Question

Journalise the following transactions in the journal of M/s Gupta Bros. and post them into
the ledger.
2018 Amount Rs.
March 1 Started business with Cash 2,00,000
March 2 Opened Bank account in SBI 80,000
March 4 Goods purchased from Raj 22,000
March 5 Goods purchased for Cash 30,000
March 7 Goods sold to Naman 12,000
March 9 Cash received from Naman 11,700
Discount allowed 300 please help me

Answer 1

Answer:

1-3-2018          Cash A/c          Dr.                    2,00,000

                             To Capital A/c                    2,00,000

                        (Being business started with cash)

2-3-2018          Bank A/c          Dr.                    80,000

                             To Cash A/c                         80,000

                        (Being account opened with SBI)

4-3-2018          Purchases A/c          Dr.                    22,000

                             To Raj A/c                                     22,000

                        (Being goods purchased from Raj)

5-3-2018          Purchases A/c          Dr.                    30,000

                             To Cash A/c                                  30,000

                        (Being goods purchased for cash)

7-3-2018          Naman A/c          Dr.                    12,000

                             To Sales A/c                           12,000

                        (Being goods sold to Naman)

9-3-2018          Cash A/c          Dr.                                        11,700

                        Discount Allowed A/c          Dr.                      300

                             To Naman A/c                                       12,000

                        (Being cash received from Naman and discount allowed)