Journal Entries Examples for Personal Accounts

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Journal Entries Examples for Personal Accounts

  As we know,
   Personal account has all information about personal or person basis names and transaction details.

For Example:-
  Albert has A business of Mobile Shop. Albert should kept the transactions of  his Suppliers/Creditors and his Debtors/Buyers.

Suppliers=Who Supply Mobiles to Albert
Buyers= who buys Mobiles from Albert

In the personal there is transaction between two parties,
eg:- 
1. Albert & Suppliers
2. Albert & Buyers     
NOTE:- When Real account also join in Personal Account Real account comes in first.


Eg; 
1. Albert purchased goods from ABC Suppliers of 500000 $ on Jan-1

Journal Entry in Format of Journal

Date
Particulars
Ledger
folio
DEBIT
($)
CREDIT ($)

Purchase  Account………………………DR
      To ABC Suppliers Account (To Indicates CR)

(Narration is need )
(Being Goods Purchased From ABC Suppliers)

500000/-

500000/-

Total

500000/-
500000/-

NOTE:-
In the Journal Purchase Account is debited because, when goods purchased, goods comes to us, so the formulae of Real account Called What comes in DR. so Purchase Account is Debited.




2.  Albert Sales goods to XYZ ltd of 400000 $ on Jan-2

Date
Particulars
Ledger
folio
DEBIT
($)
CREDIT ($)

XYZ Ltd Account ………………………DR
      To Sales Account(To Indicates CR)

(Narration is need )
(Being Goods Sold to  XYZ limited)

400000/-

400000/-

Total

400000/-
400000/-

NOTE:-
In the Journal Sales Account is credited because, when goods Sold, goods goes out, so the formula of Real account Called What goes out CR. so Sales Account is Credited.




3. Albert Returns goods to ABC Suppliers of 40000 $ on Jan-4

Date
Particulars
Ledger
folio
DEBIT
($)
CREDIT ($)



Jan-4
ABC Suppliers Account ………………DR
      To Purchase return Account(To Indicates CR)

(Narration is need )
(Being Goods Returned to ABC Suppliers )

40000/-

40000/-

Total

40000/-
40000/-

NOTE:-
In the Journal Purchase Return Account is credited because, when goods returned, goods goes out, so the formula of Real account Called What goes out CR. so Purchase Return Account is Credited.





4. XYZ limited Returns goods to Albert of 40000 $ on Jan-6
Date
Particulars
Ledger
folio
DEBIT
($)
CREDIT ($)



Jan-6
Sales return Account…………DR
      To ABC Suppliers Account (To Indicates CR)

(Narration is need )
(Being Goods Returned From XYZ Limited)

40000/-

40000/-

Total

40000/-
40000/-

NOTE:-
In the Journal Sales Return Account is debited because, when goods Returned from customers, goods comes to us, so the formula of Real account Called What comes in DR. so Sales Returns  Account is Debited.




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