Journal
a. Business started with cash Rs. 20,000 and bank balance of rs. 15,000
b. Goods purchased for Rs. 12,000 from Ram
c. Goods purchased for Rs. 20,000 from sadip and paid cash Rs 12,000 only
4. Goods purchased For Rs. 20,000 from hari
5. Goods returned to shyam Rs 2,000
6. Goods sold to mohan Rs 18,000
7. Cash paid to rachana in full settlement Rs 7,900
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Answers
Explanation:
ACCOUNTING EQUATION
S. No. Transaction Assets = Liabilities + Capital
Cash + Furniture + Stock = Creditors
(i) Sandeep started business with cash 1,00,000 + 1,00,000
1,00,000 = + 1,00,000
(ii) Purchased furniture for cash –5,000 +5,000
95,000 + 5,000 = + 1,00,000
(iii) Purchased goods for cash –20,000 +20,000
75,000 + 5,000 + 20,000 = + 1,00,000
(iv) Purchased goods on credit +36,000 +36,000
75,000 + 5,000 + 56,000 = 36,000 + 1,00,000
(v) Rent paid -700 –700
74,300 + 5,000 + 56,000 = 36,000 + 99,300
(vi) Goods costing Rs 40,000 sold at a profit of 20% for cash +48,000 -40,000 +8,000
1,22,300 + 5,000 + 16,000 = 36,000 + 1,07,300
Answer:
Explanation:
Business started with cash Rs. 20,000
Cash a/c dr 20,000
To capital a/c 20,000
(Business started with cash Rs. 20,000)
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Goods purchased for Rs. 12,000 from Ram
Purchase a/c dr 12,000
To cash a/c 12,000
(Goods purchased for Rs. 12,000 from Ram)
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Goods purchased for Rs. 20,000 from sadip and paid cash Rs 12,000 only
Purchase a/c dr 20,000
To cash a/c 12,000
To sandip a/c 8,000
(Goods purchased for Rs. 20,000 from sadip and paid cash Rs 12,000 only)
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Goods purchased For Rs. 20,000 from hari
Purchase a/c dr 20,000
To cash a/c 20,000
(Goods purchased For Rs. 20,000 from hari)
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Goods returned to shyam Rs 2,000
Shyam a/c dr 2000
To return o/w 2000
( Goods returned to shyam Rs 2,000)
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Goods sold to mohan Rs 18,000
Cash a/c dr 18,000
To sales a/c dr 18,000
(Goods sold to mohan Rs 18,000)
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Cash paid to rachana in full settlement Rs 7,900
Rachana a/c dr 7,900
To cash a/c 7,900
OR
Rachana a/c dr 8,000
To cash a/c 7,900
To discount a/c 100
(Cash paid to rachana in full settlement Rs 7,900)
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