Question

From the following information, prepare Somesh's Account, balance it and explain what
does the closing balance indicate ?
2018
Jan. 1 Opening Balance (Dr.)
12,300
Jan. 10 Sold goods to him
67,000
Jan. 15 Received cash from him
30,000
Jan. 20 He returned goods
50,000
Jan. 23 Purchased furniture from him
Jan. 29
90,000
Paid by cheque
60,000​

Answer 1

Answer:

1 JAN TO BALA NCE C/D     12300       15 JAN BY CASH          30000

10 JAN  TO SALES                 67000     20 JAN BY SALE RETURN 50000                                                                                    

29 JAN TO BANK   60000                   29 JAN BY FURNTIUR   90000

TO CLOSING BAL 30700

Explanation:

CL BALANCE INDICATES THAT WE HAVE TO PAY RS 30700