Question

Journalise the following transactions. i) Started business with cash Rs.1,00,000 ii) Purchased furniture for cash Rs.60000 iii) Purchased machinery on credit from Ram Rs.80000 iv) Sold goods for cash Rs.70000 v) Paid rent Rs.5000 vi) Paid salary to employee Rs.8000 vii) Paid cash to Ram Rs.78000 in full settlement of his claims. viii) Sold goods on credit to Rahim Rs.75000 ix) Paid for repair of premises.Rs.10000 x) Drew cash from bank for office Rs.1000 xi) Drew cash from bank for personal use Rs.5000 xii) Cash received from Rahim Rs.74000 and allowed him discount Rs.1000.

Answer 1

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