Accountancy, asked by puttsau972, 10 months ago

Prepare Accounting Equation for the following transactions:- a) Started Business with Cash Rs.1,00,000 and Bank Balance Rs.2,50,000. b) Purchased Goods from Rahul for Rs.25,000 and paid him 60% immediately. c) Sold Goods costing Rs.15,000 at a profit of Rs.20,000 to Ramesh. d) Security Deposit paid to Landlord Rs.50,000 by cheque. Also paid him Rent of Rs.20,000 in Cash.

Answers

Answered by GulabLachman
4

Given: a) Started business with cash 1,00,000 and bank balance 2,50,000

b) goods purchased  from Rahul  for Rs. 25000 and paid him 60% immediately.

c) Sold goods costing Rs. 15000 at a profit of RS. 20,000 to Ramesh

d) Security deposit paid to Landlord Rs. 50,000 by cheque & Rent paid Rs. 20,000

 

To Find: pass the journal entry.  

Solution:                

                      Particulars                                                 Amount       Amount

     Bank  A/c            Dr.                                                     350000

               To, Capital A/C                                                                         350000

     

     purchased  A/C        Dr.                                                25000

                 To, cash A/C                                                                           15000

                 To, Rahul A/C                                                                         10000

     Ramesh A/C             Dr.                                                 15000                                                        

      P/L     A/C                 Dr.                                                 5000

          To, Sales A/C                                                                                 20000

    security deposit A/C      Dr.                                           50000

    Rent A/C                        Dr.                                            20000  

                 To, Bank A/C                                                                          70000

Note:Note: In a simple term, a journal entry is recording the transactions in Double Entry form that is recording in two aspects  -   Debit or credit.

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