Question

Pass the following transactions in Journal
Date
Transactions
2020
Started business with cash Rs 1,00,000.
Jan 1
Jan 2
Cash purchases Rs 48,000
Jan 3
Sold goods to Ram Rs 10,000
Returned defective goods by Ram Rs. 1,000
Jan 6
Jan 8
Paid rent Rs. 800
Jan 10
Withdrew from bank for private use Rs. 4,000​

Answer 1

Answer:

DateParticularsAmount (Dr.)Amount (Cr.)1.Interest on Loan A/cDr.50000To Outstanding Interest on Loan A/c50000(Being recording the interest on a loan for the current year outstanding)2.Prepaid Wages A/cDr.12000To Wages A/c12000(Being prepaid wages recorded)3.Accrued Commission A/cDr.5000To Commission A/c5000(Being recording of accrued commission)4.Rent A/cDr.10000To Rent Received in Advance A/c10000(Being rent received in advance recorded)