Question

Prepare Journal Entries, Ledger, Trial balance, Trading A/c, Profit and Loss A/c and

Balance Sheet.

1. Shyam started business with ₹ 1000000 in cheque.

2. Withdrawn cash from bank for official use ₹ 10000.

3. Bought furniture worth ₹ 10000, paid through cheque.

4. Bought inventory for ₹ 20000 from Mr X.

5. Paid carriage inward ₹ 1000, in cash.

6. Paid wages ₹ 2000, in cash.

7. Sold all the above goods to Mr Y for ₹ 25000.

8. Paid to Mr X, ₹ 5000 in cash.

9. Paid ₹ 10000 as commission to a sales person, in cheque.

10. Received Interest on amount deposited in bank ₹ 2500.

11. Paid misc. expenses of office ₹ 5000, in cheque.

12. Paid office rent ₹ 5000, in cheque.

13. Withdrawn cash from bank, ₹ 5000, for personal use.

14. Charged 10% depreciation on furniture​

Answer 1

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Explanation:

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