Accountancy, asked by ayeshaaslam53199, 1 month ago

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

Answered by AllenGPhilip
0

Answer:

Explanation:

⛄️ Answer

        JOURNAL ENTRIES

(1)  Started business with cash 50,000

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)

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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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