The following transactions of Samriyan Enterprises are given : ( a ) . Started business with cash Rs.2,00,000 ( b ) . Purchased goods from Kamal of Rs . 15,000 . ( c ) Sold goods in Cash Rs . 18,000 . ( d ) Cash paid to Kamal Rs.10000 ( e ) Again , good purchase from Kamal Rs.20000 ( 1 ) Paid to Ram Rs.24000 in full settlement of his account Required : a ) Journal Entries b ) Necessary ledger accounts c ) Trial Balance [ 3 + 4 + 1 ]
Answers
Answer:
you are in class 11
Explanation:
am I right
answer
S. No. Transaction Assets = Liabilities + Capital
Cash + Furniture + Stock = Creditors
(i) Sandeep started business with cash 1,00,000 + 1,00,000
1,00,000 = + 1,00,000
(ii) Purchased furniture for cash –5,000 +5,000
95,000 + 5,000 = + 1,00,000
(iii) Purchased goods for cash –20,000 +20,000
75,000 + 5,000 + 20,000 = + 1,00,000
(iv) Purchased goods on credit +36,000 +36,000
75,000 + 5,000 + 56,000 = 36,000 + 1,00,000
(v) Rent paid -700 –700
74,300 + 5,000 + 56,000 = 36,000 + 99,300
(vi) Goods costing Rs 40,000 sold at a profit of 20% for cash +48,000 -40,000 +8,000
1,22,300 + 5,000 + 16,000 = 36,000 + 1,07,300
Working Note:
WN1 Calculation of Sale Price