Question

5. Record the following transaction in journal bank at jaineetsinh.
a. Introduced capital RS.100000 and commenced business.
b. Goods cet Rs. 5000 Purchased from jhanviba.
c. Paid income tax Rs. 1000.
d. Commission received Rs. 200
e. Goods sold for Cash Rs. 3000​

Answer 1

Answer:

a. Bank a/c ➖➖➖➖ Dr. 1,00,000

• To capital a/c ➖➖➖ 1,00,000.

(being the amount invested by jaineetsinh in the business capital).

b. Purchases a/c ➖➖➖➖ Dr. 5,000

• To Jhanviba a/c ➖➖➖➖ 5,000

(being the goods purchased from jhanviba on credit)

C. Drawing a/c➖➖➖➖Dr. 1,000

• To cash a/c ➖➖➖➖➖ 1,000

(being the income tax paid)

d. Cash a/c ➖➖➖➖➖ Dr. 200

• To commission a/c ➖➖➖200

(Being commission received)

e. Cash a/c ➖➖➖➖ Dr. 3,000

• To sales a/c ➖➖➖➖ 3,000

(Being goods sold and cash received).

Thanks