Question

Pass compound journal entries for the following-
2017
Feb. 1 Commenced business with cash 80,000 and goods ? 44,000.
Feb. 7 Goods bought on credit from X 10,000, Y 20,000, Z ? 30,000.
Feb. 12 Goods sold on credit to A 10,000, B * 16,000, C7 8,000.
Feb. 15 Purchases return to X 1.000, Z2,000.
Feb. 16 Sales return by A500, B1,000, C3 2,000.
Feb. 28 Paid- Rent 900, Postage 700, Sundry expenses 400​

Answer 1

Answer:

feb 7

purchase a/c Dr 60000

to x a/c 10000

to y a/c 20000

to z a/c 30000

feb 12

a a/c Dr 10000

b a/c Dr 16000

c a/c Dr 78000

to sales a/c 104000

feb 15

x a/c dr 1000

z a/c dr 2000

to purchase return 3000

feb 16

sales return dr 33500

to a a/c 500

to b a/c 1000

to c a/c 32000

feb 28

paid rent ac Dr 900

postage a/c Dr700

sundry a/c Dr400

to cash a/c 2000

feb 1

cash a/c Dr

good a/c Dr

to capital a/c

Explanation:

asset have Dr balance liability have cr balance

expense have Dr balance income has cr balance

Answer 2

Feb 1 cash a/c 80000

TO capital a/c 44000