Question

journalize the following transactions in the books of mr peter 1. mr peter started business with cash Rs 100000 and a building valued at Rs 500000 and purchased goods amounting to Rs 200000 out of which goods of Rs 180000 were purchased on credit from dr Lal and sold goods on credit to ramesh Rs 160000 and recieved cheque for Rs 156000 from ramesh in full settlement of his account and paid Rs 178000 to dr lal in full settlement of Rs 180000 due to him by cheque and an old machine with the book value of Rs 80000 is exchanged for a new machine of Rs 240000 the old machine is valued at Rs 50000 for exchange purpose by machine tools ltd and purchased machinery from pele & sons for Rs 50000 on credit and depreciation of Rs 50000 was provided on the machinery at the end of the year and paid income tax Rs 5000 and a cheque from a customer amounted to Rs 5000 deposited in the bank was returned dishonored.​

Answer 1

Answer:

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Explanation:

Mr Peter started business with cash Rs 100000 and a building valued at Rs 500000 and purchased goods amounting to Rs 200000 out of which goods of Rs 180000 were purchased on credit from dr Lal and sold goods on credit to ramesh Rs 160000 and recieved cheque for Rs 156000 from ramesh in full settlement of his account