Question

Give the journal entries for following:
1 brij mohan started business with cash100000
2 bought goods for cash 60000
3 1\3rd of the above goods sold at a profit of 20 percent on cost

Answer 1

Answer:

Explanation: 1 cash a/c dr. 100000

To capital a/c 100000

2. Purchases a/c dr. 60000

To cash a/c 60000