Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following are the transactions of ABC Ltd. Based on the following transactions prepare journal entries. 2018 April 2 Started business with Rs 1,00,000: paid

image text in transcribed

The following are the transactions of ABC Ltd. Based on the following transactions prepare journal entries. 2018 April 2 Started business with Rs 1,00,000: paid into Bank Rs. 50,000 3 Bought furniture for cash, Rs. 5,000. 5 Bought goods for Rs. 30,000 6 Sold goods for cash, Rs. 6,000 10 Bought printers for Rs. 18,000 from Canon Printers Co., on credit. 13 Sold goods to M/s. Anand & Sons for Rs. 10,000 on credit. . 15 Bought goods from M/s Manish & Co. for Rs. 20,000 on credit. 18 Paid Internet charges Rs.2,400 for one year 22 Paid Rs. 1,000 for advertisement 26 Sold goods to M/s Sumit & Co. for Rs. 8,000 for cash 30 Paid Salaries Rs. 2,000 30 Paid rent Rs. 1,000 30 Withdrew from bank Rs. 3000 for private use 30 Bought one delivery truck for Rs. 10,00,000 from Tata Motor Co., payment to be made by monthly instalments of Rs. 1,00,000. First instalment paid by cheque. F

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_2

Step: 3

blur-text-image_3

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

Auditing That Matters

Authors: Norman D Marks

1st Edition

1537662023, 978-1537662022

More Books

Students also viewed these Accounting questions

Question

x-3+1, x23 Let f(x) = -*+3, * Answered: 1 week ago

Answered: 1 week ago

Question

Identify the types of informal reports.

Answered: 1 week ago

Question

Write messages that are used for the various stages of collection.

Answered: 1 week ago