Question

Q.2: Prepare Journal Entry of Mr. Raghav for the month of April 2019.
1) Started business with cash Rs. 80,000/-
2) Purchase goods for cash Rs. 10,000/-
3) Purchase goods from Ramesh Rs. 20,000/- on credit.
4) Sold goods for cash Rs. 15,000/-
5) Sold goods to Mr Abhishek Rs. 25,000 on credit @5% Trade discount.
6) Deposited cash in to bank of india Rs. 15,000/-
7) Paid office rent Rs. 3,000/-
8) Received commission Rs. 5,000/-
9) Paid salary Rs. 10,000/-
10) withdrew cash from bank Rs. 25,000/- for personal use.​

Answer 1

Answer:

1 Cash account dr 80000

To capital account 80000

2. purchase account dr 10000

To cash account 10000

3. purchase accounts dr 20000

To Ramesh 20000

4. cash account dr 15000

To sales account 15000

5. Abhishek dr 23750

To sales accounts 23750

(25000-25000×5%)

6 Bank account dr 15000

To cash account 15000

7. rent account dr 3000

To cash account 3000

8. cash account dr 5000

To commission account 5000

9. salary account dr 10000

To cash account 10000

10. drawings account dr 25000

To bank account 25000