Question

1) Maharajan commenced business with cash Rs. 1,00,000
2) Purchased goods for cash Rs. 70,000
3) Purchased goods on credit Rs.80,000
4) Purchased furniture for cash Rs.3,000
5) Paid rent Rs.2,000
6) Sold goods costing Rs.45,000 for Rs.60,000
7) Paid Creditors Rs.20,000
8) Withdrawn cash for personal use Rs.10,000
9) Paid salaries Rs.5,000​

Answer 1

Maharajan commenced business with Rs. 1,00,000/- Cash + 1,00,000 + Stock + 0 + Furniture + 0 + Debtors = 0 = Capital 1,00,000 + Creditors + 0 2. ... Sold goods for cash 25,000 + (+) 60,000 (–) 1,50,000 + 45,000 + 3,000 + 0 + 0 = 0 = 98,000 15,000 + 80,000 + 0 7.

Answer 2

Answer:

1) Cash a/c. dr 1,00,000

to Capital a/c. 1,00,000

2) Purchase a/c. dr 70,000

to cash a/c. 70,000

3) Purchase a/c. dr 80,000

to creditor a/c. 80,000

4) Furniture a/c. dr 3,000

to cash a/c. 3,000

5) Rent a/c. dr 2,000

to cash a/c. 2,000

6) Cash a/c. 60,000

to profit on sale a/c 15,000

to sales a/c. 45000

7) Creditors a/c. dr 20,000

to Cash a/c. 20,000

8) Capital/Drawings a/c. dr 10,000

to Cash a/c. 10,000

9) Salaries a/c. dr 5,000

to cash a/c. 5,000

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