Question

Give journal entries for the following:

(i) Ramesh Started business with cash Rs. 50000, Building Rs. 200000, and Stock Rs. 1,20,000. 

(ii) Sold 1/3 of above goods to Mukul @ 20% T.D. 

(iii) Received cheque from Mukul for Rs. 27,500 and cash Rs. 2000 in full settlement. 

(iv) Goods worth Rs. 5,000 were destroyed due to fire. Insurance co. admitted 60% claim upon it. 

(v)    Purchase goods Rs. 10,000 @ 10% T.D.  

(vi) Sold the above goods @20% profit​

Answer 1

Answer:

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