- Trending Categories
Data Structure
Networking
RDBMS
Operating System
Java
MS Excel
iOS
HTML
CSS
Android
Python
C Programming
C++
C#
MongoDB
MySQL
Javascript
PHP
Physics
Chemistry
Biology
Mathematics
English
Economics
Psychology
Social Studies
Fashion Studies
Legal Studies
- Selected Reading
- UPSC IAS Exams Notes
- Developer's Best Practices
- Questions and Answers
- Effective Resume Writing
- HR Interview Questions
- Computer Glossary
- Who is Who
How journal entries are made or how to prepare journal entries?
Solution
The solution is as follows −
Journal entries
| Date | Particulars | Dr | Cr |
|---|---|---|---|
| 1-1-2000 | Lease account To Bank account (Being purchase of lease) | 250000 | 250000 |
| Depreciation fund policy account To Bank account (Being the annual premium paid) | 45000 | 45000 | |
| 31-12-2000 | Profit and loss account To depreciation fund account (Being annual depreciation charge) | 45000 | 45000 |
| 1-1-2001 | Depreciation fund policy account To bank account (Being annual premium paid) | 45000 | 45000 |
| 31-12-2001 | Profit and loss account To Depreciation fund account | 45000 | 45000 |
| 1-1-2002 | Depreciation fund policy account To bank account (Being annual premium paid) | 45000 | 45000 |
| 31-12-2002 | Profit and loss account To Depreciation fund account (Being annual depreciation charged) | 45000 | 45000 |
| Bank account To Depreciation fund policy A/c (Being policy money realized on maturity) | 250000 | 250000 | |
| Depreciation fund policy account To Depreciation fund account (Being profit transferred to fund) | 115000 | 115000 | |
| Depreciation fund account To old lease account (Being closure of fund account) | 250000 | 250000 |
- Related Articles
- What are reversing entries and their journal entries?\n
- How are the journal entries and legal entries recorded for contingent liabilities?
- How journal entries for the imprest petty cash system are recorded?
- Write the journal entries for the completed contract method
- Write the journal entries for the percentage of completion method
- What is Happiness Planner/Journal? How to use a happiness journal?
- What are contra entries and how are they recorded?
- How are entries recorded in adjusted trial balance?
- How are entries rectified before preparing trial balance?
- How are entries rectified after preparing trial balance?
- Describe the term journal in accounting.
- How are entries rectified after preparing the final balance?
- How are contra entries done in the cash books?
- How to Fill the Entries in Parsing Table?
- Calculate provision expenses and write its journal entry
Advertisements