Question

(a)Raghu started business with cash150000 (b) he bought goods for cash rupees 80000 and on credit for rupees 40000 (c) goods costing rupees 75000 sold at a profit of 331/3%. half the payment received in cash. (d) goods costing rupees 10,000 Seld for rupees 12000 in credit. (e) paid rent rupees 2000 nd fir salaries rupees 4000​

Answer 1

Answer:

(a) Cash A/C. Dr. 150000.

To Capital A/C. 150000

( being business commenced with capital)

(b). Purchase A/C. Dr. 120000

To cash A/C. 80000

To Vendor's A/C. 40000

(Being goods purchased for cash and on credit from vendor)

(C) Cash A/C. dr. 50000

purchaser's A/c 50000

To sales A/c 75000

To profit A/c. 25000

(Being goods sold for cash and half on credit at profit of Rs 25000)

(d) Purchaser's A/C. dr. 12000

To sales A/c. 10000

To profit A/c. 2000

(being goods sold on credit at profit of 2000)

(e). Rent A/c. dr. 2000

Wages A/c. dr. 4000

To Cash A/c 6000

( being rent and wages paid in cash)

Explanation:

profit

$75000 \times \frac{100}{3 \times 100} = 25000$

selling price =100000

just follow three golden rules to journalising

Hope it will help