Q1. Pass Journal Entries of the following Transactions also
Prepare Ledger and Trial Balance Sheet.
1. Shri Ganesh Starts Furniture business with cash Rs. 20,000,
Stock Rs. 24,000 and Building Rs. 12,000
2. Goods purchased from Shri Shyam Rs. 12,000
3. Cash paid to Shri Shyam Rs. 10,000 in full settlement
4. Goods sold to Shri Hari Rs. 20,000
5. Cash received from Shri Hari Rs. 17,200 in full settlement
6. Goods purchased from Shri Om Rs. 18,000
7. Cash paid to Shri Om and he allowed us 10% discount
8. Goods sold to Shri Krishna Rs. 28,000
9. Cash received from Shri Krishna and we allowed him 10%
discount
10. Received a V.P.P. from Shri Man Mohan Rs. 800. Sent a
peon to Collect it, who Paid Rs. 60 as Cartage.
(V.P.P. = Value Payable Post: - Under this system seller
sends the goods through Post Office.
Buyer Pays the payment of goods to the post office & gets
the delivery of goods from Post Office.)
11. Goods Destroyed by fire Rs. 400 (S.P = 600) Insurance
company admitted the claim Rs. 280.
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