,15,000

To Cash A/c. 3,15,000

2. Purchases A/c. Dr. 3,50,000

To Ram &com. A/c. 3,50,000

3. Ram &com. A/c. Dr. 350,000

To Cash A/c. 3,50,000

4. Drawings A/c. Dr. 20,000

To Bank A/c. 20,000

5. Cash A/c. Dr. 2,20,000

To Sales A/c. 2,20,000

6. IRON safe A/c. Dr. 32,00,000

Filing Cabinet A/c. Dr. 50,000

Computer A/c. Dr. 81,00,000

To Cash A/c. 1,13,50,000

Explanation:

Are U sure the amount written in 6th no.

is correct?