Record the following transactions in Journal, post them into Ledger and prepare a Trial Balance :
2017 Mar.
1 Started business with cash 50,000
3 Purchased goods on credit from Krishna 30,000
5 Paid rent for the month
2,000 7 Purchased equipment for cash6,000
8 Paid miscellaneous expenses 800
12 Paid Krishna in full settlement 29,500
18 Sold goods to Dipayan on credit15,000
25 Received from Dipayan in full settlement 14,700
28 Received from cash sales 8,000
30 Received interest on investment
Answers
Answer:
Record the following transactions in Journal, post them into Ledger and prepare a Trial Balance :
2017 Mar.
1 Started business with cash 50,000
3 Purchased goods on credit from Krishna 30,000
5 Paid rent for the month
2,000 7 Purchased equipment for cash6,000
8 Paid miscellaneous expenses 800
12 Paid Krishna in full settlement 29,500
18 Sold goods to Dipayan on credit15,000
25 Received from Dipayan in full settlement 14,700
28 Received from cash sales 8,000
30 Received interest on investment
Answer:
Explanation:
CASH A/C DR 50,000
TO CAPITAL A/C 50,000
( COMMENCED BUSINESS)
-------------------------------------------
(2) Purchased goods on credit from Krishna 30,000
PURCHASE A/C DR 30,000
TO KRISHNA A/C 30,000
( CREDIT PURCHASE FROM KRISHNA)
-----------------------------------------------
(3) Paid rent for the month 2,000
RENT A/C DR 2,000
TO CASH A/C 2,000
( PAID RENT)
--------------------------------------------------
(4) Purchased equipment for cash6,000
EQUIPMENT A/C DR 6,000
TO CASH A/C 6,000
( PURCHASED EQUIPMENT)
---------------------------------------------------
(5) Paid miscellaneous expenses 800
EXPENCE A/C DR 800
TO CASH A/C 800
( PAID EXPEMCE)
----------------------------------------------------
(6) Paid Krishna in full settlement 29,500
KRISHNA A/C DR 30,000
TO CASH A/C 29,500
TO DISCOUNT A/C 500
( Paid Krishna in full settlement 29,500
AND RECEIVED 500 DISCOYNT)
------------------------------------------------------
(7) Sold goods to Dipayan on credit15,000
DIPAYAN A/C DR 15,000
TO SALES A/C 15,000
(Sold goods to Dipayan on credit15,000)
------------------------------------------------------------
(8) Received from Dipayan in full settlement 14,700
CASH A/C DR 14,700
DISCOUNT A/C DR 300
TO DIPAYAN A/C 15,000
( Received from Dipayan in
full settlement 14,700
--------------------------------------------------------
(9) Received from cash sales 8,000
CASH A/C DR 8,000
TO SALES A/C 8,000
(Received from cash sales 8,000)
--------------------------------------------------
BALANCES
CASH A/C = 50,000-2000-6000-800-29500+14700+8000 = ₹ 34,400(DR)
---------------------------
CAPITAL /C = ₹ 50,000 (CR)
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KRISHNA A/C = 30,000 - 30,000 = 0
------------------------------
PURCHASE A/C = ₹ 30,000 (DR)
------------------------------
RENT A/C = ₹ 2,000 ( DR)
--------------------------------
EQUIPMENT A/C = ₹ 6,000 (DR)
--------------------------------
EXPENCE A/C = ₹ 800 (DR)
-----------------------------
DISCOUNT RECEIVED A/C = ₹ 500 (CR)
-------------------------------
DIPIYAN A/C = 15,000-15,000 = 0
----------------------------------------
SALES A/C = 15,000 + 8,000 = 23,000 (CR)
--------------------------------------------
DISCOUNT ALLOWED = 300 (DR)
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