Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Q 1 . You are required to pass the journal entries for the following transactions. Sold goods to Ms . AVN Entreprises worth Rs .

Q1. You are required to pass the journal entries for the following transactions.
Sold goods to Ms. AVN Entreprises worth Rs.30,000
Purchase goods worth Rs.50.000 from Ravi and paid cash.
Paid advance to Mr. Avi Rs.20,000.
Purchased a computer for Rs.50.000 and paid through the bank.
Employee welfare expenses of the proprietor were R$.20,000
Interest paid on a term loan of Rs.10,000
Outstanding Rent paid through the bank Rs.20,000
Commission paid to Ms. Jason Rs.20.000
Charge depreciation at 15% on plant and machinery having a book value of Rs.100000
Goods withdrawn for personal use by the proprietor: Rs.20,000

Step by Step Solution

There are 3 Steps involved in it

Step: 1

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

Financial Accounting An International Perspective

Authors: Arne Kinserdal

2nd Edition

0273631543, 978-0273631545

More Books

Students also viewed these Accounting questions

Question

what TWO advantages of rent control? Expain in detail

Answered: 1 week ago

Question

What information remains to be obtained?

Answered: 1 week ago

Question

How reliable is this existing information?

Answered: 1 week ago

Question

How appropriate would it be to conduct additional research?

Answered: 1 week ago