following questions
Explain classification of accounts with Examples
Prepare varun's account from the following on
2020
mar
1 Balance due from varun
& Sold goods to varun
9 Purchased goods from varun
1800
16 paid cash to varun
24 Received cash from varun
3.500
1500
2000
500
28. Returned goods tovarun
varun settled account with 10% discount
inter the following transactions in the poor
Answers
Answer:
Explanation:
Commenced business with cash 50,000
2 Purchased goods from Subhash 20,000
4 Sold goods to Ramnath 15,000
6 Ramnath returned defective goods 1,000
10 Received cash from Ramnath and 13,800
Discount allowed 200
12 Gopal sold goods to us 10,000
14 Paid to Gopal in full settlement of his account after deducting 5% discount.
15 Paid Rent 10,000
16 Paid Rent of Hari Shankar's residence 5,000
18 Purchased goods for cash from Govind for ₹ 6,000 at 20% trade discount.
20 Purchased goods from Govind for ₹ 10,000 at 20% trade discount.
24 Paid to Govind ₹ 7,850 in full settlement of his account.
25 Paid to Subhash ₹ 4,750; discount received ₹ 250.
30 Paid Wages ₹ 400; Salaries ₹ 4,000; Advertisement expenses ₹ 800 and Trade expenses ₹ 1,000.