Question

Arun is a trader dealing in automobiles. For the following transactions, pass journal entries
for ne month of January, 2020
1. Commenced business with cash 90,000
2. Purchased goods from X and Co. on credit
40,000
3. Accepted bill drawn by X and Co.
20.000
4. Sold goods to D and Co. on credit
10,000
5. Paid by cash the bill drawn by X and Co.
6. Received cheque from D and Co.
in full settlement and deposited
the same in
bank 9.000
7. Commission received in cash
5,000
8. Goods costing Rs. 40,000 was sold and cash received
50,000
9. Salaries paid in cash 4,000
10. Building purchased from Kumar and Co. for Rs. 1,00,000 and an advance of Rs.
20.000 is given in cash​

Answer 1

Ans cash A/c ........Dr

To capital A/c

Answer 2

Answer:

1. Commenced business with cash 90,000