Question

Journalize the following transactions of Wajhat Traders for the month of March 2009

1. Stated business by investing Rs. 85,000 cash and equipment Rs. 20,000

2. Purchased merchandise from Faisal Rs. 20,000

3. Sold merchandise for cash Rs. 15,000

4. Paid cash Rs. 19,500 for the settlement of debt

5. Purchased merchandise for cash Rs. 10,000 at trade discount 10%

6. Sold goods on account to Yasir Rs. 12,000

7. Received cash Rs. 11,800 from Yasir in full settlement of debt

8. Withdrew cash Rs. 1,500 and goods Rs. 1,000 for personal use

9. Paid salary Rs. 7500 and utility expenses Rs. 2500

10. Rent of shop Rs. 5000 is still payable​

Answer 1

Answer:

1.cash a/c dr 85000

equipment a/c dr 20000

to capital a/c 105000

2.merchandise a/c dr 20000

to Faisal a/c 20000

3.cash a/c dr 15000

to merchandise a/c 15000

5.merchandise a/c dr 10000

to cash 9000

to trade discount 1000

6.yasir a/c dr 12000

to sales a/c 12000

7.cash a/c dr 11800

discount allowed a/c dr 200

to Yasir a/c 12000

8.drawings a/c dr 2500

to cash a/c 1500

to goods a/c 1000

9.salary a/c dr 7500

utility expenses a/c dr 2500

to cash a/c 10000