Question

Record the following transactions in the Journal Proper of Sharvi Patel:

(i) Purchase furniture of ` 4,000 by giving goods of ` 4,500​

Answer 1

Answer:

furniture a/c dr - 4500

to purchase a/c cr - 4500

(being Purchase furniture of 4000 by giving goods of 4500 )

Answer 2

Explanation:

For the given case;

Amount debited = 4000

Amount credited = 4500

The accounting cycle is a fundamental process for completing a company’s bookkeeping tasks. Following steps should be taken to complete the accounting cycle;

Identify transactions

Record transactions in a journal

Posting of every transaction

Unadjusted trial balance

Balance worksheet

Adjusting journal entries

All the above steps should be taken and in proper sequence for the proper making of financial statements