Received Cash from shyam in full settlement of his account
Answers
Answer:
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Explanation:
Cash account Dr. To capital account 1,00,000
(Being commerced business with cash)
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Rent account Dr. To cash account 15,000
(Being rent paid )
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Cash account Dr. To Commission account 600
(Being Commission received)
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Shyam account Dr. To Sales account 8000
( Being good sold to Shyam)
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Purchase account Dr. To cash account 10000
(Being good purchased for cash)
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Loss of stock by fire account Dr. To purchase account 3000
(being goods lost by fire)
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Cash account Dr. 7600 Discount allowed account Dr. 400 To Shyam account 8000
(being amount received from Shyam in full settlement and discount allowed to him)
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Outstanding salary account Dr. To cash account 1000
(being payment made for outstanding salaries)