A business was started on March 1, 2020 with the investment of cash Rs. 50,000 and office equipment worth Rs. 50,000 and the following transactions were completed during the month: March 2 : Purchased merchandise for cash Rs. 25,000 and on account Rs. 15,000. March 3 : Purchased office supplies for cash Rs. 2,000 and on account Rs. 7,000 March 12: Purchased furniture on account Rs. 5,000. March 18: Sold merchandise for cash Rs. 20,000 and on account Rs. 15,000 March 20: Paid to suppliers Rs. 10,000 after discount Rs. 1,000 March 30: Paid rent for the month Rs. 1,500. REQUIRED: Post the transactions to "T" accounts.
A business was started on March 1, 2020 with the investment of cash Rs. 50,000 and office equipment worth Rs. 50,000 and the following transactions were completed during the month: March 2 : Purchased merchandise for cash Rs. 25,000 and on account Rs. 15,000. March 3 : Purchased office supplies for cash Rs. 2,000 and on account Rs. 7,000 March 12: Purchased furniture on account Rs. 5,000. March 18: Sold merchandise for cash Rs. 20,000 and on account Rs. 15,000 March 20: Paid to suppliers Rs. 10,000 after discount Rs. 1,000 March 30: Paid rent for the month Rs. 1,500. REQUIRED: Post the transactions to "T" accounts.
Century 21 Accounting General Journal
11th Edition
ISBN:9781337680059
Author:Gilbertson
Publisher:Gilbertson
Chapter18: Acquiring Capital For Growth And Development
Section: Chapter Questions
Problem 1AP
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A business was started on March 1, 2020 with the investment of cash Rs. 50,000
and office equipment worth Rs. 50,000 and the following transactions were completed
during the month:
March 2 : Purchased merchandise for cash Rs. 25,000 and on account Rs. 15,000.
March 3 : Purchased office supplies for cash Rs. 2,000 and on account Rs. 7,000
March 12: Purchased furniture on account Rs. 5,000.
March 18: Sold merchandise for cash Rs. 20,000 and on account Rs. 15,000
March 20: Paid to suppliers Rs. 10,000 after discount Rs. 1,000
March 30: Paid rent for the month Rs. 1,500.
REQUIRED:
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