Question

Oracle Corporation is an American multinational computer technology corporation headquartered in Redwood Shores, California. The company sells database software and technology, cloud engineered systems, and enterprise software products. From the following transactions pass journal entries, prepare ledger accounts and also prepare a trial balance.

2011 Jan   1.Started business with cash $20,000, stock $24,000, and furniture & $8,000
                 2. opened bank account $2,500
3. Purchased goods from kent brothers $20,000
4. Withdraw for personal use in cash $2,000 from bank $1,000 and goods $400
5. Sold goods to Sam $30,000
6. Charges made by bank for their service $500
8. Cash deposited in the bank $2,000 and interest on deposit $500 allowed by the
    bank
9. Paid to Kent brothers $16,500 and goods returned to him worth $3,500
10. Received from Sam $25,000 and goods returned by him worth $5,000
11. Commission to salesman paid by cheque $3,500
12. A cheque of $4,500 received from Peter returned dishonored

Answer 1

Journal Solved

S.No.	Date	Particulars	Debit	Credit
1	Jan 2011	Cash A/c ........Dr. Stock A/c ......Dr Furniture A/c ....Dr To Capital A/c	20000 24000 8000	52000
2	.	Bank A/c .....Dr To Cash A/c	2500	2500
3	.	Purchase A/c .....Dr To Kent Brothers A/c	20000	20000
4		Drawingd A/c ......Dr. To Cash A/c To Bank A/c To Purchase A/c	3400	2000 1000 400
5		Sam A/c ......Dr. To Sales A/c	30000	30000
6		Bank Charges A/c ....Dr. To Bank A/c	500	500
8		Bank A/c ....Dr. To Cash A/c To Interest Income	2500	2000 500
9		Kent Brothers......Dr. To Cash To Purchase Returns	20000	16500 3500
10		Cash A/c .....Dr Sales Return A/c .....Dr. To Sam	25000 5000	30000
11		Commision A/c ....Dr. To Bank A/c	3500	3500
12		Peter A/c .......Dr. To Bank A/c	4500	4500