For example, if company purchase furniture from Vishwakarma furniture on credit, so this transaction’s journal entry will be Furniture A/c Dr to Vishwakarma furniture. So this entry can be recorded in journal voucher(F7).
Journal entries are used to adjust the debit and credit amounts without involving the cash or bank accounts. Hence, they are referred to as adjustment entries.
Whereas journal is one of the voucher where some specific transaction are been recorded which we cannot record in any other voucher.
For example, Depreciation entries, bad debt, year ending entries, provisions, etc
The Golden Rules of Accounting are basic principles that form the foundation of the accounting process. These rules guide accountants in recording financial transactions accurately and consistently. The three golden rules of accounting are:
2. Mr. Sachin opened a new Bank Account in HDFC Bank & Deposited Rs. 50,000.
5. Sold goods of Rs. 10,000 on Cash.
6. Sold goods of Rs. 6000 on Cash.
7. Mr. Sachin purchase Furniture of Rs. 10,000 by cheque.
8. Purchase goods of Rs. 12000 from Krishna on Credit.
9. Sold goods to Sanjay of Rs. 15,000 On Credit.
10. Paid Petrol Expenses of Rs. 500 by Cash.
11. Paid Telephone Expenses of Rs. 1200 by Cash.
13. Withdraw Cash from HDFC Bank of Rs. 15000.
14. Paid Rent Expenses of Rs. 3000 by Cash.
15. Purchase goods of Rs. 10,000 by Cash.
16. Paid Cash to Krishna of Rs. 7000.
17. Received Commission of Rs. 5000 by Cash.
18. Paid petrol Expenses of Rs. 300 by Cash.
19. Loan taken(Receipt) from Bhushan of Rs. 20,000 in cash.
20. Sold goods to Jayesh Agencies of Rs. 17000 on credit.
21. Received cheque from Sanjay of Rs. 2000.
22. Deposited Cash in HDFC Bank of Rs. 10,000.
23. Paid Office Expenses of Rs. 500 by Cash.
24. Paid Electricity Expenses by cheque of Rs. 1000.
25. Cheque of Rs. 1500 transfered from HDFC Bank to ICICI Bank .
26. Purchased AC from Mahavir Enterprises of Rs. 10,000 on Credit .
27. Received Cash From Jayesh Agencies of Rs. 1500 .
28. Paid Octroi Expenses of Rs. 400 Cash.
Journal entries are used to adjust the debit and credit amounts without involving the cash or bank accounts. Hence, they are referred to as adjustment entries.
Whereas journal is one of the voucher where some specific transaction are been recorded which we cannot record in any other voucher.
For example, Depreciation entries, bad debt, year ending entries, provisions, etc
Rules of Accounting
Journal Entries In Tally Prime
1. Mr. Sachin started Business with Cash of Rs. 1,00,000.
2. Mr. Sachin opened a new Bank Account in HDFC Bank & Deposited Rs. 50,000.
3. Mr. Sachin Purchased Computer of Rs. 20,000 by Cash.
4. Purchased Goods of Rs. 15000 by Cash.
5. Sold goods of Rs. 10,000 on Cash.
6. Sold goods of Rs. 6000 on Cash.
7. Mr. Sachin purchase Furniture of Rs. 10,000 by cheque.
8. Purchase goods of Rs. 12000 from Krishna on Credit.
9. Sold goods to Sanjay of Rs. 15,000 On Credit.
10. Paid Petrol Expenses of Rs. 500 by Cash.
11. Paid Telephone Expenses of Rs. 1200 by Cash.
Assignment No 01
12. Received Cash from Sanjay of Rs. 10000.13. Withdraw Cash from HDFC Bank of Rs. 15000.
14. Paid Rent Expenses of Rs. 3000 by Cash.
15. Purchase goods of Rs. 10,000 by Cash.
16. Paid Cash to Krishna of Rs. 7000.
17. Received Commission of Rs. 5000 by Cash.
18. Paid petrol Expenses of Rs. 300 by Cash.
19. Loan taken(Receipt) from Bhushan of Rs. 20,000 in cash.
20. Sold goods to Jayesh Agencies of Rs. 17000 on credit.
21. Received cheque from Sanjay of Rs. 2000.
22. Deposited Cash in HDFC Bank of Rs. 10,000.
23. Paid Office Expenses of Rs. 500 by Cash.
24. Paid Electricity Expenses by cheque of Rs. 1000.
25. Cheque of Rs. 1500 transfered from HDFC Bank to ICICI Bank .
26. Purchased AC from Mahavir Enterprises of Rs. 10,000 on Credit .
27. Received Cash From Jayesh Agencies of Rs. 1500 .
28. Paid Octroi Expenses of Rs. 400 Cash.
29. Sold goods of Rs.15000 on Cash.
30. Purchased goods of Rs. 3000 by Cash.
Assignment No 02
Create Company with following details:
Suresh Pvt Ldt
206, J B Patel Road, Kandivali (West) Mumbai-400042.
1. Company. Has Opening Cash Rs. 2, 00,000/-
2. Company. Purchase Building of Rs. 5, 00,000/- in cash.
3. Company. Purchase Plant & Machinery cash of Rs. 5, 00,000/-
4. Company. Purchase One Nano Car on Tata Motor’s ltd. Rs. 1, 25,000/-
5. Company. Cash paid to Tata Motor’s ltd. Rs. 1, 25,000/-
6. Deprecation on Building is of Rs. 5,000/-
7. Company. Purchase Passion Plus on cash Rs.48, 000/-
8. Company. Purchase Furniture on cash Rs.18, 000/-
9. Company. Purchase Laptop on cash Rs.45, 000/-
10. Depreciation on Laptop is of Rs. 450/-
11. Depreciation on Furniture is of Rs. 1,800/-
12. Company. Purchase Air Condition of Rs. 30,000/- in cash.
13. Depreciation on Air Condition is of Rs.300/-
14. Company. Purchase Motorola Mobile Rs. 9,850/- in Cash.
15. Depreciation on Plant & Machinery is of Rs. 5,000/-
16. Company. Sales to Mukesh & Son’s Rs. 50,000/-
17. Company. Sales to Mahi & Com Rs. 5, 00,000/-
18. Company. Sales to Mustafa & Brother’s Rs.1, 50,000/-
19. Company. Sales to Arjun & Son’s Rs. 80,000/-
20. Company. Received from Mukesh & Son’s Rs. 43,000/-
21. Company. Received from Mahi & Com. Rs. 3, 50,000/-
22. Company. Received from Mustafa & Brother’s Rs. 1, 20,000/-.
23. Company. Received from Arjun & Son’s Rs. 50,000/-
Answer: - Net Profit 767450/-
Assignment No 03
Create Company with following details:
Atul & Company,
Shop No 2304,
Station Road Next to City Mall, Mumbai Central East, Mumbai-400028.
1 Sales to P.S. Enterprises Rs. 10,000/-
2 Purchase JBL Shares from Kumar Expert’s Rs. 1, 00,000/-
3 Paid Electricity bill Rs.15, 000/- in Cash.
4 Paid to Vishwas Worker Rs.10, 000/- as a Loan in cash.
5 Purchase furniture from Calvin Art (on credit) Rs. 80,000/-
6 Purchase Building Rs. from Shree Ram Financer Rs. 5, 00,000/-
7 Sales One Hero Honda bike to Mohan Sharma Rs. 20,000/-
8 Receive Mr. Ram Lal & sons by cash 1, 00,000/-
9 Pay to Mr. Mukesh & Son’s. Rs. 15,000/-
10 Purchase Computer from Krishna Computer’s Rs. 45,000/-
11 Receive to Ps Enterprises Rs. 10,000/- in Cash.
12 Paid to Kumar Expert’s Rs. 1, 00,000/- in cash.
13 Received from Vishwas worker Rs. 10,000/- in cash.
14 Paid to Calvin Art Rs. 80,000/- in Cash.
15 Paid to Shree Ram Financer Rs. 5,00,000/- in Cash.
Answer: - Net Loss 85,000/-
Atul & Company,
Shop No 2304,
Station Road Next to City Mall, Mumbai Central East, Mumbai-400028.
1 Sales to P.S. Enterprises Rs. 10,000/-
2 Purchase JBL Shares from Kumar Expert’s Rs. 1, 00,000/-
3 Paid Electricity bill Rs.15, 000/- in Cash.
4 Paid to Vishwas Worker Rs.10, 000/- as a Loan in cash.
5 Purchase furniture from Calvin Art (on credit) Rs. 80,000/-
6 Purchase Building Rs. from Shree Ram Financer Rs. 5, 00,000/-
7 Sales One Hero Honda bike to Mohan Sharma Rs. 20,000/-
8 Receive Mr. Ram Lal & sons by cash 1, 00,000/-
9 Pay to Mr. Mukesh & Son’s. Rs. 15,000/-
10 Purchase Computer from Krishna Computer’s Rs. 45,000/-
11 Receive to Ps Enterprises Rs. 10,000/- in Cash.
12 Paid to Kumar Expert’s Rs. 1, 00,000/- in cash.
13 Received from Vishwas worker Rs. 10,000/- in cash.
14 Paid to Calvin Art Rs. 80,000/- in Cash.
15 Paid to Shree Ram Financer Rs. 5,00,000/- in Cash.
Answer: - Net Loss 85,000/-
Assignment No 04
Create Company with following detailsMahima Electronics, 124, S.V. Road, Mulund (W), Mumbai-400097.
1. Company. has toward bank Account’s (A) HDFC Bank - 50,000/- (B) ICICI Bank -70,000/-
2. Company. Has Opening Cash - 1, 00,000/-.
3. Company. Deposited cash in to HDFC Bank - 15,000/-
4. Company. Deposited cash in to ICICI Bank -10,000/-.
5. Company. Purchase a Nokia Mobile N-73 of Rs. 13,400/- from Abhishek Mobile World.
6. Company. Purchase from Kanak Agency A Cooler Rs 6,500/-
7. Company. Purchase Airtel Recharge Voucher Rs 222/- from Goyal Sales.
8. Company. Received from Parth & Com. Rs- 84,500/-.
9. Company. Purchase Furniture of Rs. - 17,750/- From: - CASA Modern.
10. Company. Deposit Rs - 17,750 /- in ICICI Bank.
11. Company. Purchase Shares of Tata of Rs. 16,000/- in Cash.
12. Company. Withdraw Rs-23,750/- ICICI Bank.
13. Company Paid to Kanak Agency Rs. 65, 00/- Cash.
14. Company Paid to Goyal Sales Rs. 222/- Cash.
15. Company. Paid water bill Rs. 750/- & Electricity bill Rs. 4500/- in ICICI Bank.
16. Company. Paid to CASA Modern Rs -17,750/- in HDFC Bank.
Assignment No 05
Create Company with following details:
Bala Ji Ent,
506, A B Road, Budhh Nagar (West) Mumbai-400068.
1. Company. Has toward bank Account’s their Opening Balance is
(A) SBI Bank - 1, 50,000/-
(B) Bank of India - 70,000/-
2. Company. Has Opening Cash Balance is Rs. - 2, 00,000/-.
3. Mr. Ashutosh is the owner of the company the opening Capital balance is 2, 75000/-.
4. 1-4-2016 - Company. Deposited cash in to SBI Bank - Rs 10,000/-.
5. 2-4-2016 - Company. Deposit cash in to Bank of India - Rs 15,000/-.
6. 2-4-2016 - Company. Deposit cash in to SBI Bank - Rs 17,000/-.
7. 31-4-2016 - Company. Deposit cash in to Bank of India - Rs 18,000/-.
8. 31-4-2016 - Company. Withdraw cash from SBI Bank - Rs 20,000/-.
9. 31-4-2016 - Company. Withdraw cash from Bank of India - Rs 10,000/-.
10. 1-5-2016 - Company Purchase Computer Table from Decor India Rs 7,500/-.
11. 1-5-4-2016 - Company Purchase Hero Honda Splendour plus from Chambal Motor’s Pvt. Ltd. Rs 48,000/-.
12. 1-5-2016 - Company. Purchase Stationary from Gautam Book Store Rs 9,750/-.
13. 22-4-2016 - Company. done Maintained work from Anurag Service Center of Rs.1250/-.
14. 24-4-2016 - Company. Paid to Decor India of Rs 7,500/- from Bank of India.
15. 26-4-2016 - Company. Paid to Chambal Motor’s Pvt.Ltd. Rs 48,000 from SBI Bank.
16. 30-4-2016 - Company. Paid to Gautam Book Store Rs 9,750/ from Bank of India.
Bala Ji Ent,
506, A B Road, Budhh Nagar (West) Mumbai-400068.
1. Company. Has toward bank Account’s their Opening Balance is
(A) SBI Bank - 1, 50,000/-
(B) Bank of India - 70,000/-
2. Company. Has Opening Cash Balance is Rs. - 2, 00,000/-.
3. Mr. Ashutosh is the owner of the company the opening Capital balance is 2, 75000/-.
4. 1-4-2016 - Company. Deposited cash in to SBI Bank - Rs 10,000/-.
5. 2-4-2016 - Company. Deposit cash in to Bank of India - Rs 15,000/-.
6. 2-4-2016 - Company. Deposit cash in to SBI Bank - Rs 17,000/-.
7. 31-4-2016 - Company. Deposit cash in to Bank of India - Rs 18,000/-.
8. 31-4-2016 - Company. Withdraw cash from SBI Bank - Rs 20,000/-.
9. 31-4-2016 - Company. Withdraw cash from Bank of India - Rs 10,000/-.
10. 1-5-2016 - Company Purchase Computer Table from Decor India Rs 7,500/-.
11. 1-5-4-2016 - Company Purchase Hero Honda Splendour plus from Chambal Motor’s Pvt. Ltd. Rs 48,000/-.
12. 1-5-2016 - Company. Purchase Stationary from Gautam Book Store Rs 9,750/-.
13. 22-4-2016 - Company. done Maintained work from Anurag Service Center of Rs.1250/-.
14. 24-4-2016 - Company. Paid to Decor India of Rs 7,500/- from Bank of India.
15. 26-4-2016 - Company. Paid to Chambal Motor’s Pvt.Ltd. Rs 48,000 from SBI Bank.
16. 30-4-2016 - Company. Paid to Gautam Book Store Rs 9,750/ from Bank of India.
Answer: - Net Loss 9750/-
