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Journalise the following transactions in the books of X 2014 January comments business with cash rupees 500005 what furniture for cash rupees 10000 then 7 what goods for cash rupees 15000 Jan 10 sold goods for cash rupees 20000 and 15 with you good for private use rupees 500?
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Journalise the following transactions in the books of X 2014 January c...


Transactions in the books of X in January 2014

January 1:

  • X started business with cash amounting to Rs. 500005
  • Purchased furniture for cash worth Rs. 10000
  • Purchased goods for cash amounting to Rs. 15000


January 10:

  • Sold goods for cash totaling Rs. 20000


January 15:

  • Withdrew goods for private use worth Rs. 500


Explanation:

Starting Business: X invested Rs. 500005 in cash to start the business. This amount becomes the initial capital of the business.

Purchase of Furniture and Goods: X purchased furniture and goods for cash totaling Rs. 25000. These purchases are recorded as assets in the books of accounts.

Sale of Goods: X sold goods for cash amounting to Rs. 20000. This sale increases the revenue of the business.

Withdrawal of Goods for Private Use: X withdrew goods worth Rs. 500 for personal use. This is treated as drawings and reduces the inventory of the business.


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Journalise the following transactions in the books of X 2014 January comments business with cash rupees 500005 what furniture for cash rupees 10000 then 7 what goods for cash rupees 15000 Jan 10 sold goods for cash rupees 20000 and 15 with you good for private use rupees 500?
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