Question

2. Journalise the following transactions of Anant Traders:
2017 Jan 1) Started business with cash Rs.80,000
Jan 3) Cash Purchases Rs.25,000
Jan 5) Cash Sales Rs. 20,000
Jan 8) Goods destroyed by fire Rs. 3,000
Jan 10) Sold goods for cash (costing Rs. 6,000) Rs. 9,000
Jan 12) Prepaid insurance Rs. 2,000
Jan 15) Sold goods to Ashu (Cost Rs. 7,000) Rs. 9,000
Jan 18) Cash received from Ashu Rs. 6,000
Jan 21) Invested in shares of Tata Co. Ltd Rs.5, 000
Jan 23) Paid cash for household expenses Rs. 8,000
Jan 25) Bought computer for office use Rs. 10,000
Jan 28) Commission received in advance Rs. 7,000​

Answer 1

Just follow the accounting rules,

Assets: Debit the increases, credit the decreases

Liabilities: Credit the increases, debit the increases

Capital: Credit the increases, debit the increases