Question

journalise the following 2018 march 1.started business withcashRs.10000,BuildingRs.300000,stock Rs.200000andMachineryRs.10000 5.sold goods for cash Rs.30000 and on credit to Mr. X Rs.40000 10.Recieved cash from Mr. X Rs.39500 in full settlement of his account​

Answer 1

Answer:

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Explanation:

1) Cash a/c         dr    ₹10,000

Building a/c       dr    ₹3,00,000

Stock  a/c          dr    ₹2,00,000

Machinery a/c   dr     ₹10,000  

To capital a/c                                ₹5,20,000

(being business started with Cash, Building, Stock and Machinery )

2) Cash a/c         dr    ₹30,000

Mr. X a/c             dr    ₹40,000

To sales  a/c                              ₹70,000  

(being goods sold to Mr. X for cash and credit)

3) Cash a/c                      dr    ₹39500

 Discount allowed a/c    dr       ₹500

To Mr X’s a/c                                        ₹40,000

(being cash received from Mr. X Rs.39,500 in full settlement of his account )