Question

Prepare Sanjay’s A/c from the following transactions:
1. Purchased goods from Sanjay on credit for ₹40,000.
2. Paid to Sanjay ₹25,000.
3. Again purchased goods from Sanjay for ₹16,000.
4. Goods returned to Sanjay ₹ 2,000.
5. Paid to Sanjay ₹ 20,000.

Answer 1

Answer:

1.Purchase A/C dr. 40000

To Sanjay A/C. 40000

2.Sanjay A/C. dr. 25000

To Cash A/C 25000

3.Purchase A/C. dr. 16000

To Sanjay A/C 16000

4.Sanjay A/C dr. 2000

To Purchase return A/C 2000

5.Sanjay A/C dr. 20000

To Cash A/C 20000

Answer 2

Answer:

Explanation: Sanjay is our creditor becoz we did credit purchases with him creditors a/c will give you the balance that you owe to sanjay