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Make journal entries a. Started business with 10000 b.purchased goods from Gautam worth 1000 at 10% trade discount c.naresh purchased goods from us worth 1000 at 5% trade discount d.goods returned by naresh worth 200?
Most Upvoted Answer
Make journal entries a. Started business with 10000 b.purchased goods ...
A ) CASH A/C DR. 10000
TO CAPITAL A/C 10000
B) PURCHASE A/C DR. 900
TO GAUTAM A/C. 900
C) NARESH A/C DR. 950
TO SALE A/C. 950
D) SALE RETURNS A/C DR. 190
TO NARESH A/C. 190
TO CAPITAL A/C 10000
B) PURCHASE A/C DR. 900
TO GAUTAM A/C. 900
C) NARESH A/C DR. 950
TO SALE A/C. 950
D) SALE RETURNS A/C DR. 190
TO NARESH A/C. 190
Community Answer
Make journal entries a. Started business with 10000 b.purchased goods ...
Journal Entries:
Explanation:
When a business is started, it requires some capital to get started. In this case, the business was started with a capital of 10000. The journal entry for this transaction would be:
The business purchased goods from Gautam worth 1000 at a 10% trade discount. This means that the actual cost of goods purchased was 900 (1000 - 10% of 1000). The journal entry for this transaction would be:
The business sold goods to Naresh worth 1000 at a 5% trade discount. This means that the actual sales value of goods sold was 950 (1000 - 5% of 1000). The journal entry for this transaction would be:
Naresh returned goods worth 200 to the business. The journal entry for this transaction would be:
These are the journal entries for the given transactions. It is important to maintain proper records of all transactions in order to keep track of the financial health of the business.
- Started business with 10000
- Purchased goods from Gautam worth 1000 at 10% trade discount
- Naresh purchased goods from us worth 1000 at 5% trade discount
- Goods returned by Naresh worth 200
Explanation:
Started business with 10000:
When a business is started, it requires some capital to get started. In this case, the business was started with a capital of 10000. The journal entry for this transaction would be:
Capital A/c Dr. 10000 To Cash/Bank A/c 10000
Purchased goods from Gautam worth 1000 at 10% trade discount:
The business purchased goods from Gautam worth 1000 at a 10% trade discount. This means that the actual cost of goods purchased was 900 (1000 - 10% of 1000). The journal entry for this transaction would be:
Purchases A/c Dr. 900 To Gautam A/c 900
Naresh purchased goods from us worth 1000 at 5% trade discount:
The business sold goods to Naresh worth 1000 at a 5% trade discount. This means that the actual sales value of goods sold was 950 (1000 - 5% of 1000). The journal entry for this transaction would be:
Naresh A/c Dr. 950 To Sales A/c 950
Goods returned by Naresh worth 200:
Naresh returned goods worth 200 to the business. The journal entry for this transaction would be:
Sales Return A/c Dr. 200 To Naresh A/c 200
Conclusion:
These are the journal entries for the given transactions. It is important to maintain proper records of all transactions in order to keep track of the financial health of the business.
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Make journal entries a. Started business with 10000 b.purchased goods from Gautam worth 1000 at 10% trade discount c.naresh purchased goods from us worth 1000 at 5% trade discount d.goods returned by naresh worth 200?
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Make journal entries a. Started business with 10000 b.purchased goods from Gautam worth 1000 at 10% trade discount c.naresh purchased goods from us worth 1000 at 5% trade discount d.goods returned by naresh worth 200? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Make journal entries a. Started business with 10000 b.purchased goods from Gautam worth 1000 at 10% trade discount c.naresh purchased goods from us worth 1000 at 5% trade discount d.goods returned by naresh worth 200? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Make journal entries a. Started business with 10000 b.purchased goods from Gautam worth 1000 at 10% trade discount c.naresh purchased goods from us worth 1000 at 5% trade discount d.goods returned by naresh worth 200?.
Make journal entries a. Started business with 10000 b.purchased goods from Gautam worth 1000 at 10% trade discount c.naresh purchased goods from us worth 1000 at 5% trade discount d.goods returned by naresh worth 200? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Make journal entries a. Started business with 10000 b.purchased goods from Gautam worth 1000 at 10% trade discount c.naresh purchased goods from us worth 1000 at 5% trade discount d.goods returned by naresh worth 200? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Make journal entries a. Started business with 10000 b.purchased goods from Gautam worth 1000 at 10% trade discount c.naresh purchased goods from us worth 1000 at 5% trade discount d.goods returned by naresh worth 200?.
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