Question

ILLUSTRATION 4:
The following balances appeared in the books of Sh. Ashok Chakravarti as on 15 January 2010:
Assets -Cash 20,000; Stock 345,000; Anil Brothers 15,600; Gopal 22,000; Machinery 760,000.
Liabilities - Mohan Kapur 4,000.
Following transactions took place in January 2010:
3 Sold goods for Cash 5,000 and on credit 8,000 to Anil Brothers.
5 Anil Brothers returned goods for 32,000.
7 Purchased goods from Mohan Kapur, list price 36,000 Valued at 35,400.
8 Bought goods of the list price of 320,000 from Raghu Thakur, less 15% trade discount and 5%
discount and paid 60% price immediately.
15 Paid to Mohan Kapur 39,150 in full settlement of his account.
20 Received from Anil Brothers 320,000.
28 Paid 7800 for the Life Insurance Premium of the proprietor.
31 Paid for Rent 32,000.
31 Received for commission 600.
Pass Journal Entries for the above transactions, post them into Ledger and balance the Accounts.

Answer 1

Answer:

cash acc dr 5000

to anil brothers ac 8000