John commenced business with a capital of Rs.50000. He purchased goods for cash Rs.30000. He paid wages Rs.2000 and salaries Rs.5000. He sold goods to thomas Rs.50000 on credit. Cash sales Rs. 20000. He purchased furniture Rs.10000. Prepare journal entries, ledger account, trial balance, trading and profit and loss account and balance sheet.
Answers
Answered by
0
Answer:
1. cash Dr 50000
To capital Cr 50000
( Being business started with capital.)
2. Purchase Dr 30000
To Cash Cr 30000
( Being Goods bought in cash.)
3. Wages Dr 2000
Salary Dr 5000
To Cash/ Bank Cr 7000
(Being wages & Salary paid.)
4. Thomas. Dr 50000
To Sale Cr. 50000
(Being Goods sold to Thomas.)
5. Cash. Dr 20000
To Sale Cr. 20000
(Being Goods sold in cash.)
6. Furniture Dr. 10000
To cash/Bank Cr 10000
(Being furniture bought .)
4.
Similar questions