Question

MID TERM ASSIGNMENT QUESTIONS
QUESTION: 1: Journalize the following transactions:
1. Muneer started his business with RS.90,000
2. Purchased goods for RS.63,000
3. Sold goods for 86,400
4. Purchased goods from Salman RS.10,800
5. Sold goods to Kareem for RS. 12,960
6. Kareem returned goods for RS. 2160
7. Returned goods to Salma RS.1800
8. Received from Kareem on account RS.9900
9. Paid salary to Sadaf RS.9000.

Answer 1

Explanation:

1) Cash a/c dr- 90000

To capital a/c- 90000

(Being amt invested by muneer in business as capital)

2) purchase a/c dr- 63000

To cash a/c- 63000

( Being goods purchased for cash )

3) Cash a/c dr-86400

To sales a/c -86400

( Being goods sales for cash )

4) purchase a/c dr- 10800

To sales a/c - 10800

( Being goods purchased from salma)

5) Kareem a/c dr- 12960

To sales a/c - 12960

(Being goods sales to Kareem)

6) Sales return a/c dr- 2160

To Kareem -2160

( Being goods returned by Kareem)

7) Salma a/c dr- 1800

To purchase return a/c - 1800

( Being good returned to salma )

8)Cash a/c dr- 9900

To cash a/c - 9900

( Being the cash received from Kareem)

9) Salaries a/c dr- 9000

To cash - 9000

( Being the amount paid for salary)