Question

Accounting - 1
5.
Record the following transactions in the personal account of Mr. Sabu and balance the account at
the end of each month.
2003
3 ₹
Jan 1 Sold goods to Sabu
550
6 Received cash from Sabu
480
Allowed him discount
20
15 Sabu bought goods
500
18 Received from Sabu on account
250
21 Sabu returned goods
40
Peb.
Balance from last month
?
7 Sold goods to Sabu
900
24 Received cash from Sabu
390
Allowed him discount
10
29 Received cash in full settlement of the account​

Answer 1

Explanation:

Jan 1 sabu account dr

To sales account

Jan 6 cash account dr

Discount allowed account dr

To sabu account

Jan 15 purchase account dr

To sabu account

18. Sabu account dr

To cash account

21. Sabu account dr

Purchase return account