QNA For the Accounting Journal Entry

 Question and Answer for the Accounting Journal Entry 

Q1.Purchase cycle for son journal entries?

Ans:  Amount or goods are withdrawn by the proprietor/owner from the business for private or personal use is called a Drawing account.

Purchasing of the cycle for a son is a personal event, so journal entry made the following case:     

when purchase for a son                     

Particular	Debit	Credit
purchase  A/c  Dr.	XXX
To cash/bank (being purchase cycle for owner’s son)		XXX

 

when payment is made :

Particular	Debit	Credit
Drawing A/c  Dr.	XXX
To cash/bank (being purchase cycle for owner’s son)		XXX

 

   

 

Q2.Depreciation journal entry in Hindi/English?

depreciation is the loss of the value assets due to their use. it is a loss of business. two accounts involved are depreciation and assets. so depreciation is nominal account and assets is Real account. journal entry made is:

        

Particular	Debit	Credit
Depreciation A/c  Dr.	XXX
To assets (being purchase cycle for owner’s son)		XXX

 

 

Q3. Which accounting voucher will be used if there is no bank or cash ledger involved in an accounting entry in tally?

following voucher are used if there is no bank or cash ledger involved in an accounting entry in the tally:

1.purchased voucher

2.sales voucher

3.journal voucher 

Q4. What is the journal entry of obsolete software packs worth Rs 30,000 written off?

Ans: obsolete software (assets) loss for the business due to its not useful for business. here two accounts involved loss and software. loss is a nominal account and software(assets) is a Real account, so journal entry made as per Accounting golden rule:

Particular	Debit	Credit
Loss on obsolete software  Dr.	30,000
To  software (assets) (being write off obsolete software )		30,000

 

Q5.Any expense paid through saving account what will be the journal entry for it

Particular	Debit	Credit
Expenses  A/c Dr.	XXX
To  bank A/c		XXX

 

Q.6What is the journal entry of cash drawings by Aditi 6000?

cash drawing for Aditi of Rs 60,000  for the personal, so journal entry made 

Particular	Debit	Credit
Aditi’s (drawing)  A/c Dr.	6000
To  bank A/c		6000

 

 

Q.7 Interest on a bank loan is paid through the current account of the proprietor What is a journaling entry?

Ans: interest is expenses for the business, expenses is nominal account and Loan is the liabilities of the business Loan is personal. here two accounts involved loan on interest account and current account, the current bank is assets.  so journal entry made as per golden rule of account:

 

 

Particular	Debit	Credit
Loan on interest A/c Dr.	XXX
To Bank A/c		XXX
(being interest paid through current A/c)

 

Q.8 What is the journal entry for Amar paid directly into your bank?

Particular	Debit	Credit
Bank A/c Dr.	XXX
To Amar’s A/c		XXX
(amount received from Amar )

 

Q9. Took a loan from Rajiv Verma So what is the journal entry for that?

in this case, two accounts involved first Rajiv loan, it is a personal account, and you received an Amount(money) from Rajiv, so journal entry made as per the golden rule of accounting

Particular	Debit	Credit
Bank A/c Dr.	XXX
To Rajivi’loan account  A/c		XXX
(taking loan from Rajiv)

 

 

Q10. Journal entry for paid carriage by cheque?

Particular	Debit	Credit
Carriage A/c   Dr.	XXX
To Bank   A/c		XXX
(carriage expense made through the cheque number XXXX)