The following transactions are related with the business of Mr. Zafar: a. Mr. Zafar started business with cash Rs.5,00,000. b. Purchased goods from Mr. A of Rs. 10,000. c. Purchased a plant for Rs. 8,000. d. Purchased equipment on account from Nadeem worth Rs. 10,000. e. Sold goods worth Rs.15,000 for cash. f. Sold goods to Mr. B for Rs.5,000. g. Returned goods to Mr. A of Rs.3,000. h. Received commission Rs.8,000. i. Amount withdrawn by Mr. Zafar for personal use Rs. 12,000. j. Goods returned by Mr. B worth Rs. 500.
Answers
Answer:
a. Cash A/c _____ Dr. 5,00,000
To Capital A/c. 5,00,000
( Being started business
with cash )
b. Purchases A/c______ Dr. 10,000
To Mr. A A/c. 10,000
( Being purchased goods )
c. Plant A/c ________ Dr. 8,000
To Cash A/c. 8,000
( Being purchased plant )
d. Nadeem A/c _______ Dr. 10,000
To Cash A/c. 10,000
( Being purchased equipment
on account of Nadeem )
e. Cash A/c ________ Dr. 15,000
To Sales A/c. 15,000
( Being sold goods )
f. Mr. B A/c __________ Dr. 5,000
To Sales A/c. 5,000
( Being sold goods to Mr. B )
g. Mr. A A/c ___________ Dr. 3,000
To Return Outward A/c. 3,000
( Being returned goods to Mr.A )
h. Cash A/c ____________ A/c. 8,000
To Commission A/c. 8,000
( Being received commission )
i. Drawings A/c _________ Dr. 12,000
To Cash A/c. 12,000
( Being withdrawn cash for
personal use )
j. Return Inward A/c ______ Dr. 500
To Mr. B A/c. 500
( Being goods returned by Mr.B )