Question

journalise the following transaction and postthem into ledger in​

Answer 1

Answer:

Journalise the following transactions , post them into Ledger and prepare a Trial Balance: 2018 Apr.1 Mohan commenced business with cash 1,00,000 Apr.3 Bought goods 5,000 Apr.4 Sold goods to Gopal 4,000 Apr.10 Bought goods from Ram 8,000 Apr.11 Paid trade expenses 2,000 Apr.20 Received cash from Gopal 3,950 Discount Allowed 50 Apr.25 Paid wages 700 Apr.27 Paid to Ram in full settlement 7,700 Apr.30 Paid rent 1,500Read more on Sarthaks.com - https://www.sarthaks.com/476155/journalise-the-following-transactions-post-them-into-ledger-and-prepare-a-trial-balance

Answer 2

Here are the three steps to journalizing transactions in accounting:

• CLASSIFY BUSINESS TRANSACTIONS BY ACCOUNT.
• DETERMINE THE ACCOUNT TYPE THAT'S INVOLVED.
• APPLY THE FUNDAMENTAL ACCOUNTINGEQUATION TO THE TRANSACTION.
• JOURNALIZE THE TRANSACTION.