Question

2. Journalise the following transactions in the books of Simon Traders, a
Sole Proprietor.
2021
Jan. 1 Commenced business with Cash * 1,00,000; Computer * 60,000
and Goods worth 2,00,000
3 Purchased shares of * 50,000 of Infosys Ltd. The amount paid by
Cheque.
4 Purchased a machine from Vincent worth * 10,000 and issued him
a Cheque.
6 Paid Life Insurance Premium of Simon 5,000.
8 Goods worth * 10,000 distributed as Free Samples'.
10 Purchased from Alfred, on Cash Basis, goods worth * 1,000, Less
20% Trade Discount and 2% Cash Discount.
12 Sold goods to John for 5,000 at 10%T.D. and received cash after
allowing him 10% C.D.
15 Placed an order with Arnold for purchase of goods worth 20,000.
22 Arnold executed the order placed on Jan. 15.
27 Purchased Furniture 2,000 and paid the amount by Cheque.
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Answer 1

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