Question

6. Journalise the following transactions in the books of Fahad Mohammed;
2018
Rs.
March. 1 Fahad Mohammed Started business with:
Cash
1,00,000
Stock
20,000
Plant and Machinery
30,000
March.2 Paid wages for installation of Machinery 2,500
March.3 Paid into bank
80,000
March.5 Purchased goods from Sachin for cash 6,000
March.8 Sold goods to Ashish
10,000
March.13 Purchased a Motor Bike for personal use 15,000
March.16 Ashish returned goods
2,000
March.21 Received from Ashish in full settlement 7.850
March.24 Cash sales
3,800
March.27 Rent paid
4,000
March.29 Telephone charges paid
March.31 Wages paid
1,300
6,000​

Answer 1

Explanation:

Here are some golden rules for u to learn journal entries easily:

Debit The Receiver, Credit The Giver.

Debit What Comes In, Credit What Goes Out.

Debit All Expenses And Losses, Credit