2. Enter the following transactions in the Journal of Arun Govil & Co.
(i) Arun Govil & Co. Paid into bank as Capital Rs. 6,00,000.
(ii) Purchased goods from Mukesh of the list price of Rs. 2,00,000 at 10% trade discount. (iii) One- fourth of the above goods returned to Mukesh for not being upto specification. (iv) Issued a cheque to Mukesh for the amount due to him after deducting 2% as cash discount.
(v) Withdrew from bank Rs. 2,50,000 for office use and Rs. 10,000 for personal use.
(vi) Purchased a Machinery for Rs. 1,00,000 and spent Rs. 5,000 on its installation. Payment of Machinery was made by cheque and installation expenses were paid in cash.
(vii) Sold goods for Rs. 1,00,000 to Amar.
(viii) Amar clears his account by giving a cheque of Rs. 98,500. Cheque is immediately deposited into bank.
(ix) Purchased Machinery for personal use Rs. 3,000 and for office use Rs. 5,000.
(x) Purchased land for Rs. 2,00,000 and paid 1% brokerage and Rs. 15,000 as registration charges on it. Entire payment is made by Cheque.
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dude your answer is here:-
Explanation:
1.- With the given details, you have to go with arun govil and also into bank as capital 600000 in the journal entry. Hence the given answer is Bank A/c Dr 600k and To Capital A/c 600k. It provides additional support to move forward and also dedicate without meeting any risk.
2.- Price of the goods=2,00,000 rupees
Rate of discount=10%
Discount=10% of 2,00,000
=10/100 * x 2,00,000
Discount=20,000 ₹
3.- Calculate the one fourth of the given amount and place them in the debit and credit side.
4.-Bank a/c dr 100
To Mukesh a/c 98
To discount received a/c 2
(Being cheque issued and discount rec'd)
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