Journalise the following transactions in the books of Sumon Roy:
2024
Jan. 1. Sumon Roy started a business with capital 30,000
2. Cash paid to Roy & Co. 800
3. Bought goods from Kajal & Co. 4,200
4. Sold goods to Putul & Co. on credit 600
10. Bought Furniture from Tarun & Co. 680
16. Goods returned to Kajal & Co. 340
21. Sold goods in cash to Puja & Co. 2,400
25. Putul & Co. returned goods 200
28. Paid Salary 1,200
31. Paid Rent & Taxes 500
Answer (2)
To journalize the given transactions in the books of Sumon Roy, we need to follow the accounting principle of double-entry bookkeeping. This means every transaction affects two accounts: a debit account and a credit account. Let's go through each transaction step by step:
Jan 1: Sumon Roy started a business with capital 30,000
Debit : Cash Account 30,000
Credit : Capital Account 30,000
Description : Initial capital introduced by Sumon Roy
Jan 2: Cash paid to Roy & Co. 800
Debit : Roy & Co. Account 800
Credit : Cash Account 800
Description : Payment made to Roy & Co.
Jan 3: Bought goods from Kajal & Co. 4,200
Debit : Purchases Account 4,200
Credit : Kajal & Co. Account 4,200
Description : Goods purchased on credit from Kajal & Co.
Jan 4: Sold goods to Putul & Co. on credit 600
Debit : Putul & Co. Account 600
Credit : Sales Account 600
Description : Goods sold on credit to Putul & Co.
Jan 10: Bought Furniture from Tarun & Co. 680
Debit : Furniture Account 680
Credit : Tarun & Co. Account 680
Description : Furniture purchased on credit from Tarun & Co.
Jan 16: Goods returned to Kajal & Co. 340
Debit : Kajal & Co. Account 340
Credit : Purchases Returns Account 340
Description : Goods returned to Kajal & Co.
Jan 21: Sold goods in cash to Puja & Co. 2,400
Debit : Cash Account 2,400
Credit : Sales Account 2,400
Description : Goods sold in cash to Puja & Co.
Jan 25: Putul & Co. returned goods 200
Debit : Sales Returns Account 200
Credit : Putul & Co. Account 200
Description : Goods returned by Putul & Co.
Jan 28: Paid Salary 1,200
Debit : Salary Account 1,200
Credit : Cash Account 1,200
Description : Paid salary
Jan 31: Paid Rent & Taxes 500
Debit : Rent & Taxes Account 500
Credit : Cash Account 500
Description : Paid rent and taxes.
This comprehensive journalizing captures all transactions, maintaining the integrity of double-entry accounting. Each entry correctly balances with a debit and a credit, ensuring the books remain in equilibrium. If you have any questions about accounting principles or types of accounts, feel free to ask!
The journal entries for Sumon Roy's transactions involve recording debits and credits for each transaction, maintaining balance in the accounts. Each entry reflects the nature of the transaction, ensuring accurate financial records. This process adheres to the principles of double-entry bookkeeping, fundamental in accounting.
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