Question

started up a new sole proprietorship-based business out of his savings of Rs 20000. His father gave him Rs 80000 which he invested in the business. He had to pay Rs 5000 as a security deposit with his landlord, in addition to that he paid Rs 2000 as rent for the month. RD a close friend provided furniture worth Rs 5000 for the business. With regards to goods JD negotiated with many suppliers and finally agreed to a deal with Ram (one of the suppliers). The terms of the agreement were ’50-50’ i.e. 50% credit, 50% cash. JD bought goods from Ram in 5 batches during the month all transactions of the value of Rs 10000 each. Due to decrease in sales, JD had to return 1 batch of goods. JD’s Father asked for Rs 10000 which he had to adhere to. He paid Rs 3000 as insurance premium (1000 for his life and 2000 for the shop). Ram was paid Rs 15000 as full settlement pertaining to transactions of the month. Journalize the transactions and prepare Cash A/c and Trial Balance *
10 points​

Answer 1

Answer:

fferent sources

b) Salary paid by the Foreign Government to his employee serving in India is kind up to Rs.5,000 in aggregate per annum would be exempt, beyond

Explanation:

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