Journalise the following transactions and post them in ledger.
i) Rakesh started business with cash Rs3,00,000 and Machinery Rsl,00,000.
ii) Rent paid Rs S0,000.
iii) Purchased goods for cash Rs75.000 and received cash Discount of IOyo .
iv) Goods Rs5,000 and cash Rs 1,000 withdrawn by Rakesh for personal use.
v) Interest on capital Rs 40,000.
vi) Interest on drawings Rs 600.
vii) Salaries paid Rs20,000.
Answers
Answer:
see in the attachment
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Answer:
Explanation:
Cash a/c dr 3,00,000
Machinery a/c dr 1,00,000
To capital a/c 4,00,000
( commenced business with
cash and machinery)
---------------------------------------------
Rent a/c dr 50,000
to cash a/c 50,000
( rent paid)
-------------------------------------------
Purchase a/c dr 75,000
to cash a/c 75,000
( purchased goods for cash)
-----------------------------------------
Drawings a/c dr 6,000
to cash a/c 1,000
to purchase a/c 5,000
( withdrew ash and goods for
prsnl use)
------------------------------------------
Intrest on cap a/c dr 40,000
to capital a/c 40,000
( int on capital)
-----------------------------------------
capital a/c dr 600
to int on drawings 600
( int on drawings)
-----------------------------------------
salary a/c dr 20,000
to csh a/c 20,000
( paid salary)
----------------------------------------
i will show you the account balances
capital a/c (cr) 4,39,400
cash a/c (dr) 1,54,000
rent a/c (dr) 50,000
machinery a/c (dr) 1,00,000
purchase a/c (dr) 70,000
drawings a/c (dr) 6,000
intrest a/c (dr) 40,000
intrest a/c (cr) 600
salary a/c (dr) 20,000