Question

Rahim started his business with cash. ₹5,00,000
Purchased goods on credit. ₹40,000
Purchased goods for cash. ₹10,000
Purchased furniture for cash. ₹5,000
Withdrew for private use. ₹7,000
Paid rent. ₹2000
Received interest. ₹ 1000
Sold goods for credit (cost ₹5000). ₹7000
Paid to creditors. ₹4000
Paid salaries. ₹2000
Rent outstanding. ₹2000
Brought furniture for personal use. ₹20,000

Answer 1

Rahim a/c ..............Dr

to cash

(being business started by Rahim)

purchase a/c ...... . . ......Dr

to bank

(being good purchased on credit)

purchase a/c.................Dr

to cash

(being good purchased with cash)

furniture a/c.....................Dr

to cash

(being furniture purchased)

drawing a/c ...................Dr

to bank

(being withdrawn for personal use)

rent a/c ..................... Dr

to cash

( being rent paid)

interest a/c ...................Dr

to bank

(being interest received)

sales a/c................. Dr

to cash

(being good sales on credit)

cash a/c ..... ...............Dr

to creditors

(being paid to creditors)

salary a/c ....................Dr

to cash

(being salary Paid)

furniture a/c ........... .. ......Dr

to drawing

( being furniture purchased for personal use)

hope it may help you