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Answers
Journal enteries :
(1) Commence business with cash rs 2,00,000 and Land rs 50,000.
Cash A/c dr 1,00,000
Land A/c dr 50,000
To Capital A/c 1,50,000
( being business started with cash and asset )
(2) Bought Goods for cash rs 80,000
Purchase A/c dr 80,000
To Cash A/c. 80,000
( being cash purchase)
(3) Cash sales worth rs 25,000
Cash A/c dr 25,000
To sales A/c dr 25,000
(being cash sales)
(4) Bought goods on credit from salman worth rs 50,000
Purchase A/c dr 50,000
To Salman. 50,000
( being purchase on credit )
(5) Sales on Account to Ali Raza rs 12,000
Ali Raza dr 12,000
To sales A/c 12,000
( being sales to ali raza )
(6) Purchase furniture on value of cash rs 5,000 fo cash
Furniture A/c dr 5000
To Cash A/c. 5,000
( being cash purchase of furniture
(7) paid wages rs 1,000 ,rent rs 2,000 and electricity rs 1500
Wages A/c dr. 1000
Rent A/c dr 2000
Electricity A/c dr 1500
To Cash A/c 4500
(being wages,rent and electricity paid on cash )
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