Question

Journalise the following entries and prepare Bank Account and Anil’s Account:

1. Purchased machinery for Rs. 40,000 from Rohan Machines Ltd. and paid Rs. 4,000 for carriage.

2. Sold goods to Anil for Rs. 60,000 at 20% trade discount and 2% cash discount. 1/3rd of the amount was received by cheque.

3. Sold household furniture and brought the proceeds in the business Rs. 30,000.

4. Paid rent of building by cheque Rs. 10,000. 1/5th of the building was used by proprietor for his residential purpose

5. Goods of sale value Rs. 5,000 were returned by Anil.

6. Received Rs. 30,000 from Ramesh whose account was previously written off as bad.

7. Withdrew from bank for office use Rs. 20,000

8. Anil became insolvent and only 40% could be realized from his estate.

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Answer 1

Answer:

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