UPSC Exam  >  UPSC Questions  >  Journalise the following transactions in the ... Start Learning for Free
Journalise the following transactions in the books of amit and post them in ledger:
bought goods for cash 25000
sold goods for cash 50000
bought goods for credit from gopal 19000
sold goods on credit to Robin 8000
received from Robin 6000
paid to gopal 5000
bought furniture for cash 7000?
Most Upvoted Answer
Journalise the following transactions in the books of amit and post th...
Transactions Journal
- Bought goods for cash 25000
- Sold goods for cash 50000
- Bought goods for credit from Gopal 19000
- Sold goods on credit to Robin 8000
- Received from Robin 6000
- Paid to Gopal 5000
- Bought furniture for cash 7000

Ledger Accounts

Amit

Capital Account
- Opening balance: 0
- Bought goods for cash: +25000
- Sold goods for cash: +50000
- Bought goods for credit from Gopal: -19000
- Sold goods on credit to Robin: +8000
- Received from Robin: +6000
- Paid to Gopal: -5000
- Bought furniture for cash: -7000
- Closing balance: 47000

Gopal

Capital Account
- Opening balance: 0
- Bought goods for credit to Amit: +19000
- Received payment from Amit: +5000
- Closing balance: 14000

Robin

Accounts Receivable
- Opening balance: 0
- Sold goods on credit from Amit: +8000
- Received payment from Robin: +6000
- Closing balance: 2000

Explanation
- The transactions have been recorded in the respective ledger accounts of Amit, Gopal, and Robin.
- The purchases, sales, payments, and receipts have been appropriately accounted for in the ledger.
- The closing balances for each account have been calculated to ensure that the books are balanced.
- This process helps in tracking the financial transactions of the business and ensures accurate financial reporting.
Explore Courses for UPSC exam

Similar UPSC Doubts

Top Courses for UPSC

Journalise the following transactions in the books of amit and post them in ledger:bought goods for cash 25000sold goods for cash 50000bought goods for credit from gopal 19000sold goods on credit to Robin 8000received from Robin 6000paid to gopal 5000bought furniture for cash 7000?
Question Description
Journalise the following transactions in the books of amit and post them in ledger:bought goods for cash 25000sold goods for cash 50000bought goods for credit from gopal 19000sold goods on credit to Robin 8000received from Robin 6000paid to gopal 5000bought furniture for cash 7000? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Journalise the following transactions in the books of amit and post them in ledger:bought goods for cash 25000sold goods for cash 50000bought goods for credit from gopal 19000sold goods on credit to Robin 8000received from Robin 6000paid to gopal 5000bought furniture for cash 7000? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Journalise the following transactions in the books of amit and post them in ledger:bought goods for cash 25000sold goods for cash 50000bought goods for credit from gopal 19000sold goods on credit to Robin 8000received from Robin 6000paid to gopal 5000bought furniture for cash 7000?.
Solutions for Journalise the following transactions in the books of amit and post them in ledger:bought goods for cash 25000sold goods for cash 50000bought goods for credit from gopal 19000sold goods on credit to Robin 8000received from Robin 6000paid to gopal 5000bought furniture for cash 7000? in English & in Hindi are available as part of our courses for UPSC. Download more important topics, notes, lectures and mock test series for UPSC Exam by signing up for free.
Here you can find the meaning of Journalise the following transactions in the books of amit and post them in ledger:bought goods for cash 25000sold goods for cash 50000bought goods for credit from gopal 19000sold goods on credit to Robin 8000received from Robin 6000paid to gopal 5000bought furniture for cash 7000? defined & explained in the simplest way possible. Besides giving the explanation of Journalise the following transactions in the books of amit and post them in ledger:bought goods for cash 25000sold goods for cash 50000bought goods for credit from gopal 19000sold goods on credit to Robin 8000received from Robin 6000paid to gopal 5000bought furniture for cash 7000?, a detailed solution for Journalise the following transactions in the books of amit and post them in ledger:bought goods for cash 25000sold goods for cash 50000bought goods for credit from gopal 19000sold goods on credit to Robin 8000received from Robin 6000paid to gopal 5000bought furniture for cash 7000? has been provided alongside types of Journalise the following transactions in the books of amit and post them in ledger:bought goods for cash 25000sold goods for cash 50000bought goods for credit from gopal 19000sold goods on credit to Robin 8000received from Robin 6000paid to gopal 5000bought furniture for cash 7000? theory, EduRev gives you an ample number of questions to practice Journalise the following transactions in the books of amit and post them in ledger:bought goods for cash 25000sold goods for cash 50000bought goods for credit from gopal 19000sold goods on credit to Robin 8000received from Robin 6000paid to gopal 5000bought furniture for cash 7000? tests, examples and also practice UPSC tests.
Explore Courses for UPSC exam

Top Courses for UPSC

Explore Courses
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
10M+ students study on EduRev