Question

Pass journal entries for the following transactions in the books of Arun: (a) Commenced business with cash Rs. 1,00,000. (b) Bought goods from Ram of list price Rs. 20,000 less Trade Discount 20%. (c) Sold Goods to Gopal Rs. 20,000. (d) Returned defective goods by Gopal Rs. 3,000. (e) Received cash from Gopal Rs. 16,500 & allowed him discount Rs. 500. (f) Sold goods to Mohan Rs. 15,000. (g) Paid cash to Ram Rs. 15,500 & discount received Rs. 500. (h) Paid salary Rs. 2,000 & rent Rs. 1,000. (i) Received interest Rs. 1,500 & commission Rs. 2,500. (j) Bought goods from Naresh for cash of list price Rs. 25,000 less Trade Discount 20% & Cash Discount of 2%.​

Answer 1

Answer:

a. cash a/c dr. 100,000

To capital a/c. 1,00,000

c. Gopal a/c. dr. 20,000

To sales a/c. 20,000

f. Mohan a/c. dr. 15,000

To sales a/c. 15,000

h. salary a/c dr. 2,000

rent a/c. dr. 1,000

To cash a/c. 3,000

I. cash a/c dr. 4,000

To intrest a/c. 1500

To commission a/c. 2500