Question

Pass the general entry for the given transaction:-

2006

Jan. 1 commenced business with cash ₹ 10000.

Jan. 5 withdraw for personal use ₹ 500.

Jan. 20 Bought goods worth ₹ 5000 at 10 % trade discount and 1% cash discount.

Jan. 25 Bought investament ₹ 1000.​

Answer 1

Answer:

jan 1 cash a/c....... Dr 10000

to capital 10000

jan5 drawings a/c...... Dr 500

to cash 500

jan 20 purchases A/c.......Dr 4500

to cash 4455

to dis received 45

jan 25 investment a/c... Dr 1000

to cash 1000