Question

1.) Started buisness with cash rs 1, 00, 00 and Goods rs 20, 000.
2.) Sold goods worth rs 10, 000 for cash rs 12, 000.
3.) Purchased furniture on credit for rs 30, 000.

Answer 1

journal entries

1)cash a/c dr            10000

goods a/c dr            20000

To     capital a/c                        30000

(Being started the business with cash and goods)

2)cash A/c dr                               10000

discount received A/c dr             2000

To                sales A/c                               12000

3)furniture A/c dr                 30000

To cash a/c                                30000