Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Ms.Anisha has the following transactions in the month of July. Record them in the journal, show postings in the ledger, and balance the accounts. July1st

 

 Ms. Anisha has the following transactions in the month of July. Record them in the journal, show postings in the ledger, and balance the accounts.

July 1st : Anisha started the business with a capital of 75,000 1st : Purchased goods from Roy on credit 25,000

2nd : Sold goods to Ram 20,000

3rd : Purchased goods from Ann 15,000 4th : Sold goods to Tanvi for cash 16,000 5th : Goods returned to Roy 2,000

6th : Bought furniture for 15,000

7th : Bought goods from Zain 12,000 8th : Cash paid to Roy 10,000

9th : Sold goods to John 13,500

10th : Goods returned from Ram 3,000 11th : Cash received from John 5,500

12th : Goods taken by Anisha for domestic use 3,000 13th : Returned Goods to Zain 1,000

14th : Cash received from Ram 12,000 15th : Bought machinery for 18,000

16th : Sold part of the furniture for 1,000

17th : Cash paid for the purchase of bicycle for Anisha's son 1,500

19th : Cash sales 15,000

20th : Cash purchases 13,500

 

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Solution Here are the journal entries ledger accounts and trial balance for the transactions Journal Entries July 1 Capital Ac Dr 75000 To Anisha Cr 75000 July 1 Roy Ac Dr 25000 To Purchase Ac Cr 2500... 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

Step: 3

blur-text-image

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

College Accounting A Contemporary Approach

Authors: David Haddock, John Price, Michael Farina

3rd edition

77639731, 978-0077639730

More Books

Students also viewed these Accounting questions

Question

What does "monthly" refer to in the Monthly Deposit Schedule Rule?

Answered: 1 week ago