Question
Journalize (give journal entries) the following transactions in Gaurav's books for April 2017: April 1: gaurav started business with 1000000 of which 25% amount was
Journalize (give journal entries) the following transactions in Gaurav's books for April 2017:
April 1: gaurav started business with 1000000 of which 25% amount was borrowed from wife April 4: purchased goods from Raj worth 40000 at 20% trade discount and 1/5th amount paid in cash April 7: Cash purchases of 25000 April 10: sold goods to Vishakha 30000 at 30% trade discount and received 30% amount in cash April 12: deposited cash into bank 20000 April 15: uninsured goods destroyed by fire 5500 April 19: received commission 3500 April 22: Paid Raj 25600 in full settlement of Account April 25: cash stolen from cash box 1000 April 27: received from vishakha 14500 and discount allowed 200 April 30: interest received 2400 directly added in our bank account.
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