Question

What will be the journal entries for this imaginery transaction (1)mohan started business with cash ₹12,00,000 (2) purchase goods on cash ₹30,000 (3)cash sales₹45,000 (4)purchase furniture from ram ₹55,000 (5) Additional introduction of cash by mohan ₹1,00,000 (6) depreciate furniture₹34,000 (7)rent received₹40,000 (8)salary paid ₹12,000 (9)goods purchase at trade discount 5% which list price is ₹1,00,000 (10)goods₹10,000 purchase at cash discount 2% (11)goods₹55,000 purchase at cash discount 2% and tradd discount 10% (12) outstanding rent₹5,00 (13)Rent accured₹1000 (14) machinery sold at ₹50,000 (15)machinery sold to mohan ₹12,000 (16)purchase land ₹45,000 from ram on cash (17)Bill dishourned ₹500 (18) outstanding bill received₹1200 (19) borrow money from ram ₹1500 (20)goods destroyed at fire ₹55,000 and insurance company claim to ₹30,000

Answer 1

Answer:

Explanation: 11th and 18 th journal entries are in the last

Note-we won't account for trade discount