Question

12. Pass the Journal entries for the following transactions in the books of
Prasad -
2017
March 1 Commenced business with cash 10,000 and goods 8,000.
March 8 Goods sold for 2.000 at 10% trade discount for cash to Suresh.
March 15 Paid to Mohan 575 in full payment of 600.
March 20 Purchased goods worth 1,000 from Ravi at 5% trade discount.
March 30 Withdrew for personal use 500 cash and goods of 100.
March 31 Interest received * 90.
[ Ans. Total of Journal + 22,0401
Pass Journal entries in the hooks of M/s Yuyrai & Co,-​

Answer 1

Answer:

Journal

1. cash account. dr 10000

stock acc. dr 8000

To capital account. 18000

2. cash account. dr 1800

To sales acc 1800

3. Mohan. dr. 600

To cash acc. 575

To discount received 25

4.purchase account dr 950

To Ravi. 950

5. Drawing. dr. 600

To cash account 500

To purchase account 100

6. cash account. dr 90

To interest received. 90