Question

Journalize the following transaction in the books of Keyur:
(a) Started business with Cash + 2,00,000 and Stock 1,00,000 in his half
portion of the personal Building (total value of the Building 20,00,000).
(b) Purchased machinery from New Machinery House for 350,000 and paid
it by means of a Bank draft purchased from Bank. Paid bank charges *
500.
(c) Goods of 20,000 were damaged due to accident and insurance
company had accepted the claim to an extent of 75%. The insurance
company now settled the claim in cash.
(d) Depreciate building and machinery by 10%​

Answer 1

Answer:

Journalize the following transaction in the books of Keyur:

(a) Started business with Cash + 2,00,000 and Stock 1,00,000 in his half

portion of the personal Building (total value of the Building 20,00,000).

(b) Purchased machinery from New Machinery House for 350,000 and paid

it by means of a Bank draft purchased from Bank. Paid bank charges *

500.

(c) Goods of 20,000 were damaged due to accident and insurance

company had accepted the claim to an extent of 75%. The insurance

company now settled the claim in cash.

(d) Depreciate building and machinery by 10%