Question 14.
(Closing Entries). Give the necessary entries in the Journal Proper of Ram on 31st March, 2018 to close their books:
Freehold Premises ₹ 30,000; Plant and Machinery ₹ 20,000; Sundry Debtors ₹ 25,000; Purchases ₹ 37,500; Sales ₹ 95,000; Discount (Dr.) ₹ 150; Discount (Cr.) ₹ 175; Sundry Creditors ₹ 12,500; Carriage Inwards ₹ 375; Carriage Outwards ₹600; Furniture and Fixtures ₹ 2,500; Wages ₹ 5,000; Bad debts ₹ 750; Salaries ₹ 3,600; Commission (Cr.) ₹ 2,125; Capital Account ₹ 25,000; Bills Payable ₹ 7,500; Bills Receivable ₹ 9,000; Trade Expenses ₹ 2,550; Ram’s Loan Account ₹ 20,000; Cash in Hand ₹ 75; Cash at Bank ₹ 3,125.
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The journal entries are shown below:
Explanation:
The journal entries are as follows:
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