Question

Manoj started business with i) cash - 2,30,000 ii) goods- 10,00,000 iii) furniture 1,00,000 2. Goods sold for 1,00,000 (costing 80,000). 3. Goods sold for 50,000 on cash (cost 30,000) 4. Goods sold for 60,000 to ram (cost 80,000) 5. Goods costing rs 24,000 sold at a profit of 50%. 6. Goods costing rs 24,000 sold at a profit of 33 1/3 %. half the payment paid in cash. 7. Goods costing rs 20,000 sold at 120% for cash. 8. Goods costing rs 20,000 sold at 120% profit for cash. 9. Goods costing 30,000 sold at 25% profit on sales for cash 10. Goods costing 50,000 sold at 25% on cost on credit to neil. 11. sold furniture for 10,000 (book value 30,000 ).​

Answer 1

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Explanation:

WN 1 : 24000 × 50/100 = 12000     (5. ADJUSTMENT)

           24000 + 12000 = 36000

WN 2 : 24000 × 100/300 = 8000     (6. ADJUSTMENT )

            24000 + 8000 = 32000

            CASH = 16000    DEBTOR = 16000  

WN 3 : 20000 × 120/100 = 24000      (7. ADJUSTMENT)

WN 4 : 20000 × 120/ 100 = 24000     (8. ADJUSTMENT)

            20000 + 24000 = 44000

WN 5 : 30000 × 25/100 = 7500         (9. ADJUSTMENT)

            30000 + 7500 = 37500

WN 6 : 50000 × 25/100 = 12500      (10. ADJUSTMENT)

            50000 + 12500 = 62500