Question

Ans.
2. Ram was carrying on business as a cloth dealer. On 1st Jan. 2019 his assets were : Furniture
and Office Equipment, 712,500. Stock of Cloth, 1,25,000; Cash in hand, 22,250, Bank
balance, * 42,500. Amount due from B 6,000, Amount due from G7,500. On that date he
owed 10,000 to M and 37,250 to P. His transactions during Jan. 2019 were as follows:
2019
Jan. 1 Sold cloth on credit to G
2,500
2 Purchased cloth from A on credit
10,000
3 Paid rent for January by cheque
1,500
4 Cash purchases of cloth (paid by cheque)
4,000
Cash sales
2,250
5 Received cheque from B
4,900
Allowed him discount
100
6 Paid for stationery and postage
250
* 8 Drawn cash for private use
2,500
10 Drawn cash from Bank for office
7,500
12 B's cheque returned dishonoured by
Bank which charges 25 for expenses
" 13 Purchased goods on credit from M
12,500
15 Sent cheque to M in full settlement of amount due on Jan. 1
9,750
Sent cheque to P
7,250
Sold goods on credit to G
9,000
► 17 Paid telephone charges
2,400​

Answer 1

Answer:

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