Pass journal entries for the following transactions: (i) Purchased machinery from Lohia Ltd of 1,20,000 (ii) Purchased

Question:

Pass journal entries for the following transactions:

(i) Purchased machinery from Lohia Ltd of ₹1,20,000

(ii) Purchased furniture from Gulab Enterprises of ₹35,000

(iii) Paid to Lohia Ltd by cheque ₹1,20,000

(iv) Write off depreciation on machinery ₹3,000

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Financial Accounting

ISBN: 9780071078023

1st Edition

Authors: Dhanesh K. Khatri

See More Books

Question Posted: Dec 18, 2023 11:14 AM

See More Questions

The graph of f(x) = ax + b is reflected in the y-axis and then translated by the vector The resulting function is g(x) = 1 5x. Find the value of a and the value of b. 3
On December 31, 2020, American Bank enters into a debt restructuring agreement with Whispering Company, which is now experiencing financial trouble. The bank agrees to restructure a 12%, issued at...
Make use of table 1.4 to express the following quantities in BG units: (a) 14.2 km, (b) 8.14 N/m 3 , (c) 1.61 kg/m 3 , (d) 0.0320 N m/s (e) 5.67 mm/hr.
What are constructive gains and losses? Describe a transaction having a constructive gain.
Using the information provided, calculate book value per common share assuming: a. There are no dividends in arrears. b. There are three years of dividends in arrears. Western Grass Inc. Equity...
Suppose you fit the first-order model y = b0 + b1 x1 + b2 x2 + b3 x3 + b4 x4 + b5 x5 + e to n = 27 data points and obtain SSE = .33 R2 = .92 a. Do the values of SSE and R2 suggest that the model...
Johnny Jones?s high school derivatives homework asks for a binomial valuation of a 12- month call option on the common stock of the Overland Railroad. The stock is now selling for $45 per share and...
On January 1, 2021, Tractor Company will acquire a new asset that costs $470.000 and that is anticipated to have a salvage value of $33.000 at the end of four years. The new asset . qualifies as...
Prepare final accounts using the following balance: S. No. 1 2 3 4 5 6 Capital a/c Machinery a/c Furniture a/c Salary a/c 7 Insurance Premium a/c 8 Advertising Expense a/c 9 10 11 12 13 14 15 16 17...
From the following balance sheet, pass opening entry in the beginning of next accounting year: Liabilities Owner's Capital Secured Bank Loan Bank Overdraft Sundry Creditors Tax payable Outstanding...
The coordinates of 3 points are A(- 4, 4), B(k, - 2) and C(2k + 1, - 6). Find the value of k if A, and B and C are collinear.
The equation for the standard normal curve (the normal curve with mean 0 and standard deviation 1) graphs as an exponential curve. Graph this curve, whose equation is \[y=\frac{e^{-x^{2} /...
Design an undirected network with N=7 and L=12. Based on how you drew your network, classify it as either fully connected ,random, or scale-free. Justify your decision with a short paragraph response.
Use the Ch08_AviaCo database shown in Figure P8.35 to work Problems 3546. Modify the MODEL table to add the attribute and insert the values shown in the following table. Table P8.35 Attribute and...
The Tip Calculator app does not need a Button to perform its calculations. Reimplement this app to use property listeners to perform the calculations whenever the user modifies the bill amount or...
A particle, carrying a positive charge of $4 \mathrm{nC}$, located at $(5 \mathrm{~cm}, 0)$ on the $x$-axis experiences an attractive force of magnitude 115.2 $\mathrm{N}$ due to an unknown...
Explain what bonding means. How does bonding relate to safeguarding cash?
Which, if any, of the dichloroethene molecules drawn in Data Table II (3.) (4.) and (5.) are geometric isomers? A. B. C. D. cis-1,2-dichloroethene and trans-1,2-dichloroethene...
Cindy Krug believes a corporation must be incorporated in the state in which its headquarters office is located. Is Cindy correct? Explain.
What are the basic ownership rights of common stockholders in the absence of restrictive provisions? Discuss.
A corporation has been defined as an entity separate and distinct from its owners. In what ways is a corporation a separate legal entity?
On January 1, 2018, Brooks Corporation exchanged $1,259,000 fair-value consideration for all of the outstanding voting stock of Chandler, Inc. At the acquisition date, Chandler had a book value equal...
1. Determine the value of the right to use asset and lease liability at commencement of the lease.
Problem 22-1 The management of Sunland Instrument Company had concluded, with the concurrence of its independent auditors, that results of operations would be more fairly presented if Sunland changed...

Pass journal entries for the following transactions: (i) Purchased machinery from Lohia Ltd of 1,20,000 (ii) Purchased

Question:

Step by Step Answer:

Machine ac...View the full answer

Financial Accounting

Students also viewed these Business questions