You are required to journalise the following transactions: [4] Balances in the books of Rahul, a computer dealer on 1st April, 2017: Cash ₹500; Bank overdraft ₹1,000; Stock ₹7,000; Building ₹6,500; Computers ₹3,500. On the same day, he sold a computer, the book value of which was ₹2,000 was for ₹1,950.
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Cash Account Debit 500
Building Account Debit 6500
Stock Account Debit 7000
Computer Account Debit 3500
Bank Account Credit 1000
Capital Account credit 16500
Narration : (Being opening balances transfered)
Bank Account Debit 1950
Loss on sale of computer debit 50
Computer Account Credit 2000
(Being computer costing 2000 was sold ag a loss of Rs 50)
Explanation:
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