Question

journalise the following enteries:
1. Business started with cash ₹100000 and stock of ₹200000 and furniture of ₹200000
2.Goods purchased from ram of ₹10000 on 10% trade discount
3. Goods of ₹5000 and cash of ₹10000 withdraw for personal use
4. Salary paid to Hari of ₹10000
5. Shop rent of ₹10000 and house rent of ₹6000 paid
6. Goods sold to Mohan of ₹15000 on 20% trade discount and 10% cash discount and half amount received in cash.
7. Goods of ₹50000 destroyed by fire and insurance company accept a claim of 80% discount.​

Answer 1

Answer:

he lost all his money because but he tried

Answer 2

Answer:

When goods are withdrawn by the proprietor, goods are going out of the business i.e., purchases account has to credited. The journal entry for this is -

Drawings A/c Dr 10000

To Purchases A/c 10000

Instead of this entry, the incorrect entry passed was -

Drawings A/c Dr 10000

To Sales A/c 10000

Here, instead of purchase account sales account has been credited whereas drawings account has been rightly debited , so to cancel this entry and rectify it, sales account which was credited is to be debited to cancel the entry, and purchases account will be credited fro the original entry. Since drawings account is rightly debited, no change will be made regarding drawings account. The rectified journal entry thus becomes -

Sales A/c Dr 10000

To Purchases A/c 10000

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