Journalise the following transactions. Post them into ledger. commenced business with cash Rs. 12,000
2008 july 1 Rahim
2 Deposited into Bank Rs.9,000
Purchased goods for cash Rs.500 3. furniture for office use Rs.1,400
Bought
10 Drew from bank for office use Rs.1,000
13 Goods sold to Ram Rs.600
15 Bought goods from Rafique Rs.410
18 Paid trade expenses Rs.100
19 Received cash from Ram Rs.590 and allowed him discount Rs.10
25 Paid wages Rs.50
28 Paid Rafique in full settlement Rs.400
30 Paid rent Rs.100
31 Interest on capital Rs.100
Answers
Answer:
Cash dr
to capital
bank dr
to cash
purchases dr
to cash
furniture dr
to cash
cash dr
to bank
ram dr
to sales
* purchases dr 410
to rafiqui 410
trade expenses dr
to cash
cash dr 580
discount allowed dr 10
to ram 590
wages dr
to cash
Rafiqui dr 410 (* what Rahim had to pay as he had purchased goods on credit previously)
to cash 400 (full settlement)
to discount Received 10 (*Rahim bought goods from rafique on credit which means it is yet to be paid. how much? 410. but during payment, only 400 was to be paid (full settlement). so remaining 10rs is considered as discount which Rahim received.)
rent dr
to cash
bank dr
to interest on capital
( I'm a little doubtful of this last entry. please confirm)
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