Question

Q3.)from the following transactions prepare necessary journal and Ledger Accounts in the Books of Vinay
and balance the same.

2019
Jan.
1 Started business with Cash 10,000
6. Bought goods from Vikas 3,000
9. Sold goods to Bhushan 2,400
12 Paid to Vikas on account 1,600
19. Received on account from Bhushan 1,000
25. Cash Purchases 3.600
30 Cash Sales 5,000
31. Paid Wages 400

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Answer 1

Answer:

Fully solved answer according to format of ledger.

Answer 2

      Journal Entries in the books of Vinay

1 Jan 2019

Cash A/C DR 10,000

               To Capital A/C 10,000

( Being business started with cash )

2 Jan 2019

Purchase A/C DR 3,000

             To Vikas A/C 3,000

( Being goods purchased on credit )

9 Jan 2019

Bhushan A/C DR 2,400

              To Sales A/C 2,400

( Being goods sold on credit )

12 Jan 2019

Vikas A/C DR 1,600

                 To Bank A/C 1,600

( Being amout recieved from vikas in bank )

25 Jan 2019

Purchase  A/C DR 2,500

          To Cash  A/C 2,500

( Being goods purchase  by cash )

30 Jan 2019

Cash A/C DR 5,000

          To Sales A/C 5,000

( Being goods sold )

31 Jan 2019

Wages A/C DR 400

         To Cash A/C 400

( Being wages paid )