Question

Accounting - 1
Record the following transactions in the personal account of Mr. Sabu and balance the account at
the end of each month.
2003
₹
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
Feb. 1 Balance from last month
?
7 Sold goods to Sabu.
900
24 Received cash from Sabu
390
Allowed him discount
29 Received cash in full settlement of the account
10​

Answer 1

Answer:

Date. particulars. debit. credit

2003 Jan 1. sabu. a/c Dr. 550

To Sales A/c. 550

( Sold goods to Sabu 550)

2003 Jan 6. Cash. a/c Dr. 480

Discount a/c. Dr. 20

To Sabu A/c. 500

( Received cash from Sabu480)

2003 Jan 15 purchase a/c Dr. 500

To Sabu A/c. 500

( Sabu bought goods 500)

2003 Jan 18 Bank a/c Dr. 250

To Sabu A/c. 250

( Sabu bought goods 500)

2003 Jan 15 purchase a/c Dr. 500

To Sabu A/c. 500

( Sabu bought goods 500)