Question
As of December 31, 2023. Prepare the necessary journal entries to close the books. Description Debit () Credit () Capital Account - Raj 50,000 Capital
- As of December 31, 2023. Prepare the necessary journal entries to close the books.
Description | Debit (₹) | Credit (₹) |
Capital Account - Raj | 50,000 | |
Capital Account - Simran | 40,000 | |
Drawings - Raj | 5,000 | |
Drawings - Simran | 3,000 | |
Sales | 120,000 | |
Purchases | 60,000 | |
Salaries | 30,000 | |
Rent | 10,000 | |
Office Expenses | 5,000 | |
Profit and Loss Account | 27,000 |
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Fundamental Accounting Principles
Authors: Larson Kermit, Tilly Jensen
Volume I, 14th Canadian Edition
71051503, 978-1259066511, 1259066517, 978-0071051507
