Question

0. Journalise the following transactions -
1. Received rs. 4700 in full settlement from Sohan who owed rs. 5,000.
2.Paid rs. 4900 in full settlement to Mohan for rs. 5000 due to him.
3. Withdraw cash from bank rs. 600 for private use.
4.Paid fire insurance premium for rs.100.​

Answer 1

Answer:

1) cash A/c....... Dr 4700

dis allowed a/c.....Dr 300

to Sohan

2) mohan a/c.....Dr 5000

to cash 4900

to dis received 100

3) drawings a/c........Dr 600

to bank 600

4) fire insurance a/c.......Dr 100

to cash 100