1.

Monica started a business on 1st January 2018. The following are her transactions:- Jan 1st: capital $20,000 was paid into a business bank account.- Jan 2nd: paid rent $500 by cheque- Jan 4th: returned goods $100 to Jake- Jan 7th: sold goods $1700 on credit to Clara- Jan 9th: paid $3000 by cheque to Jake- Jan 12th: Clara paid $1000 by cheque- Jan 13th: paid office expenses in cash $20- Jan 14th: cash sales $1500- Jan 15th: cash withdrawn for personal use $500Record the above transactions using the double-entry system, T accounts, and bring down the balance on 1st Feb 2018

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PAID salary ₹ 500 and salary outstanding being ₹ 100. (vi) Bought MOTORCYCLE for PERSONAL use ₹ 5,000. Answer: S. No.

Explanation:

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