Question

Following are the transactions of X and Sons for the month of July 2019. Make journal
entries, post them into ledger and balance the accounts.
2019
Rs.
July 1 Commenced business, with cash
1,00,000
5
Purchased furniture for cash
20,000
20
Purchased goods from Rahul
60,000
31 Paid salary by cheque
10,000
​

Answer 1

Answer:

Analysis of transactions using Accounting Equations.

1) Started business with cash $25000

2) Furniture Purchased $3000

3) Cash Purchased $4000

4) paid Rent $500

5 Purchased goods from Ram. $1000