Prepare the journal for these transactions :-
A) Started business with cash 1 lac, Building 10 lac and stock 50,000.
B) Commission Received 5,000
C) Insurance premium paid 5,000
D) Additional capital introduced 2,00,000.
E) Rent paid through cheque 10,000
F) Goods sold to Rajesh 20,000 and half of the amount is received through cheque.
G) Goods purchased from Raj and Company for Rs.20,000.
H) Goods given as charity 10,000.
I) Goods lost due to fire 5,000.
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Answer:
Assets
=
Liabilities
+
Capital
Cash
(Rs)
+
Bank
(Rs)
+
Stock
(Rs)
=
Creditors
(Rs)
(Rs)
(i)
Started business with cash
45,000
=
45,000
45,000
=
45,000
(ii)
Opened a Bank Account with a deposit
– 4,500
+
4,500
=
40,500
+
4,500
=
45,000
(iii)
Bought goods from M/s. Sun & Co.
11,200
=
11,200
40,500
+
4,500
+
11,200
=
11,200
+
45,000
Total Assets
=
Cash + Bank + Stock
=
40,500 + 4,500 + 11,200
=
Rs
56,200
Liabilities
=
11,200
Capital
=
45,000
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