Question
Journalise the following transactions and post them into ledger account & prepare trial balance . 2020 march 1, started business with cash 150000, machinery
2020 march 1, started business with cash 150000, machinery worth 200000 and building 350000 .
5, bought goods worth 55000 from Mishna & co subject to a Trade discount @10%.
9, charge depreciation @15% on building.
15, charge interest on drawings@5% the drawings during the years 12000.
20, paid Mishna & co 48000 in full statement of his claim .
28, deposit 5000 into the bank .
30, 3000 become irrecoverable for Amit , a debtor who become insolvent .
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Journal Entries March 1 Cash Account Debit 150000 Machinery Account Debit 200000 Building Account Debit 350000 Capital Account Credit 700000 Total assets Total owners equity March 5 Purchases Account ...Get Instant Access to Expert-Tailored Solutions
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Fundamental Accounting Principles
Authors: Larson Kermit, Tilly Jensen
Volume I, 14th Canadian Edition
71051503, 978-1259066511, 1259066517, 978-0071051507
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