Question

(05)
Q.(17) How the Journal Entries will be passed of the following transactions.
(i) Vijay Shankar started business with the following assets,
Cash Rs. 10.000. Stock 5.000. Typewriter 4.000.
(ii) Purchased goods on credit from A
Rs. 500 Rs. 400. Rs. 800
(in) Sold goods on credit to D 700 Rs., E 800 Rs., F 600 Rs.
(iv) Paid in cash for expense: 50 Rs. for Postage, Stationery To Carriage inward 20Rs.​

Answer 1

Answer:

17-(1)

cash a/c dr 10.000

stock a/c dr 5.000

typewriter a/c dr 4.000

to capital a/c---------------19,000

(being business commenced)

(ii)purchase a/c dr1700

to A's a/c----------------------1700

(being goods purchased from A on credit)

(iii)

d a/c dr700

e a/c dr800

f a/c dr600

to sales a/c--------------2100

(being goods sold on credit)

(iv)

postage statonary a/c dr50

carriage inward a/c dr20

tocash a/c--------------------------70

(being expenses paid in cash)