Develop according equation from the followin g transaction : (1) mohan commenced business with cash Rs 50000 . (2) purchased goods for cash Rs 30000 .(3) sold goods (costing Rs 10000) for cash Rs 12000 . (4) purchased furniture on credit Rs 2000 . (5) purchase goods on credit Rs 20000 . (6) purchase goods on credit Rs 15000 . (7) salary paid Rs 1000
Answers
Answer:
cash account dr. to capital account
2. purchase account dr
to cash account
3.cash account dr.
to profit/loss account
to sales account
4Furniture account dr
to creditors account
5.. purchase account dr
to creditors account
6. purchase account dr.
to creditors account
7. salary account dr
to cash account
Answer:
journal entries
Explanation:
1) mohan commenced business
cash a/c dr 50,000
to capital a/c 50,000
(being capital introduced in the business)
2) Goods are purchased
Goods a/c dr 30,000
to cash a/c 30,000
(being goods are purchased for cash)
3) sales are made
cash a/c dr 12,000
to sales a/c 12,000
(bring sales are made and got a profit of 2000)
4)furniture on credit
Furniture a/c dr 2000
to creditors a/c 2000
(being furniture purchased on credit)
5) purchased
purchased a/c dr 20,000
to creditor a/c 20,000
(Being goods purchased on credit)
6) purchases
purchases a/c dr 15,000
to creditor a/c 15,000
(Being goods purchased on credit)
7) salary paid
salary a/c dr 1000
to cash a/c 1000
(Bring salary made by cash)