Journal Entries

Q: Write the journal entries for the following transactions:


Jan 1 Shayam commenced with cash 15,000.
Jan 10 Returned goods to Krishna 350.

A: Entries are as follows:

Jan 1:
Debit: Bank...........$15,000
Credit: Capital..................$15,000
$15,000 invested by owner

Jan 10:
Debit: Bank....................$350
Credit: Purchases returns.................$350
Goods returned and cash disbursed


(In the second entry above I assumed that the goods were purchased by Shayam from Krishna.)

Comments for Journal Entries

Click here to add your own comments

journal Entry
by: kyra James

Entry of Jan.10 is clear coz entries r made from business' view point. Business returned goods to Krishna. So entry will be
DR. krishna
CR. purchase return a/c
if goods r returned to someone, it means guds would have been purchased

just to make journal entry
by: beyene

Un clear transaction who is the seller and who return the goods to whom I think it is incomplete data to make journal entry

Click here to add your own comments

Return to Ask a Question About This Lesson!.






Enjoying this Website?
Help Support it with a Donation

OR...





Advertise on Accounting-Basics-for-Students.com

privacy policy