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All journal entry cases with examples and answers

Every business transaction on its own page: the journal entry with a worked example, reasons for every account, the typical mistake and practice. From the basics to the special cases in exams.

Purchases

Purchase of goods on credit Purchase of goods paid by bank transfer Cash purchase of goods Purchase partly in cash, partly on credit Purchase with carriage inwards Purchase with a VAT-inclusive amount Deposit paid to a supplier

Sales

Sale of goods on credit Cash sale Sale paid straight into the bank Sale partly paid at once, partly on credit Sale with a VAT-inclusive amount Deposit received from a customer

Payments

Customer pays an invoice Paying a supplier invoice Part payment from a customer Paying cash into the bank Cash withdrawn from the bank

Expenses & income

Rent for business premises Paying wages without deductions Paying loan interest Interest received from the bank Buying office supplies Fuel for the company van Vehicle insurance premium Advertising costs Bank charges

Loans & drawings

Taking out a loan Repaying a loan Loan instalment with repayment and interest Capital introduced at the start Cash drawings Drawings by bank transfer Money put in by the owner Owner's income tax paid from the business

Assets & depreciation

Buying office furniture Buying a company vehicle Asset purchase with extra costs Straight-line depreciation at year end Depreciation for part of a year Selling an asset at a profit Selling an asset at a loss

Wages & salaries

Payroll with deductions Employer's national insurance

Discounts & returns

Cash discount received from a supplier Cash discount allowed to a customer Goods returned to a supplier Goods returned by a customer

VAT

Paying the VAT balance VAT refund

Year-end

Prepaid rent at year end Interest owed at year end Making a provision Using and releasing a provision Irrecoverable debt

Practise mixed cases in the journal entry trainer