Question

give the necessary entries in the journal proper of ram on 31st march, 2019 to close their books​

Answer 1

Answer:

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Answer 2

Required Journal Entries in the Journal Proper of Ram

Explanation:

                                            In the Books of Ram

Journal:

Trading A/c            Dr. Rs.42,875

            To Purchases A/c               Rs.37500

            To Carriage Inwards A/c    Rs.375

            To Wages A/c                     Rs.5000

(Being Direct expenses debited to trading a/c)

Sales A/c               Dr. Rs.95000

       To Trading A/c               Rs.95000

(Being sales credited to Trading A/c)

Trading A/c             Dr. Rs.52125

           To P&L A/c                  Rs.52125

(Being GP transferred to P&L A/c)

Profit and Loss A/c          Dr. Rs.7650

      To Discount A/c                      Rs.150

      To Carriage Outwards A/c     Rs.600

      To Bad debts A/c                    Rs.750

      To Salaries A/c                        Rs.3600

      To Trade Expenses A/c          Rs.2550

(Being Indirect expenses Transferred to Profit and Loss A/c)

Discount A/c            Dr. Rs.175

Commission A/c      Dr. Rs.2125

            To Profit and Loss A/c     Rs.2300

(Being Profit and Loss A/c credited)

Profit and Loss A/c           Dr. Rs.46775

         To Capital A/c                     Rs.46775

(Being net profit transferred to Capital A/c)