Question

Journalize the following transactions in the books of Akbar.
2019
March 1st
Akbar Started business with cash
50,000
02
Cash Sales
30,000
04
Cash Purchases
40,000
06
Sold goods to Mahesh
09
35,000
Bought goods from Radhika
25,000​

Answer 1

Answer:

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Answer 2

The following entries shall be passed for the given transactions in the books of Akbar:

Cash A/c                           ------dr                          50,000

      To Capital A/c                                                                 50,000

(being business started with cash of 50,000.)

Cash A/c                          ------dr                           30,000

      To Sales A/c                                                                    30,000

(being goods sold for cash of Rs.30,00)

Purchases A/c                  ------dr                          40,000

      To Cash A/c                                                                    40,000

(being goods purchased for cash of Rs.30,000.)

Mahesh A/c                      ------dr                          35,000

      To Sales A/c                                                                 35,000

(being goods sold to Mahesh for credit.)

Purchases A/c                  ------dr                          25,000

      To Radhika A/c                                                               25,000

(being goods purchased from Radhika on credit.)

All the transactions are based on the double entry system and the Five golden rules of accounting.

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