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On 1st April 2017, Mr. X started farming with a capital of Rs. 1,00,000. his transactions for next few months are as below: 1) 03/04/2017: Purchased a pair of bullocks for Rs. 40000 and paid in cash 2) 07/04/2017: 20,000 at bank.3) 10/04/2017: purchased fertilizer from M/S ABC worth Rs. 5,000 and paid Rs. 3,000 in cash. 4) 20/04/2017: Sold 10 quintal of rice @Rs. 1500/quintal to Mr Z and received the amount in cash5) 23/04/2017: Deposited the amount in bank 6) 02/05/2017: Paid wages Rs. 1,000 7) 10/05/2017: purchased implements of Rs. 3,000 8) 20/05/2017: Purchased cattle feed of Rs. 1500 9) 30/05/2017: Paid wages Rs 1,000 10) 05/06/2017: paid the outstanding amount to M/S ABC. Journalise the transactions stock. Post the journal entries to respective ledger accounts and close the accounts. |
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Answer» On 1st April 2017, Mr. X started farming with a capital of Rs. 1,00,000. his transactions for next few months are as below: 1) 03/04/2017: Purchased a pair of bullocks for Rs. 40000 and paid in cash 2) 07/04/2017: 20,000 at bank.3) 10/04/2017: purchased fertilizer from M/S ABC worth Rs. 5,000 and paid Rs. 3,000 in cash. 4) 20/04/2017: Sold 10 quintal of rice @Rs. 1500/quintal to Mr Z and received the AMOUNT in cash5) 23/04/2017: Deposited the amount in bank 6) 02/05/2017: Paid WAGES Rs. 1,000 7) 10/05/2017: purchased implements of Rs. 3,000 8) 20/05/2017: Purchased cattle feed of Rs. 1500 9) 30/05/2017: Paid wages Rs 1,000 10) 05/06/2017: paid the OUTSTANDING amount to M/S ABC.Journalise the transactions stock. Post the JOURNAL entries to respective ledger accounts and close the accounts. |
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