CHAPTER 9: BOOKS OF ORIGINAL ENTRY: RECORDING OF TRANSACTIONS IN JOURNAL, ASSIGNMENT # 9, 10 , ANSWERS TO ASSIGNMENT # 5 - 8.
HELLO BOYS, WELCOME TO TODAY'S ACCOUNTING CLASS, IT IS A VERY IMPORTANT CLASS AS YOU WILL BE LEARNING TO APPLY ACCOUNTING RULES TO WRITE IN ACCOUNTING LANGUAGE. LEARNING OUTCOMES: After going through this lesson, you shall be able to understand the following concepts. •RECORDING OF THE BUSINESS TRANSACTIONS INTO YHE BOOK OF JOURNAL. INTRODUCTION: Under this, we analyse each individual business transaction in detail. Through analysis we will be able to identify the accounts involved in the transaction. Further by applying rules of accounting, we record the transaction in the books through a Journal entry. Let’s take a few transactions in order to understand how to record them in the books. I. RECORDING OF SOME COMMON BUSINESS TRANSACTIONS IN JOURNAL - PART 1 1. STARTED BUSINESS WITH ₹100000 2. PURCHASED GOODS FOR CASH ₹20000 3. SOLD GOODS FOR CASH ₹10000 4. WITHDREW CASH FOR PERSONAL USE ₹5000 GOODS 5. WITHDRAWN FOR PER...