1.

(Closing Entries). Give the necessary entries in the Journal Proper of Ram on 31st March, 2018 to close their books:Freehold Premises ₹30,000; Plant and Machinery ₹ 20,000; Sundry Debtors ₹25,000; Purchases ₹37,500; Sales ₹95,000; Discount (Dr.) ₹150; Discount (Cr.) ₹175; Sundry Creditors ₹12,500; Carriage Inwards ₹375; Carriage Outwards ₹600; Furniture and Fixtures ₹2,500; Wages ₹5,000; Bad debts ₹750; Salaries ₹3,600; Commission (Cr.) ₹2,125; Capital Account-​₹25,000; Bills Payable ₹7,500; Bills Receivable ₹9,000; Trade Expenses ₹2,550; Ram's Loan Account ₹20,000; Cash in Hand ₹75; Cash at Bank ₹3,125.

Answer» (Closing Entries). Give the necessary entries in the Journal Proper of Ram on 31st March, 2018 to close their books:

Freehold Premises ₹30,000; Plant and Machinery ₹ 20,000; Sundry Debtors ₹25,000; Purchases ₹37,500; Sales ₹95,000; Discount (Dr.) ₹150; Discount (Cr.) ₹175; Sundry Creditors ₹12,500; Carriage Inwards ₹375; Carriage Outwards ₹600; Furniture and Fixtures ₹2,500; Wages ₹5,000; Bad debts ₹750; Salaries ₹3,600; Commission (Cr.) ₹2,125; Capital Account-​₹25,000; Bills Payable ₹7,500; Bills Receivable ₹9,000; Trade Expenses ₹2,550; Ram's Loan Account ₹20,000; Cash in Hand ₹75; Cash at Bank ₹3,125.


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