Question

Started business with cash 50000 paid salary 5000 rent outstanding 1000 accrued interest 1500 interest on capital 2500 bought goods for cash 30000 and on credit 50000 goods sold costing 10000 at 25% profit out of which 7000 received in cash purchase t.v for personal use 2500

Answer 1

Answer:

1) Cash a/c dr. (Rs.50000 each)

To capital a/c

2) Salary a/c dr. (Rs. 5000 each)

To cash a/c

3)Rent a/c dr. (Rs.1000 each)

To outstanding rent a/c

4)Interest on capital a/c dr. (Rs.2500 each)

To capital a/c

5)Purchase a/c dr. (Rs.30000 each)

To cash a/c

6)Purchase a/c dr. (Rs.50000 each)

To creditors a/c

7)Cash a/c dr. (debit cash Rs. 7000,debtors Rs.5500)

Debtors a/c dr.

To sales a/c (credit sales Rs. 12,500)

8)Drawings a/c dr. (Rs. 2500)

To Asset/office equipmemt(t.v.) a/c

Answer 2

I don’t know the answer