Question

Journalise the following in books of Ram Prashad :
2015
3,00,000.
March 1 Ram Prashad of Jaipur commenced business as book-seller and stationery dealer with a capital of
March 3 Bought new furniture for the shop 20,000.
March 4 Bought books 1,00,000 and paper 50,000 in cash.
March 5 Sold books and paper for cash * 70,000.
March 8 Purchased books from Macmillan & Co., Bombay 1,20,000.
March 13 Sold books to the University Library for cash 50,000.
March 15 Paid for wages 500 and stationery 1,000.
March 17 Paid cash to Macmillan & Co. 11,900 and received discount 100.
March 20 Received rent for a portion of the shop sublet 15,000.
March 22 Sold books and stationery to K.P. Bros. 30,000 and for cash 20,000.
March 25 Received cash from K.P. Bros. 29,500 in full settlement, the balance of 500 has been allowed as discount.
March 31 Paid rent * 4,500 and salaries for the month 10,000.
Ta..unolice the following transactions in the books of Parsha :​

Answer 1

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Journal Entry :-

↪️ Cash Ac Dr....300000/-

To Ramprasad capital Ac...300000/-

[ Being started business with cash ]

↪️Furniture Ac Dr.......20000/-

To cash Ac Cr....20000/-

[ Being furniture purchased ]

↪️ Books Ac Dr....100000/-

Paper Ac dr....50000/-

To cash Ac Cr....150000/-

[ Being purchased books and paper in cash ]

↪️ Cash Ac Dr....70000/-

To sales Ac Cr...70000/-

[ Being cash received from sales of books and newspapers ]

↪️ Purchase Ac Dr...120000/-

To cash Ac Cr....120000/-

[ Being purchased book from macmillan.Co ]

↪️ Cash Ac Dr.....50000/-

To sales Ac Cr.....50000/-

[ Being Sold books to university ]

↪ ️Wages Ac Dr...500/-

Stationary Ac Dr..1000/-

To cash ac Cr...15000

[ Being wages paid ]

↪️ Cash Ac Dr....15000/-

To Rent Ac Cr....15000/-

[ Being rent received ]

↪️macmilan & co Ac Dr....12000/-

To discount received ac Dr..100

To cash ac cr....11900

[ being paid cash and received discount]

↪️ Cash Ac Dr....20000/-

Discount allowed Ac Dr...10000/-

To k.P Bros ac Cr......30000/-

[ being received cash and allows discount]

↪️ Cash Ac Dr...29500/-

Discount allows Ac Dr...500/-

To K.P bros ac Cr...30000/-

[ Being Account settlement ]

↪️ Rent Ac Dr......4500/-

Salaries Ac Dr.....10000/-

To Cash Ac Cr.....14500/-

[ Being rent and salary paid ]

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Answer 2

Answer:

bought new furniture for the shop of Rs 20,000

Explanation: