Illustration $8$

Jeyaseeli is a sole proprietor having a provisions

store. Following are the transactions during the

month of January, $2018.$ Journalise them.

Jan. Rs$.$

$1$ Commenced business with cash $80,000$

$2$ Deposited cash with bank $40,000$

$3$ Purchased goods by paying

cash $5,000$

$4$ Purchased goods from Lipton & Co$.$ on

credit $,10,000$

$5$ Sold goods to Joy and received

cash $,11,000$

$6$ Paid salaries by cash

$5,000$

$7$ Paid Lipton & Co$.$ by cheque for the purchases

made on $4$th Jan.

$10$ Bank paid insurance premium on furniture as

per

standing

instructions $300$