Question

13. (Journal Entry) Journalise the following:
(Only one journal entry is to be passed for each statement)
(1) Purchased business from Ranchorji for cash 60,000 which comprised the
following:
(ii) Goods * 22,500; Furniture & fixtures 15,000; Debtors 10,500; Plant 12,000;
Creditors * 16,000; (For arranging the payment of cash to Ranchorji 20,000 were
borrowed from Kanti Bhai).
(iii) For meeting the requirements of the business for cash, arranged a loan of Rs
10,000 from Seth. Madan, He gave the amount after deducting interest @ 12% p.a.
on 10,000 for six months.
(iv) Purchased goods from Dhevar & Sons amounting to 7,000. Terms trade discount
15% cash discount 5%-if payment is made on the spot. Half of the total amount
becoming due paid on the same day and proportionate cash discount availed.
(v) Sold goods to Raja Ram list price 800; trade discount 10%; cash discount 5%. He
issued cheque the same day after availing cash discount.
(vi) Cheque received from Raja Ram was dishonoured.
(vii) Settled account with Dhevar & Sons.​

Answer 1

Answer:

A Bank's Balance Sheet. A balance sheet is an accounting tool that lists assets and liabilities. ... The net worth is the asset value minus how much is owed (the liability). A bank's balance sheet operates in much the same way. A bank's net worth is also referred to as bank capital.

Answer 2

Answer:

purchased business from ranchori for cash 60000 which comprised the following