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Total 69,950 69,950 The students will note that the total Debits is always equal to total of credits. The entries in which there are more
Total 69,950 69,950 The students will note that the total Debits is always equal to total of credits. The entries in which there are more than one debit or more than one credit are called compound Entries. Illustration 3 Journalise the following transactions in the books of Mr. Ashok. March, 2009 March 1 Mr. Ashok commenced business with Rs. 10,000 of his own and Rs. 5,000 borrowed from his friend Pramod. 2 Opened a current account in the Bank of Maharashtra by depositing Rs. 4000. 3 Purchased goods worth Rs. 3,000 from Anil and Co. subject to the 2% Trade Discount. 4 Credit Sales of Rs. 4,000 to Mr. Desai. 5 Cash Sales of Rs. 6,000 to Mr. Kulkarni. 6 Purchased furniture costing Rs. 4,000 of which furniture of Rs. 600 was for residential use of Mr. Ashok. 7 Received cash from Mr. Desai Rs. 3,800 and he was allowed cash discount Rs. 200. 8 Cash purchases of Rs. 1,000 paid carriage Rs. 300. 8 Withdrew from Bank Rs. 2,000 for office use. 10 Returned goods to Anil and Co. Rs. 100. 15 Paid cash to Anil & Co Rs. 980, who allowed us discount Rs. 20. 16 Received a cheque for Rs. 300 in exchange of cash from Raju. 18 Received Interest from M/s Shah and Sons Rs. 800. 20 Sale og goods to Kadam Rs. 500. 21 Distributed goods of Rs. 500 as free samples. 22 Goods of Rs. 500 were used by Ashok for his private purposes
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