Jeyaseeli is a sole proprietor having a provisions store. Following are the transactions during the month of January, 2020. Journalise them. Jan.(Dollars)1 Commenced business with cash - 80,0002 Deposited cash with bank - 40,0003 Purchased goods by paying cash - 5,0004 Purchased goods from Lipton & Co. on credit - 10,0005 Sold goods to Joy and received cash - 11,0006 Paid salaries by cash-5,0007 Paid Lipton & Co. by cheque for the purchases made on 4th Jan.8 Bought furniture by cash -4,0009 Paid electricity charges by cash -1,00010 Bank paid insurance premium on furniture as per standing instructions - 300

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Description: Jeyaseeli is a sole proprietor having a provisions store. Following are the transactions during the month of January, 2020. Journalise them. Jan.(Dollars)1 Commenced business with cash - 80,0002 Deposited cash with bank - 40,0003 Purchased goods by p

Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

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Business

Accounting

Jeyaseeli is a sole proprietor having a provisions store. Following are the transactions during the month of January, 2020. Journalise them.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is

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Jeyaseeli is a sole proprietor having a provisions store. Following are the transactions during the month of January, 2020. Journalise them.

Jan.
(Dollars)
1 Commenced business with cash - 80,000
2 Deposited cash with bank - 40,000
3 Purchased goods by paying cash - 5,000
4 Purchased goods from Lipton & Co. on credit - 10,000
5 Sold goods to Joy and received cash - 11,000
6 Paid salaries by cash-5,000
7 Paid Lipton & Co. by cheque for the purchases made on 4th Jan.
8 Bought furniture by cash -4,000
9 Paid electricity charges by cash -1,000
10 Bank paid insurance premium on furniture as per standing instructions - 300

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