Question

State with reason that business started by ram of rs 20000 is a business transaction

Answer 1

Answer:

As proprietor,Ram is investing cash into business and the business is going to operate and complete business activities with that cash later on, and as cash is also coming into the business which is generating an asset(cash) so its a business transaction.

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Explanation:

Answer 2

To make journal entry in Tally we have to open ledger first and then make journal entry in tally

Example :

1 Started Business with cash Rs 10000.

Journal entry will Be

Cash A/c Dr 100000

To capital A/c 100000

( being business started )

2. Deposited into Bank 50000

Bank A/c 50000

To cash A/c 50000

(being cash deposited into bank)

3. Purchase Goods costing Rs 20000 form Shyam .

Purchase A/c Dr 20000

To Shyam 20,000

(being goods purchased)

4. Sold goods to Mohan Rs 25000

Mohan A/c 25000

To sales A/c 25000

(being goods sold)

5 Paid Salary to Gopal Rs 2000 by cheque .

Salary A/c 2000

To cash A/c 2000

(being salary paid )

6 Commission received for cash Rs 7000

Cash A/c 7000

To commission A/c 7000

(being commission received)

7. Paid cash to Shyam and discount received 5%.

Shyam Dr 19000

‘To cash A/c 19000

To discount Received A/c 1000

(being cash paid and discount received )

How to create Ledger in Tally

When we start tally we have to Go to Gateway to Tally


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