Question

D. Practical Questions:
Ascertain the account heads to be Debited/Credited with reasons under bom
(i) Traditional Approach; and (ii) Modern approach:
(i) Started business with capital of Rs. 30,000.
(ii) Purchased machinery on credit from Hari Bora for Rs. 35,000
(iii) Purchased goods for Cash Rs. 12,000
(iv) Sold goods to Ratan Rs. 15,000
(v) Paid rent for the month of July, 09 Rs. 500
(vi) Received commission Rs. 2,000
(vii) Received cash from Ratan Rs. 4,000
(viii) Withdrew for personal use Rs. 900
(ix) Ratan returned goods worth Rs. 500
(x) Purchased goods from Jadu Rs. 4,000
(xi) Returned goods to Raman Rs. 600
(xii) Paid wages Rs. 200​

Answer 1

Answer:

stared business with starting 30000 rupees

Answer 2

Answer:1. Cash a/c Dr.

To Capital a/c cr.

2. Machinery a/c Dr.

To Bank a/c cr.

3. Purchase a/c Dr.

To cash a/c cr.

4. Rtan Dr.

To sales a/c cr.

5.

Explanation: