Prepare journal for the following transactions
1. Commenced business with cash $70,000
2. Purchased goods for cash $15,000
3. Purchased goods on credit $15,000
4. Bought furniture for cash $4,000
5. Cash paid to creditors$5500 and received discount of $500.
6. Paid rent $1,400
7. Received commission $2,000
8. Further capital introduced $10,000
9. Sold goods on credit $8,500
10. Withdrew for personal use $1,600
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Bank ac dr. 75,000*2
To eq share application ac
Eq share application ac dr
To eq share capital ac 50,000*2
To bank ac 25,000*2
Eq share allotment ac dr 50,000*6
To eq share capital ac 50,000*4
To securities premium 50,000*2
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