Question

Ram Started business with Cash of Rs Goods withdrawn by owner Rs.1,00,00 Purchased goods for Rs. 1,50,000 Machinery purchased for Rs. 25,000 Sold goods for Rs. 1,20,000 journal entry ​

Answer 1

S. No.

Transaction

Assets

=

Liabilities

+

Capital

Cash

+

Stock

+

Debtors

=

Creditors

(i)

Ram Started Business with Cash

25,000

+

25,000

(ii)

Purchased Goods from Shyam

+

10,000

10,000

New A/c Equation

25,000

+

10,000

=

10,000

+

25,000

(iii)

Sold Goods to Sohan costing Rs.1,500 for Rs.1,800

(-)1,500

+

1,800

+

300

(Profit)

25,000

+

8,500

+

1,800

=

10,000

+

25,300

Step-by-step explanation:

there is your answer