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

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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

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