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Pass the journal entry for this and make ledgers 1.Sumit started business with cash 50,000 machine 10,000 and loan from deepak 20,000 2.Goods purchased 30,000 at trade discount 10% cash discount 2% from vijay and paid 60% amount in cash .Goods sold to rahul 20,000 at trade discount 5% cash discount 1% and 70% amount paid in cash?
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Pass the journal entry for this and make ledgers 1.Sumit started busin...
Journal Entry

Date | Particulars | Debit | Credit
-----|------------|-------|-------
[Date] | Cash A/C | 50,000 |
| Machine A/C | 10,000 |
| Deepak Loan A/C | 20,000 |
| | | 80,000 |

Ledgers

Cash A/C

Date | Particulars | Amount | Balance
-----|------------|--------|--------
[Date] | To Capital A/C | 50,000 | 50,000
[Date] | To Goods A/C (cash purchase) | 18,600 | 31,400
[Date] | To Rahul A/C (cash received) | 14,000 | 45,400
| | | |

Machine A/C

Date | Particulars | Amount | Balance
-----|------------|--------|--------
[Date] | To Capital A/C | 10,000 | 10,000
| | | |

Deepak Loan A/C

Date | Particulars | Amount | Balance
-----|------------|--------|--------
[Date] | To Capital A/C | 20,000 | 20,000
| | | |

Goods A/C

Date | Particulars | Amount | Balance
-----|------------|--------|--------
[Date] | To Purchase A/C | 30,000 | 30,000
| | | |

Purchase A/C

Date | Particulars | Amount | Balance
-----|------------|--------|--------
[Date] | To Cash A/C | 18,600 | 18,600
| | | |

Rahul A/C

Date | Particulars | Amount | Balance
-----|------------|--------|--------
[Date] | To Sales A/C | 20,000 | 20,000
[Date] | To Cash A/C | 14,000 | 6,000
| | | |

Sales A/C

Date | Particulars | Amount | Balance
-----|------------|--------|--------
[Date] | To Rahul A/C | 20,000 | 20,000
| | | |

Explanation

Sumit started business with cash 50,000 machine 10,000 and loan from Deepak 20,000

Sumit started his business by investing cash of Rs. 50,000 and purchasing a machine worth Rs. 10,000. He also took a loan of Rs. 20,000 from Deepak.

Goods purchased 30,000 at trade discount 10% cash discount 2% from Vijay and paid 60% amount in cash

Sumit purchased goods worth Rs. 30,000 from Vijay at a trade discount of 10% and a cash discount of 2%. He paid 60% of the amount in cash and the remaining amount will be paid later.

The journal entry for this transaction would be:

Date | Particulars | Debit | Credit
-----|------------|-------|-------
[Date] | Purchase A/C | 30,000 |
| To Cash A/C | 18,600 |
| To Vijay A
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Pass the journal entry for this and make ledgers 1.Sumit started business with cash 50,000 machine 10,000 and loan from deepak 20,000 2.Goods purchased 30,000 at trade discount 10% cash discount 2% from vijay and paid 60% amount in cash .Goods sold to rahul 20,000 at trade discount 5% cash discount 1% and 70% amount paid in cash?
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