1.

Journalise the following transactions in the Journal of Navin Gupta & Sons.:-1. Out of Insurance premium paid this year, ₹ 15,000 is related to next year.2. Credit purchases from Ram & Co. for ₹ 50,000. Cash discount will be received at 5% on payment of bill within 10 days.3. Cash paid to Ram & Co. and discount availed of.4. Paid Income Tax ₹ 20,000 by cheque.5. Goods costing ₹ 2,00,000 sold for cash at a profit of 10%.6. Purchased iron safe for ₹ 2,00,000 filing cabinet for ₹ 50,000 and Computer for ₹ 1,00,000.

Answer» Journalise the following transactions in the Journal of Navin Gupta & Sons.:-

1. Out of Insurance premium paid this year, ₹ 15,000 is related to next year.

2. Credit purchases from Ram & Co. for ₹ 50,000. Cash discount will be received at 5% on payment of bill within 10 days.

3. Cash paid to Ram & Co. and discount availed of.

4. Paid Income Tax ₹ 20,000 by cheque.

5. Goods costing ₹ 2,00,000 sold for cash at a profit of 10%.

6. Purchased iron safe for ₹ 2,00,000 filing cabinet for ₹ 50,000 and Computer for ₹ 1,00,000.


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