Question

Prepare Shiv Shankar's Account from the following transactions
2017
Jan Opening Balance Debit 10,000,
Jan. Sold goods to him on credit 80,000
5
Cash received from him 78,500 and discount allowed 7 1,500.
12 Bought goods from him on credit 50,000
15 Cash paid to him 49,800 and discount received from him 200,
Jan 20 Sold goods to him for Cash 10,000
Jan
29 Sold goods to him on credit 30,000
(Ans. Debit Balance 40,000)
Jan

Answer 1

Rs. 40,000

Explanation:

Shiva Shankars Account show Debit balance Rs.40,000

Note : sold goods to him for cash transaction is omitted because cash transaction

Cash A/c Dr 10,000

To Sales A/c 10,000