Question

Prepare SHAMAN Account from the following details. Balance the account.
2014 (Rs.)
May 1 Opening Balance (Dr.) 17200
May 12 Sold goods to him 80,000
May 14 Goods returned by him 2,000
May 16 Received cash from him 20,000
May 20 Received a cheque from him 30,000
Discount allowed to him 600​

Answer 1

Explanation:

may 1:opening stock a/c. dr17200

to capital a/c 17200

may:12shaman a/c. DR 80000

to sales a/c. 80000

may14:sales return ac Dr 2000

to shaman ac 2000

may 16:cash ac Dr 20000

to shaman ac 20000

may20:bank ac. Dr 29400

discount ac. Dr 600

to shaman ac. 30000