Question

Assets : Cash in hand 30,000; Stock 336,000; Lal Chand €7,600; Mukesh
Khanna 16.200; Furniture 8,000.
Liabilities: Ghanshyam 6,000; Vinod 8,000.
Following transactions took place during Jan 2017 :
2017
Jan. 2 Purchased Typewriter for 7,500.
4 Sold goods for Cash of the list price of $25,000 at 20% trade discount and 5% Cash
discount.
6 Sold goods to Gopal Seth for 10,000.
8 Gopal Seth returned goods for 1,500,
12 Purchased goods from Arun 12,000, and from Varun 15,000.
13 Settled Arun's account in full after deducting 5% for cash discount.
14 Paid cash to Ghanshyam in full settlement of his account.
16 Received 7,500 from Lal Chand in full settlement of his account.
17 Purchased a Scooter for office use 18,000.
20 Sold goods for cash 20,000.
22 Received from Gopal Seth 4,850 and discount allowed 150.
27 Paid for Wages 7,000 and Salaries 3,000.
28 Withdrew goods for 2,000 and Cash 1,500 for private use.
29 Paid for Life Insurance Premium of the Proprietor 1,600.​

Answer 1

Answer:

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Answer 2

Answer:

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