Question

Journalise the following transactions of Akash Traders Ltd for Jan 2006
a) Business started with cash Rs 5,00,000
b) Purchased Machinery for Cash Rs 50,000
c) Paid for salary Rs 5,000
d) Received for commission Rs 500
e) Sold Furniture Rs 15,000​

Answer 1

Answer:

a) cash ac dr500000

to capital ac500000

(being capital introduced)

b) machinary ac dr50000

to cash ac50000

(being machinery purchased)

c) salary ac dr5000

to cash ac5000

( being Salary paid)

d) cash ac dr500

to commision ac500

( being commision received)

e) cash ac dr15000

to sales ac 15000

(being furniture sold)