Question

18. Record the following transactions in the Journal of Elegant Furniture Co.:
2020
Jan. 1 Started business with cash
4,00,000
Jan. 2 Deposited into bank
3,50,000
Jan. 10 Purchased machinery (Issued cheque for the same)* 1,00,000
Jan. 15 Paid installation charges for machinery
2,000
Jan. 20 Purchased timber from Jwala Timber Co. at the list price of 20,000.
He allowed 10% trade discount*
Jan. 25 Timber costing 5,000 was used for furnishing the office*
Jan. 31 Sold furniture to Ramesh on the list price of 10,000 and
allowed him 10% trade discount*
Feb. 10 Sent to Jwala Timber Co. cheque in full settlement
17,500
Feb. 15 Received from Ramesh in full and final settlement
8,750
Feb. 20 Paid wages
15,000
Feb. 20 Paid rent*
5,000
* CGST and SGST applicable @ 6% each.​

Answer 1

Answer:

1. cash a/c Dr. 400000

to capital a/c. 400000

(started biz with cash)

2. bank a/c. Dr. 350000

to capital a/c. 350000

(deposited into bank)

3.purchases. a/c. Dr. 100000

to bank a/c. 100000

(purchased machinery and issued cheque)

Answer 2

Answer:

sorry I didn't understand

Explanation:

sorry