: Cash 60.000; Bank * 40.000; Stock * 1,50.000; Furniture 43,000; Debtors
1,45.000 (
X35,000; Y 50,000; Z* 60.000)
Liabilities:Loan from Vikas 60,000;Creditors52,500(A 22,500;B 30,000)
pass necessary journal entry to record the above balances.
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Answer:
In the books of.....
JOURNAL ENTRY
Cash ac ....dr 60,000
Bank ac.... Dr 40,000
Stock ....Dr 1,50,000
Furniture Ac ....dr 43,000
Debtors ac....dr 1,45,000
To Loan from vikas 60,000
To Creditors 52,500
To Bank 7,12,500
Explanation:
it's all about the inflow and outflow of money and things.
on debit side, cash and bank are there because they're assets, and so are stocks and furniture and debtors.
on credit side, loan taken and creditors are there because they're liabilities.
remains a dispute of 7,12,500.
looking at the items on the heavier side (dr side), it is clear all amount are above 9,999 or 10,000 which mean dealings must be made in cheque. hence "bank" is present on the cr side to balance out.
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