Question

Commenced business with cash rs50000
Paid rent rs 4000 including rs 1000
Bought goods for cash rs 30000 and on credit rs 20000
Sold the goods on credit for rs 25000

Answer 1

Answer:

Cash dr. 50k

To capital 50k

Rent dr. 4k

To cash 4k

Purchases dr. 30k

To cash 20k

To creditor 10k

Debtor dr. 25k

To sales 25k