Question

13.) The following transactions took place in the newly started business of P. Mallick:
(a) Started business with Cash 5,000, Furniture 8,000, Machinery valuing 10,000 and goods 12,000.
(b) Opened a bank account with Allahabad Bank with Cash of 3,000.
(c) Took a bank loan for 10,000 at 15% interest;
(d) Purchase goods in Cash 1,000 and through a cheque for 9,000.
(e) Sold goods on credit to Rahaman 8,000 at a trade discount of 5%.
(f) Cash paid as carriage on goods purchased 600 and carriage on goods sold
400. Record the above transactions in the Journal of P. Mallick.​

Answer 1

Answer:

Not sure about the last entry.

Explanation:

(a) Cash ac Dr 5000

furniture ac Dr. 8000

machinery ac Dr 10000

goods ac dr. 12000

to capital ac. 35000

(b) bank ac dr 3000

to Cash ac 3000

(c)bank ac Dr. 10000

to 12% bank loan ac. 10000

(d) purchase ac Dr. 10000

to Cash ac. 1000

to bank ac. 9000

(e) rahaman ac Dr 7600

to sales ac. 7600

(f) purchase ac Dr 1000

to cash ac. 600

to carriage ac. 400

Answer 2

Answer:

(a)cash a/c .......Dr 5,000

furniture a/c.........Dr 8,000

Machinery a/c.......Dr 10,000

goods a/c .......Dr 12,000

To capital a/c 35,000

(Being started business with cash, furniture, machinery,and goods)

(b) Bank a/c.............Dr 3000

To cash a/c 3000

(Being opened a bank account with cash)

(c)Bank a/c..............Dr 10,000

To 15% bank loan a/c 10,000

(Being took a bank loan)