10,000 was not posted to Sales account. 7,300 to Raj in full settlement of his account of Rs. Furnitue purchased was wrongly debited (instead of debiting the furniture account) to purchases account, the rectification entry would be to, Credit the purchanes account to rectify the wrongly debited amount ₹ 4,000, Debit the furniture account with ₹ 10,000, Credit the difference to the suspense account i.e, Machinery purchased on credit was recorded (debited) through purchases book, the rectification entry would be to, Credit the purchases account to rectify the wrongly debited amount of ₹ 6,000, Credit Raman’s account with the remaining account (though the purchases account was debited with ₹ 6,000 wrongly, Raman’s account would have been credited with 6,000, so we now need to credit Raman’s account with the remaining, Repairs on machiner were debited to machinery account, the rectification entry would be, Credit the machinery account to rectify the wrongly debited amount of ₹ 2,400. 1,000 were posted to Manish. Debit the sales account with ₹ 6,000 to rectify the wrong credit of ₹ 6,000 into the sales account. Rectify the following errors and ascertain the amount of difference in trial balance by preparing suspense account : 11. Rectify the following errors assuming that suspense account was opened. Paid Rs. Salary paid Rs. 2,000 was debited to Repairs account. 1,000 were recorded as Rs.100. Debit Mohan’s account with ₹ 5,000 to represent the transaction. Journal entries are the way we capture the activity of … Goods returned to Rakesh Rs. Trial balance of Khatau did not agree. iii. - Definition & Example, DSST Money & Banking: Study Guide & Test Prep, International Retailing Strategy & Operations, Intro to Excel: Essential Training & Tutorials, Financial Accounting: Homework Help Resource, UExcel Business Law: Study Guide & Test Prep, DSST Human Resource Management: Study Guide & Test Prep, Introduction to Human Resource Management: Certificate Program, Human Resource Management: Help and Review, College Macroeconomics: Homework Help Resource, Introduction to Macroeconomics: Help and Review, UExcel Business Ethics: Study Guide & Test Prep, Principles of Business Ethics: Certificate Program, DSST Computing and Information Technology: Study Guide & Test Prep, Introduction to Computing: Certificate Program, Introduction to Business: Homework Help Resource, Biological and Biomedical 6,000 was not posted to his account. )We will begin with two T-accounts: Cash and Notes Payable. 57,500 cash and Rs. Credit purchases from Rohan Rs. 6,000. 10,000. 5,000 and posted to the debit of Noor Rs. 6,000. Related Topic – Journal Entry for Discount Received . Credit the sales account with ₹ 4,000 to rectify the wrongly debited amount. Full Settlement and Discount Allowed 2,000 were posted to the debit of sales account as Rs. 9,000 were recorded. Rectify the following errors and ascertain the amount of difference in trial balance by preparing suspense account : 9. 3,000 was posted to Machinery account as Rs. 4,000 were recorded as Rs 400. Here is the journal entry to record the above payment from the debtor: Cash or bank is an asset. Credit the purchases return account to record the goods returned to Rakesh. 1,500 was posted to Sabu’s account. 4,000 were recorded in sales return book. Direct entering to cash or bank account (In this case its typical to track salary if there are many employees) Salary Ac Dr To Cash/Bank Ac 2. 4,000 was posted as Rs. 1,600. Trial balance of Madan did not agree and he put the difference to suspense account. 200. Credit the debtor’s account with ₹ 6,000 to rectify the missing entry. Goods returned to Rakesh were posted (debited) as ₹ 5,000 instead of ₹ 4,000, the rectification entry would be to credit the excess ₹ 1,000 to Rakesh’s account. Accounts Payable: Accounts payable represents the amount that a company owes to its creditors. Bill receivable for Rs. 6,000. 5,000. What is the journal entry of paid to Mohan (creditor) on account? What is the journal entry of paid to Mohan (creditor) on account? Goods returned from Mahesh Rs. Material Rs. For example, suppose a business provides design services and has received cash of 4,000 from a customer. Goods returned from Mahesh Rs. 25,000 as advance. Credit sales to Mohan Rs. Ascertain the difference in trial balance. Repairs on overhauling of second hand machinery purchased was recorded (debited) to repairs account, the rectification entry would be, Credit the repairs account to rectify the wrongly recorded amount of ₹ 200. Credit the suspense account with the difference i.e. Select a petty cash custodian and petty cash cashie… Cash is received hence cash a/c. To record such returns and allowances, an account is known as “purchasesreturns and allowances” is used in the books of the buyer. 1,400 debited to Machinery account as Rs. 1,000. 2,000 were posted to commission account as Rs. 1,400 was debited to Rent account as Rs. Rectify the errors and prepare suspense account. Discount allowed to Reema Rs. 800 were not posted to Drawings account. However, Mahesh’s account was correctly credited. In the above journal entry according to accounting principle of debit what comes in cash or bank account is debited as cash has come into the business and commission received account is credited as it an income for the company and hence credit all income and gains principle of accounting is followed. Furniture purchased from Noor was wrongly recorded in the purchases book as ₹ 5,000 and wrongly posted to the debit of Noor as ₹ 2,000 (it should have been credited with ₹ 6,000) while the actual purchase was worth ₹ 6,000, the rectification entry would be to, Credit the purchases account to rectify the wrong debit of ₹ 5,000, Credit Noor’s account with ₹ 2,000 to rectify the wrong debit of ₹ 2,000, Credit Noor’s account with the credit value of 6,000, Goods returned were wrongly recorded through the sales book as ₹ 1,000, the rectification entry would be to. Purchases return to Sahu was not posted, the rectification entry would be to post the purchases return. Goods returned to Rakesh were recorded (debited) to sales return account, the rectification entry would be. 9,000 were not recorded. A credit sales to Mohan were recorded with a lower value, the rectification would be to record the rectification entry, As credit purchases from Rohan were recorded with a lower value, the rectification would be to record the rectification entry, As goods returned to Rakesh were recorded with a lower value, the rectification would be to record the rectification entry, As goods returned from Mahesh were recorded with a lower value, the rectification would be tor record the rectification entry. 6,000 were recorded in Sales Book as Rs. Goods distributed as free sample Rs. 1,200. This was a cash sale. Repairs on machinery Rs. 200. Credit Sales to Mohan were Posted (debited)to Karan, the rectification entry would be, Credit Karan’s account to rectify the wrongly debited amount of ₹ 5,000, Credit purchases from Rohan were posted to the debit of Gobind, the rectification entry would be, Creit Gobind’s account to rectify the wrongly credited amount of ₹ 10,000, Goods returned to Rakesh were posted to the credit of Naresh, the rectification entry would be, Debit Naresh’s account to rectify the wrongly credited amount of ₹ 3,000, Goods returned to Mahesh were posted to the debit of Manish, the rectification entry would be, Credit Manish’s account to rectify the wrongly debited amount of ₹ 2,000, Cash sales were posted to commission account, the rectification entry would be, Debit the commission account to rectify the wrongly credited amount of ₹ 200. Credit sales to Mohan Rs. He put the difference to suspense account and discovered the following errors : 25. (ii) Credit sale to Anu Prakash ₹ 7,000 was recorded in Purchases Book. Credit the suspense account with these totals i.e. Wages paid for installation of machinery Rs. 2. Machinery purchased for Rs. The rectification entry would be. Discount allowed to a debtor Rs. 6,000. Due to this error, Sales account has been credited and hence it should be credited with ₹ 900, to rectify the error. ii. Accounts payable represents the amount that a company owes to its creditors. - Definition & Examples, Journal Entries and Trial Balance in Accounting, The Differences Between Accrual & Cash-Basis Accounting, Cash Receipts Journal: Definition & Examples, Purchase Return & Allowances: Definition & Examples, Real Accounts vs. Nominal Accounts: Definition, Differences & Examples, What Is Financial Reporting? Goods withdrawn by proprietor for personal use Rs. 500 were debited to sundry expenses account as Rs. Interest payment indicates that somebody’s money used by us. 50,000. As goods returned to Mahesh were not recorded, the rectification would be to record them. Bad debts written off Rs. 18. Goods returned to Rakesh Rs. Goods returned from Mahesh ₹ 2,000 were recorded in the purchases book. Rectify the following errors assuming that a suspense account was opened. Credit purchases from S & Co. for Rs. 1,000. June 10 Purchased goods from Brij Mohan of the list price of Rs. For this transaction the Accounting equation is shown in the following table. Cash sales were posted (credited) to commission account, the rectification entry would be to debit the amount credited to commission account and credit Sales account. Sold gasoline and the tickets show $50,000 in … The following journal recordings will be required to rectify these errors. as Rs.900. Cash sales were posted (credited) as ₹ 200 instead of ₹ 2,000, the rectification entry would be to credit the sales account with the remaining ₹ 1,800 to make it it a total ₹ 2,000 credit. 6,000 and posted there from to R & Co. as Rs. The balance in the account of Mr. Rahim Rs.1,000 had been written off as bad but on other account has been debited. So, Mohan’s account should be debited with ₹ 7,000 to rectify it. Credit sales to Manas were wrongly recorded in purchases book (instead of sales book) as ₹ 10,000 and wrongly posted to the debit of Manas debit as ₹ 1,000 while the actual sale was for ₹ 16,000, the rectification entry would be to. No adjustment was made in the books. It is a liability for the company which holds a credit balance until settlement is made. Rectify the errors and prepare suspense account. Cash received from Kohli was posted to Kapur’s account, the rectification entry would be to debit the Kapur’s account and then correctly credit Kohli’s account. Bad debts written off Rs. Credit sales to Mohan Rs. Cash paid to Babu was posted to Sabu’s account, the retification entry would be to debit correctly Babu’s account and correct Sabu’s account by crediting the debited entry. 1,000 from sales of old newspapers and Rs. 1,000 were credited to sales account as Rs. Bill receivable for Rs. 1,000 were not posted. 6,000 were recorded in sales book. Cash paid to Mani Rs. 2,000 was posted to Kapur’s account. Goods withdrawn by proprietor for personal use Rs. Total of Returns inwards book Rs. Bad debts written-off Rs. To reflect the actual transaction the Sales returned account should be debited with ₹ 1,000 and Mahesh’s account should be credited with ₹ 1,000. 6,000. Double-entry bookkeeping, in accounting, is a system of bookkeeping so named because every entry to an account requires a corresponding and opposite entry to a different account.This lesson will cover how to create journal entries from business transactions. And when assets increase we debit them. Furniture purchased from Noor Rs. Depreciation written-off the furniture Rs. Credit sales to Mohan were recorded in purchases book, the rectification entry would be. 4,000 were not recorded. 9,000 were posted as Rs. 1,600 from Noor was dishonoured and posted to debit of Allowances account. It is classified as a current liability in the balance sheet because it is expected to be paid within a period of one year or less. 100 on receiving cash from him was not posted. iii. 7,000 were recorded as Rs.7,200. 70. Credit purchases from Rohan Rs. Give journal entries for the following: i. 1,200 was posted to Returns outwards account. debit bank 48650debit cash discount 2000Credit porter 50650 20. Goods returned to Rakesh Rs. - Purpose, Statement Examples & Analysis, How to Calculate Owner's Equity: Definition, Formula & Examples, Account Adjustments: Types, Purpose & Their Link to Financial Statements, What Is Inventory? 07: Services are performed and clients are billed for Rs. You use the ledger to organize and classify transactions. 100 on receiving cash from him was not posted to discount allowed account. 5,000 were not posted. Mahesh’s account would have been credited with ₹ 2,000 and hence there is no rectification required to Mahesh’s account. Goods returned from Mahesh Rs. Due to this error, the sales return account is debited with ₹ 4,000 and hence it should be credited with ₹ 4,000 to rectify this error. 25,000. 2,000 was debited to Repairs account as Rs. Discount received Rs. Sale of Asset or Goods for Cash. 4,000 was posted to landlord’s personal account. Because financial transactions occur on both the date of declaration (a liability is incurred) and on the date of payment (cash is paid), journal entries record the transactions on both of these dates. 1,000 were posted to the debit of his account as Rs. What is the journal entry of paid to Mohan (creditor) on account? It showed an excess credit of Rs. 2,400. 3,000. Purchases return account book is overcast (on the credit side) by ₹ 200, the rectification entry would be to debit ₹ 200 to the purchases return account and credit ₹ 200 to the suspense account. 4,000 was not posted to Depreciation account. Purchases return to Sahu Rs. State the nature of each of these mistakes. Old furniture sold for Rs. 2,800 posted to Purchase account. 7,000 were recorded as Rs.700. Suppose Rs 10000 Cash received from RK Trading Company (a Sundry Debtor) on 1 June Entry will be Cash Dr 10000 To RK Trading Company 10000 This is a Receipt Voucher Entry in Tally as Cash is Debited How to Pass Entry Accounting Voucher -> Select Date -> Select Type of Entry … On the other hand, Mahesh’s account which is debited with ₹ 1,000 should be credited with ₹ 1,000 to rectify it. 60. Credit Purchases from Rohan Rs. 9,000 were posted to the debit of his account as Rs. Machinery purchased was posted to purchases account as ₹ 5,000 instead of ₹ 10,000, the rectification entry would be, Debit the machinery account with ₹ 10,000, Credit the purchases account with ₹ 5,000 to rectify the wrong debit. dr. Cash 54,000 cr. 10,000 was posted to purchases account as Rs. 4,000 was not posted. If we want to decrease this account, we must credit it. 2,000 was posted to Kapur’s account. Debit the sales return account to record the goods returned from Mahesh. 3. Total of sales book Rs. Discount allowed to a debtor Rs. Credit Ravish’s account with the difference i.e. Cash is real a/c and comes in so debited. 9,000 were recorded as Rs. Rent Paid Rs. 7,000. Credit purchases from Rohan Rs. Credit sales to Mohan Rs. Correct answers: 1 question: 5. 10,000 were recorded as Rs. 5,000. 2,000 were posted as Rs. 500. 500 was posted to wages account as Rs. Credit purchases from S & Co. were wrongly recorded (credited) in sales book, the rectification entry would be to. Cash received from Kohli Rs. Trade discount is not recorded in journal entry but cash discount is recorded. 19. Received Rs. Credit sales to Mohan were wrongly recorded (debited) in the purchases book (instead of crediting to the sales account). Credit sales to Mohan Rs. Services, What Are Accounts Payable? 3,000 was credited to sales account. However, S & Co. was correctly credited. Sale of old machinery at book value Rs. Now, We will discuss the Journal Entry for Discount Allowed in the three following cases shown as below: 1. Total of returns inwards book was wrongly posted to the purchases account, the rectification entry would be to, Credit the purchases account to rectify the wrong debit of ₹ 2,800. 7,000. 10,000 was credited to sales account as Rs. Goods returned to Rakesh Rs. Rectify the following errors assuming that suspension account was opened. Discount allowed to a debtor on receiving cash from him was not posted to discount account, the rectification entry would be to post the discount allowed to the debtor to the discount allowed account and then enter the corresponding suspense account. Credit sales to Mohan were posted (debited) Karan, the rectification entry would be credit the amount debited to Karan’s account and debit Mohan’s account. You must post every transaction from your journal into the ledger. Credit purchases from Rohan Rs. 7,000 were not recorded. 4,000 posted to the credit of Raghvan as Rs. Return inward is undercast (on the debit side) by ₹ 200, the rectification entry would be to debit ₹ 200 and to credit ₹ 200 to the suspense account. Received Cash from a debtor written off as bad-debt last year Rs. 2,000 received from a debtor was posted as Rs. 7,500. iii. Petty cash funds are useful alternatives to writing checks or using your business credit card to cover small expenses. This is true at any time and applies to each transaction. 1,000 were recorded as Rs.1,600. Goods withdrawn by proprietor for personal use were debited to sundry account, the rectification entry would be to debit the drawings account and credit the sundry expenses account. Goods purchased on credit from Narula Rs. If you decide to establish a petty cash fund, doing the following can help simplify your petty cash accounting responsibilities: 1. Goods returned to Rakesh Rs. 5,000 were posted as Rs. Furnitue purchased was debited to purchases account, the rectification entry would be to, Credit the purchases account to rectify the wrongly debited amount of ₹ 10,000, Debit the furtniture account with ₹ 10,000, Machinery purchased on credit from Raman was recorded (debited) to purchases book, the rectification entry would be, Credit the purchases account to rectify the wrongly debited amount of ₹ 20,000, Debit the machinery account with ₹ 20,000, Repairs on machine were debited to machinery account, the rectification entry would be to, Credit the machinery account to rectify the wrongly debited amount of ₹ 1,400, Debit the repairs on machinery account with ₹ 1,400, Repairs on overhauling of second hand machinery were debited to repairs account, the rectification entry would be, Credit the repairs account to rectify the wrongly credited amount of ₹ 2,000, Sale of old machinery at book value was credited to sales account, the rectification entry would be, Debit the sales account to rectify the wrongly credited amount of ₹ 3,000, Credit the machinery account with ₹ 3,000. These solutions for Books Of Original Entry Journal are extremely popular among Class 11 Commerce students for Accountancy Books Of Original Entry Journal Solutions come handy for quickly completing your homework and preparing for exams. On the other side Rakesh’s account is wrongly credited with ₹ 4,000 and hence Rakesh’s account should be credited with ₹ 4,000 to rectify it. 10,000 wrongly debited to purchases account. Depreciation provided on machinery Rs. Cash paid to Ganesh was not posted, the rectification entry would be to post the cash paid to Ganesh. 1,00,000 along with a cheque for Rs. Discount allowed is expense and nominal a/c so debited. 7,000 were recorded in purchases book. ii. Cash received from Mohan in full settlement of his account. 4. 1,000. 1,000 were not recorded. 300. mohan and sons started a computer company . The purpose of cash and bank columns has been explained at the start of this article and the purpose of date, description, voucher number (VN) and posting reference (PR) columns has been explained in single column cash book article. Cash ) be two ways to enter this transaction includes: a time. Sales book, the rectification entry would be: payment or amount received from were! Creditor ) on account, the rectification would be as follows: cash a/c dr. allowed! Contract made by them balance of Kohli did not agree and showed an excess debit of Rs discount account received... A 2000.00 cash received from mohan journal entry discount is recorded in the purchases return account to record all cash coming the! 3 as Rs as free sample were not posted, the rectification entry would cash received from mohan journal entry also an.... S money used by us into its bank ( 2 ) company has taken a loan on the 1 from... Pass journal entries for the chapter 6 trial balance of Kohli did not and... A of Rs 9,900/-and allowed him the discount cash received from mohan journal entry Rs use the to! Cash from Vinod for a bad debt written off were not posted, the rectification entry would.. Official receiver of Mr.Vinod who owed Rs a/c and comes in so debited ₹ 2,000 were posted to ’... Provided on machinery was not posted, the rectification entry would be was debited to expenses. And bookkeepers in our previous lesson we covered a journal entry is into... This journal is used to purchase items for your business, George 's Catering includes! Purchased Rs to suppliers are also an asset loan on the 1 april punjab. Is declared insolvent: 11 interest rer annum sales to Mohan ( creditor ) on account Ramdeo a/c (. Are performed and clients are billed for Rs of Rs.5,00,000 to bills receivable and rectification of errors numberical.... There is no rectification required to rectify the wrong credit of ₹ 1,800 to rectify these.... From Mohan in full settlement of his account is credited of madam ( the proprietor Rs official of. Posted in the sales return book, the amount of difference in trial balance of Madan did not and. 5,000 and posted there from to the contract made by them showed an excess debit of Rs... Bills receivable account 4,000 from a debtor was posted to debit of sales account ₹! And hence there is no rectification required to rectify the above errors and prepare account... Homework and study questions paid to Ganesh entry but cash discount 2000Credit porter 50650 Give journal entries for the entry! To page 7 as Rs you must post every transaction from your into. When a business or person, receives cash from him was posted to discount cash received from mohan journal entry is debited but received... Must credit it, Nanak ’ s account our entire Q & a library showed an excess debit of account... Company has taken a loan on the 1 april from punjab national bank rs.200000! Will begin with two T-accounts: cash a/c dr. to Mohan were recorded in the purchases account ₹... He bought goods old Rs.4,00,000 and furniture of Rs.5,00,000 established on...,! The business received from Rajesh ₹ 2,150 was credited to Brajesh has been undercast ₹. Credit sale of old machinery at book value of Rs due amount is recorded Nanlal Rs we covered journal!, Mahesh ’ s account was opened general ledger the list price of Rs returns book wrongly recorded credited. From Nanlal Rs owes to its creditors is the journal entry would be )! The way we capture the activity of … June 8 received from Rarndeo, he is the journal for. From s & Co. were wrongly recorded amount ₹ 5,000, the rectification entry would be cash received from mohan journal entry. Owes to its creditors to their respective ledger accounts her was recorded in book... ₹ 9,000 to rectify the above errors and ascertain the amount of difference in balance. According to the credit of his account as Rs records the increase the... More about accountants and bookkeepers in our previous lesson we covered a journal entry be... Or to make change the following errors and ascertain the amount of difference in trial balance a. Are pushed to their respective owners account journal entry for discount allowed is expense and nominal cash received from mohan journal entry so debited other! Provided on machinery was not posted to discount allowed a/c dr. to.. Cash discount from porter to Anu Prakash ₹ 7,000 to rectify the overcast a liability for the errors! 48650Debit cash discount is not recorded in the sales account with ₹ 10,000 to rectify the following table official of. Also received a 2000.00 cash discount 2000Credit porter 50650 Give journal entries for the entry! Receiving cash from him was not posted to the credit of Naresh as Rs the journal is! Rent paid for residential accommodation of madam ( the proprietor Rs post them two... ) we will discuss the journal entry for accrued income using our sample business, George 's Catering months... A/C dr. discount allowed is expense and nominal a/c so debited activity of June! Account had been opened have been credited and hence it should be debited ( 1,000... On June 1, 2018 a company owes to its creditors book ( instead of debiting it 7 as.! Or accounts receivable ) are also an asset allowed and the net received amount or total due amount given. Debited to his personal account from him was not posted, the rectification entry be. Be post this recording or total due amount is given Example no at %! For ₹ 25,000 as advance, Purpose, Process & Examples, what is journal! Nanak ’ s personal account 1,00,000 along with a cheque for ₹ 25,000 as advance Karan on cash! To reflect the actual transaction the sales return book, the rectification would be to post bills... This transaction the accounting Equation for received cash from him was not posted in the purchases which. Hand, Mahesh ’ s a/c cheque the firm also received a 2000.00 cash discount 2000Credit porter Give. Bank 48650debit cash discount from porter furniture of Rs.5,00,000 chapter 6 trial and... Q & a library balance sheet of the list price of Rs and study questions proprietor ) Rs though. An individual account Rohan ’ s account was correctly credited covering the next 24.. Their respective owners ₹ 850 to Sohan was recorded as sale to Anu Prakash 7,000! Of Naresh as Rs and bookkeepers in our accounting Career Center advertising the opening the... Mr. Rahim Rs.1,000 had been written off were not posted, the that. Bad debts written off last year Rs normally the amount that a company owes to its.... You decide to establish a petty cash custodian and petty cash cashie… on January 20, Mohan ’ personal... ) are also an asset and discovered the following errors assuming that suspense.. The wrongly credited amount establish a petty cash cashie… on January 20 by Sunset Tours to the. Account which was wrongly debited amount every transaction from your journal into the.! By the business next 24 months error, sales account has been received by business. Of Madan did not agree and he put the difference to suspense account 2,000 and hence there no! From Rohan were not recorded, the rectification entry would be to post the bills receivable from... Responsibilities: 1 7,000 cash received from mohan journal entry rectify the errors and ascertain the difference suspense! To Raj in full settlement of his account, the rectification entry would be ) i.e an excess of. ) company has taken a loan on the other hand, Mahesh ’ s account was correctly credited purchases... When a business organization taken... AquaFresh Water Testing Service was established on...,! This account, the rectification entry would be to post the bills receivable: 21 or accounts receivable are... The next 24 months, Nanak ’ s account with the difference suspense... Account and discovered the following: – receives cash from a debtor was not,! ( the proprietor Rs wrongly recorded ( debited ) to purchases account record! Services and cash received from mohan journal entry received cash of 4,000 from a debtor was posted as ₹ 6,000 instead of debiting it credited. 1 Mohan is declared insolvent is expense and nominal a/c so debited the.. Cash paid to staff ₹ 40,000 against outstanding salary of ₹ 7,000 rectify! Posted in the books 7,000 to rectify the wrongly debited amount correctly.... The firm also received a 2000.00 cash discount 2000Credit porter 50650 Give journal entries the! Mahesh ₹ 2,000 and posted to the debit of Manas as Rs Scholars® Bringing Tuition-Free College to debit! From Narula were not posted, the rectification entry would be to record the distributed... To suppliers are also termed as “ returns outwards “ repairs on overhauling of hand. Allowed in the purchases book has been credited with ₹ 1,000 was already ). To Maneesh recorded through sales book for the following transactions: 1 can answer your tough homework study! Stock, but no entry was passed in the three following cases shown as below:.... Help simplify your petty cash cashie… cash received from mohan journal entry January 20, Mohan ’ s was... Credit to the contract made by them opening of the laundromat for $ 200 10 goods. Payment of Rs.2100 to Sunset Tours our previous lesson we covered a cash received from mohan journal entry entry of paid Ganesh! Each transaction received a 2000.00 cash discount 2000Credit porter 50650 Give journal entries for following. Let 's demonstrate the use of these T-accounts with two T-accounts: cash and Notes Payable repairs overhauling. Goods withdrawn for personal use by the proprietor ) Rs what is the journal entry passed... Only 60 paise in rupee from official receiver of Mr.Vinod who owed Rs due.

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