journal entry of cash received from Rakesh 48000 in full settlement in his account
Answers
Answer:as follows
Explanation:
2019 ₹
Jan.
1
Rahul started business with cash 1,00,000
Jan.
2
Paid into bank 60,000
Jan.
3
Bought goods from M/s. Singh & Co. 20,000
Jan.
3
Paid cartage 300
Jan.
4
Purchased furniture 2,000
Jan.
4
Placed an order for HP Printers for ₹ 15,000, amount
advanced 5,000
Jan.
4
Purchased calculator 1,000
Jan.
4
Purchased computer through cheque 13,000
Jan.
6
Paid for postage 150
Jan.
8
Sold goods for cash 4,000
Jan.
9
Sold goods to M/s. Sharda & Co. 10,000
Jan.
9
Paid cartage 200
Jan.
15 Paid to M/s Singh & Co. on account 17,500
Jan.
25 Sold goods to M/s. Ray & Co. 5,600
Jan.
27
Received cheque from M/s. Sharda & Co. in full settlement of
amount due from them
9,750
Jan.
31 Paid for electricity charges 1,000
Jan.
31 Paid salary 1,500
Jan.
31
Paid rent of building by cheque, half of the building is used by
Answer:
Please see the previous part of question , so as to know, how much amount Rakesh owes
Explanation:
Entry will be
Cash A/c Dr 48,000.00
Discount A/c Dr Full amount due from Rakesh minus 48000
To Rakesh A/c full amount due from Rakesh
(being cash received from Rakesh 48000 in full settlement in his account)