Question

I Jayashree started business with cash Rs370000
2 paid Salary to Asha Rs50000
3 purchased furniture with CGST& SGST 6%each Rs50000
4 sold Goods To Khushboo 250000
5 received Cash From KbushobooRs.24500 In Full Settlement if Her Account
6 Goods Destroyed By Fire 1500
7 Sold Household Furniture 10000
8 Rent Outstanding 500

Answer 1

Answer:

1. Cash    A/c     Dr  370000

       To capital A/c                     370000

(being started business with cash )

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2. salary A/c  Dr   50000

         To cash A/c                 50000

(being salary paid to asha )

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3. Furniture A/c  Dr  50000

     CGST @6%   Dr     3000

      SGST@ 6%   Dr     3000

              To cash  A/c                     56000

(being furniture purchased)

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4. khushboo A/c   Dr   25000

            To sales A/c                         25000

(being sold goods to khushboo)

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5. Cash A/c                      Dr 24500

   discount allowed A/c  Dr       500

             To Khushboo A/c                    25000

(being full settlement received )

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6. Loss by fire A/c    Dr   1500

           To purchases A/c             15000

(being goods lost by fire )

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7.  Question was not clear

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8. Rent A/c    Dr  500

          To rent outstanding A/c   500

(being rent is due )

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Answer 2

Answer:

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