Question

Journalise the transactions given below in the books of Shree Nath and post into ledger.
2006
Feb. 1 Shree Nath started business with a capital of Rs. 3,00,000
Feb. 2 He Purchased a portable typewriter for office use Rs. 35,400
Feb. 3 He bought goods on credit from M/s. Kalash Agencies for Rs. 10,000
Feb. 3 He purchased postage stamps worth Rs. 50
Feb. 5 He sold goods for cash Rs. 2,700 Feb. 7 He sold goods on credit to M/s. Asha Stores for Rs. 7,500
Feb. 9 Goods worth Rs. 1,000 being defective, were returned to M/s. Kalash Agencies.
Feb. 11 Cash amounting to Rs. 8,000 was paid to M/s. Kalash Agencies.
Feb. 12 He opened a bank account with Rs. 1,00,000.
Feb. 13 He received cash from M/s. Asha Storcs Rs. 6,500.
Feb. 13 Asha Stores returned goods worth Rs. 1,000.
Feb. 15 Paid insurance premium by cheque Rs. 3,250.
Feb. 20 Office stationery was purchased for Rs. 1,750.
Feb. 21 One electric fan was purchased for Rs. 7,900.
Feb. 22 Goods worth Rs. 9,500 were purchased and payment was made by cheque.
Feb. 28 Cash Sales Rs. 5,000
Feb. 28 Paid rent for Februay, Rs. 1,200
Feb. 28 Paid salary of clerk, Rs. 750
Feb. 28 Paid electric bill, Rs. 350
Feb. 28 He deposited in bank, Rs. 30,000 ​

Answer 1

• Journalise the following by using adequate rules and posting them as transactions.
• Tally both the credit and debit and calculate the amount.
• Post the needed transactions as in ledger.
• If needed, calculate net profit or net loss.

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