1 ) Entries required. 1 Started business with ? 50,000, paid into Bank 20,000.2 Bought furniture for ? 5,000 and Machinery for? 10,000.3 Purchased goods for ? 14,000.6 Sold goods for 8,000.8 Purhased goods from Malhotra & Co. 7 11,000.10 Paid telephone rent for the year by cheque 500.11 Bought one typewriter for 2,100 from Universal Typewriter Co. on credit.15 Sold goods to Keshav Ram for ? 12,000.17 Sold goods to Rajesh Kumar for 2,000 for cash.19 Amount withdrawn from bank for persona! use ? 1,500.20 Withdrew from bank for business use 3,500.21 Received cash from Keshav Ram 11,900, discount allowed 100.22 Paid into bank ? 5,800.23 Bought 50 shares in XY and Co. Ltd. at ? 60 per share, brokerage paid ? 20.25 Goods worth ? 1,000 found defective were returned to Malhotra & Co. and the balaof the amount due to them was settled by issuing a cheque in their favour.28 Sold 20 shares of XY and Co. Ltd, at ? 65 per share, brokerage paid ? 20.28 Bought goods worth ? 2,100 from Ramesh and supplied them to Suresh at ? 3,000.30 Suresh returned goods worth 100, which in turn were sent to Ramesh.30 Issued a cheque for ? 1,00O0 in favour of the landlord for rent for September.30 Paid salaries to staff ? 1,500 and received from travelling salesman ? 2.000 for gesold by him, after deducting his travelling expenses ? 100.30 Paid for : Charity ? 101; Stationery ? 450; Postage ? 249,

Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Answered: Entries required.

Entries required.

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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