Question

Imran started business with cash rs 120000 purchased goods on credit rs 20000 purchased machinery for rs 18000 sold goods costing rs 110000 for rs 130000 sold machinery costing rs 15000 for rs 14500 cash paid to creditors rs 17000 11th commerce accountancy

Answer 1

cash a/c ...Dr. 120000
to capital a/c. 120000
(being business started with cash)

purchase a/c. ...Dr. 20000
to creditor a/ c. 20000
(being goods purchase on credit)

machinery a/c ...Dr 18000
to cash a/c. 18000
(being machine purchase on cash)

cash ac ...Dr 130000
to sales a/c. 130000
(being good costing 110000 sold on rs 130000)

cash a/c. ...Dr 14500
discount allow ac ...Dr. 500
to sales a/c. 15000

creditor a/c. ...Dr. 17000
to cash a/c. 17000

Answer 2

Answer:

cash+120000, capital+120000

stock+20000, creditors+20000