Question

From the following transactions of Mr. Kamal Mahajan write up journal entries and post them into the
ledger.
2006
Jan. 1 Assets-Cash in hand Rs. 2,000, Cash at bank Rs. 5,000, Stock of goods Rs. 4,000, Machinery Rs.
9000, Furniture Rs. 2,000, Sham owes Rs. 500, Ram owes Rs. 3,500. Liabilities - Loan Rs. 4,000; sum
owing to Y Rs. 3,000.
Jan.2 Sold goods to Pawan Rs. 3,000.
Jan. 5 Received Rs. 2,950 from Pawan in full.settlement of his accounts.
Jan. 6 Payment made to Y Rs. 1,975 by cheque, he allowed discount of Rs. 25.
Jan. 8 Old furniture sold for Rs. 200.​

Answer 1

Answer:

The journal entries are: