Journal Entries Assignment No. 1 for CA Inter Advanced Accounting

The note lists 33 numbered transactions, each stated in one line, so you can practise recording them one by one. Entries cover capital introduction, loans at interest, purchase of furniture and its depreciation, direct wages and salary, investments in fixed deposits, purchases and sales on credit with discounts, and payments that remain partly unpaid. Adjustment items and drawings of goods and cash are also included. The final GST section lists purchases, sales, returns, set off and payment, and goods withdrawn including tax, which are useful for practising tax-inclusive entries.

Attempt each transaction on paper before checking, writing the debit and credit accounts with amounts. Then use the brain teaser to test whether you can place each account, such as furniture, bank overdraft, income receivable or prepaid expenses, under assets, liabilities, capital, income or expense in the modern approach. Repeat the exercise a few days later to confirm the classification has stuck. Working through the adjustment entries and the GST entries separately will help you handle them confidently in exam-style questions.

This note suits CA Inter students who are working on the Advanced Accounting journal entry chapters and want extra practice beyond the textbook. It is also useful for students revising accounting for GST and for those who find adjustment entries and drawings confusing. Students who are comfortable with basic double entry can use it to speed up their practice before a test.

• Journal entries for capital and loans
• Depreciation on furniture
• Outstanding and prepaid expenses
• Accrued income and income received in advance
• Drawings of goods and cash
• Trade discounts and bad debts recovered
• GST entries on purchases and sales
• Classification of accounts under modern approach