Question

Enter the following transaction in the Journal of Mudit :- (4)

2017 ‘`’

Jan 01 - Commercial business with cash 1,75,000

01 - Building 1,00,000

02 - Goods purchased for cash 75,000

03 - Sold goods to Ramesh 30,000

04 - Paid wages 500

06 - Sold goods for Cash 10,000

10 - Paid for trade ​

Answer 1

$Answer:$

JOURNAL OF MUDIT

Jan. 01 Cash A/c ... Dr. ₹ 1,75,000

To Capital A/c ... Cr. ₹ 1,75,000

(Being capital introduced in business as cash)

Jan. 01 Building A/c ... Dr. ₹ 1,00,000

To Cash A/c ... Cr. ₹ 1,00,000

(Being building purchased for cash)

Jan. 02 Purchases A/c ... Dr. ₹ 75,000

To Cash A/c ... Cr. ₹ 75,000

(Being goods purchased for cash)

Jan. 03 Ramesh A/c ... Dr. ₹ 30,000

To Cash A/c ... Cr. ₹ 30,000

(Being goods sold on credit)

Jan. 04 Wages A/c ... Dr. ₹ 500

To Cash A/c ... Cr. ₹ 500

(Being wages paid in cash)

Jan. 06 Cash A/c ... Dr. ₹ 10,000

To Purchases A/c ... Cr. ₹ 10,000

(Being goods sold for cash)

Jan. 10 Trade Expenses A/c ... Dr. ₹ 100

To Cash A/c ... Cr. ₹ 100

(Being trade expenses paid in cash)

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Answer 2

Answer:

journal entry of mudit....

DateParticulars Debit

Amont (Rs.)Credit

Amont (Rs.)2006    Jan.01Building A/c  Dr.1,00,000  Cash A/c     Dr.1,75,000           To Capital A/c  2,75,000 (Commenced business with cash and building)        Jan.02Purchase A/c   Dr.75,000          To Cash A/c  75,000 (Goods purchased for cash)        Jan.03Ramesh Dr.30,000          To Sales A/c  30,000 (Goods sold to Ramesh)        Jan.04Wages A/cDr. 500          To Cash A/c  500 (Wages paid in cash)        Jan.06Cash A/c Dr.10,000        To Sales A/c  10,000 (Goods sold for cash)        Jan.10Trade Expenses  A/c Dr.700        To Cash A/c  700 (Trade expenses paid in cash)        Jan.12Cash A/c Dr.29,500  Discount Allowed A/c Dr.500       To Ramesh  30,000 (Cash received from Ramesh and allowed to him)        Jan.14Purchase A/c Dr.27,000       To Sudhir  27,000 (Goods purchased  from Sudhir on credit)        Jan.18Cartage A/c  Dr. 1,000      To Cash A/c  1,000 (Cartage paid in cash)        Jan.20Drawing A/c   Dr.5,000      To Cash A/c  5,000 (Cash drawn for period use)        Jan.22Drawing A/c Dr.2,000      To Purchase A/c  2,000 (Goodsdrwn from business for households use)        Jan.25Sudhir Dr.27,000      To Cash A/c  26,700     To Discount Received A/c  300 (Cash paid to Sudhir and discount received)    Total 4,83,2004,83,20

Explanation:

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