Question

Commenced business with Cash 20,000.
Purchased goods on credit from Ajay 10,000.
Cash Sales* 7,000.
Received commission 500.
Paid Rent 800.​

Answer 1

Explanation:

commenced business with cash 20000

cash. Dr. 20000

To capital 20000

purchased goods on credit from Ajay 10000

Purchases Dr. 10000

To Ajay 10000

cash sales 7000

cash Dr. 7000

To Sales 7000

received commission 500

cash / bank Dr. 500

To commission 500

paid rent 800

rent Dr. 800

To cash 800

if it helped you then plz drop a like and rate it as per your wish ❤️