Question

Enter the following transactions in Journal 2014 Jan. 1 Sushil& Co. started business with cash Rs.1,00,000. Jan. 2 Paid into Bank Rs.60,000. Jan. 4 Purchased Machinery and paid by cheque Rs.30,000. Jan. 6 Bought goods from Naresh Rs.20,000. Jan. 14 Paid salaries Rs.5,000. Jan. 15 Sold goods to Rajesh Kumar Rs.15,000. Jan. 19 Received Rent Rs.6,000. Jan. 24 Withdrawn cash for personal use Rs.8,000. Jan. 26 Salary paid in advance to Surjeet Rs.2,500. Jan. 30 Cash Sales for the month Rs.16,500​

Answer 1

Answer:

The following transactions in Journal 2014 Jan. 1 Sushil& Co. started business

Explanation:

Cash A/cDr.50,000

To Capital A/c 50,000

(Started business with cash)

Machinery A/cDr.22,000

To Cash A/c22,000

(Machinery purchased for cash and installation charges paid)Mar.

Purchases A/cDr.20,000

To Cash A/c19,000

To Discount Received A/c1,000

(Goods purchased for cash and received discount)A/cDr.11,700

To Sales A/c11,700

(Goods sold on credit to Y at 30% profit on cost)

Rent A/cDr.1,000

To Cash A/c1,000

(Rent paid)

Loss by Theft A/cDr.2,000

To Purchases A/c2,000

(Goods stolen from business)

Charity A/cDr.300

To Cash A/c100

To Purchases A/c200

(Charity given)

Postage A/cDr.50

To Cash A/c50

(Paid for postage)

Computer A/cDr.25,000

To Cash A/c25,000

(Computer purchased)

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