Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

From the following transactions, you are required to identify the account (s) to be debited and credited and make the journal entry in the specified

image text in transcribed

From the following transactions, you are required to identify the account (s) to be debited and credited and make the journal entry in the specified format. Please note that if journal entry is not required, write no journal entry required'. [8] Date Transaction March 1 You invested Rs 12,000 cash in your sole proprietorship, which you call XX products March 2 XX acquired Rs18,000 inventory (Gloves) for cash March 3 XX acquired Rs16,000 inventory on account March 4 XX acquired equipment for Rs30000 in exchange for a Rs10000 cash down payment and a Rs20000 promissory note March 5 A large retail store, which you had hoped would be a big customer, discontinued operation. March 6 You take XX's inventory worth Rs1200 home for family. March 7 Inventory that costs Rs600 in transaction on March 2 were of the wrong style. XX retuned them and obtained a full cash refund. March 8 Inventory that costs Rs1600 in transaction on March 3 were of the wrong colour. XX retuned them and obtained inventory of the correct colour in exchange. March 9 Inventory that cost Rs1000 in transaction on March 3 had an unacceptable quality. XX returned them and obtained full credit on account. March 10 XX paid Rs2000 on a promissory note. March 10 You use your personal cash savings of Rs 10000 to acquire some equipment for XX. You consider this to be an additional investment in your business. March 11 XX paid Rs6000 on account payable. March 12 XX exchange equipment that costs Rs 8000 in transaction on March 4 with another wholesaler. However, the equipment received, which is almost new, is smaller and is worth only Rs3000. Therefore, the wholesaler also pays Rs5000 in cash

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

The ASQ Certified Medical Device Auditor Handbook

Authors: Scott A Laman

4th Edition

1953079962, 978-1953079961

More Books

Students also viewed these Accounting questions

Question

What is a non-deliverable forward, and why does it exist?

Answered: 1 week ago

Question

Prepare for a successful job interview.

Answered: 1 week ago

Question

Describe barriers to effective listening.

Answered: 1 week ago

Question

List the guidelines for effective listening.

Answered: 1 week ago