Question

QUESTION
1. Harish started business with cash Rs. 10000
2. Received from Charanjeet Rs. 1540 and allowed him discount Rs. 60
3. Paid Manohar in settlement Rs. 1900 and discount allowed by him Rs. 100
4. Paid to Harbans Rs. 1440 and discount allowed by him Rs. 60
5. Stock purchase for sale (cash purchase)= 3,000, credit purchase = 5,000
6. Wages paid 120,000 (including 20.000 relating to a future year).
7. Payment made to creditors to the value of 200,000 at 10 percent discount.
8. Goods costing 20.000 destroyed by fire.
9. Sales made for cash 600,000 & on credit 800,000.
10.Salaries paid 200.000 but due 110.000.​

Answer 1

Cash dr.. 10000
To capital 10000

Cash dr 1540
Discount allowed dr 60
To Charanjeet 2000

Manhoar dr 2000
To dis received . 100
To cash 1900

Harbans dr 1500
To dis received 60
To cash. 1440

Purchase dr 8000
To cash. 3000
To creditor. 5000

Wages dr 100000
Prepaid wages dr 20000
To cash. 120000

Creditors dr 200000
To dis received. 20000
To cash. 180000

Loss by fire dr 20000
To purchase. 20000

Cash dr 600000
To sales 600000

Debtor dr 800000
To sales. 800000

Salary dr 200000
To cash. 200000

Outstanding salaries dr 110000
To salaries. 110000