10 July 29 sold goods worth 24,000 to Dinesh who paid us 16,000 on account. July 17 Received cash of ₹ 22,400 from Naresh in full settlement of his account. July 23 Paid cash of 17,500 to Mahesh in full settlement of his account. July 7 Bought goods on credit from Mahesh 20,000 at 10\% trade discount. July 20 Withdraw from bank 5, 000 for his personal use. July 11 Sold goods to Naresh of ₹ 24,000 at 5% trade discount. July 31 Salaries paid * 10,000. July 1 Started business with cash 5,00,000 goods worth 1,00,000 and Laptop July 25 Paid house rent * 2,500. July 13 Goods worth * 2,000 burnt by fire. July 3 Deposited in Bank of Maharashtra * 1,25,000. Q.1 A) Journalize the following transactions in the books of Mr. Zed 2021 50,000.
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X, Y and Z were sharing profits/losses in the ratio of 4:3:1. Y died ina car accident on 12 June 2021. As per the agreement, on death of a partner, his share of profit is to be calculated on the basis of average profit of last 4 years irrespective of profit or loss in the current year. Source: Ultimate Book of Accountancy X and Z decided to share future profits in the ratio of 3:2. Profits/loss for the last 4 years were as follows:
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