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Journalise Ram Mohan started business with cash 20000,bank 30000 and goods 50000 Bought machine from anil30000 towards carriage and 2000 illstallation charge Purchase goods for 25000 and paid 1000 carriage charge Purchase goods from anil30000 of list price 40000 less 10%trade discount Sold 1/2 goods purchase from sunil to krishan ,at a profit of. 20% on cost?
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Journalise Ram Mohan started business with cash 20000,bank 30000 and g...
Journal Entry for Ram Mohan's Business Transactions



  • Initial investment: Cash - 20,000 and Bank - 30,000, Goods - 50,000

  • Purchased a machine from Anil:

    • Machine cost - 30,000

    • Carriage charges - 3,000

    • Installation charges - 2,000



  • Purchased goods:

    • Goods cost - 25,000

    • Carriage charges - 1,000



  • Purchased goods from Anil:

    • List price of goods - 40,000

    • Trade discount - 10%

    • Goods cost - 36,000



  • Sold half of the goods purchased from Sunil to Krishan:

    • Goods cost - 12,500 (half of 25,000)

    • Profit on cost - 20%

    • Selling price - 15,000 (12,500 + 20% profit)





Explanation:


  • Initial investment: Ram Mohan invested 20,000 in cash and 30,000 in the bank. He also invested 50,000 in goods to start his business.

  • Purchased a machine from Anil: Ram Mohan purchased a machine from Anil for 30,000. He also paid 3,000 as carriage charges and 2,000 as installation charges. The total cost of the machine is 35,000. The journal entry for this transaction will be:

    • Machine A/c - Debit - 35,000

    • Carriage A/c - Debit - 3,000

    • Installation A/c - Debit - 2,000

    • To Anil A/c - Credit - 30,000

    • To Bank A/c - Credit - 10,000



  • Purchased goods: Ram Mohan purchased goods worth 25,000 and paid 1,000 as carriage charges. The journal entry for this transaction will be:

    • Purchases A/c - Debit - 26,000

    • Carriage A/c - Debit - 1,000

    • To Bank A/c - Credit - 27,000



  • Purchased goods from Anil: Ram Mohan purchased goods worth 36,000 from Anil after a trade discount of 10%. The journal entry for this transaction will be:

    • Purchases A/c - Debit - 36,000

    • To Anil A/c - Credit - 36,000



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Journalise Ram Mohan started business with cash 20000,bank 30000 and goods 50000 Bought machine from anil30000 towards carriage and 2000 illstallation charge Purchase goods for 25000 and paid 1000 carriage charge Purchase goods from anil30000 of list price 40000 less 10%trade discount Sold 1/2 goods purchase from sunil to krishan ,at a profit of. 20% on cost?
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Journalise Ram Mohan started business with cash 20000,bank 30000 and goods 50000 Bought machine from anil30000 towards carriage and 2000 illstallation charge Purchase goods for 25000 and paid 1000 carriage charge Purchase goods from anil30000 of list price 40000 less 10%trade discount Sold 1/2 goods purchase from sunil to krishan ,at a profit of. 20% on cost? for B Com 2024 is part of B Com preparation. The Question and answers have been prepared according to the B Com exam syllabus. Information about Journalise Ram Mohan started business with cash 20000,bank 30000 and goods 50000 Bought machine from anil30000 towards carriage and 2000 illstallation charge Purchase goods for 25000 and paid 1000 carriage charge Purchase goods from anil30000 of list price 40000 less 10%trade discount Sold 1/2 goods purchase from sunil to krishan ,at a profit of. 20% on cost? covers all topics & solutions for B Com 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Journalise Ram Mohan started business with cash 20000,bank 30000 and goods 50000 Bought machine from anil30000 towards carriage and 2000 illstallation charge Purchase goods for 25000 and paid 1000 carriage charge Purchase goods from anil30000 of list price 40000 less 10%trade discount Sold 1/2 goods purchase from sunil to krishan ,at a profit of. 20% on cost?.
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