(1)commence business with cash 50,000
(2) purchased goods for cash 25000
(3)purchased goods on credit 15000
(4)bought furniture 4000
(5) cash paid to creditors 6000
(6)paid rent 1400
(7)received commission 2000
(8)further capital introduced 10000
(9)sold goods costing 7000 on credit for 8500
(10)bank loan received 8000
Answers
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1) Cash A/C Dr. 50000
To capital A/C 50000
2) purchases A/C Dr. 25000
To cash A/C 25000
3) Purchases A/C Dr. 15000
To creditor A/C 15000
4) furniture A/C Dr. 4000
To cash A/C 4000
5)creditors A/C Dr. 6000
To cash A/C 6000
6)rent A/C Dr. 1400
To cash A/C 1400
7) cash / bank A/C Dr. 2000
To commission received A/C 2000
8)cash A/C Dr. 10000
To capital A/C 10000
9)cash A/C Dr. 7000
Debtor A/C Dr. 8500
To sales A/C 15500
10)cash A/C Dr. 8000
To bank loan A/C 8000
Explanation:
Journal entry
Explanation:
Books of (---Limited)
Journal entry
Date Particular Debit Credit
1) Cash A/C Dr. 50,000
To capital A/C 50,000
(Being business started with cash)
2) Purchases A/C Dr. 25,000
To cash A/C 25,000
(Being goods purchase from cash)
3) Purchases A/C Dr. 15,000
To creditor A/C 15,000
(Being goods purchase from credit)
4) Furniture A/C Dr. 4,000
To cash A/C 4,000
(Being furniture purchase)
5) Creditors A/C Dr. 6,000
To cash A/C 6,000
(Being cash paid to creditor)
6) Rent A/C Dr. 1,400
To cash A/C 1,400
(Being rent paid in cash)
7) Cash A/C Dr. 2,000
To Commission received A/C 2,000
(Being Commission receive)
8) Cash A/C Dr. 10,000
To capital A/C 10,000
(Being Additional capital include)
9) Cash A/C Dr. 7,000
Debtor A/C Dr. 8,500
To sales A/C 15,500
(Being goods sold)
10) Cash A/C Dr. 8,000
To bank loan A/C 8,000
(Being bank loan received)
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