Answered step by step
Verified Expert Solution
Question
1 Approved Answer
ING 3 . Record the following transactions in various accounts by applying the rules of debiting and crediting and make the totals of debit and
ING 3 . Record the following transactions in various accounts by applying the rules of debiting and crediting and make the totals of debit and credit amounts. 1. Mr. Khurshid started business with Rs. 40,000. 2. Bought Office Furniture from B on credit for Rs. 4,000. 3. Bought Office Equipment of Rs. 2,000. 4. Bought Goods worth Rs. 10,000 for cash from X. 5. Sold Goods to Y for Cash Rs. 5,000. 6. Bought Goods from B on credit for Rs. 3,000. 7. Sold Goods on credit to Ali for Rs. 1,110. 8. Paid X Rs. 6,000 on account. 9. Received from Ali Rs. 850 on account. 10. Received interest from Y Rs. 500. 11. Paid salaries Rs. 1,750. 12. Paid Rs. 1,000 into Bank from Office Cash. Paid Office Rent, Rs. 900. 14. Paid for Office Stationery, Rs. 100. 15. Bought Office Stationery on credit from Alam' & Co. Rs. 150. 16. Received Interest on Investments, Rs. 400. 17. Paid Electric charges, Rs. 110. 13
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started