Record the following transactions in the General Journal Date-02161
This subjective question is related to the book/course
vu mgt611 Business & Labor Law.
It can also be found in
vu mgt611 Mid Term Solved Past Paper No. 2.
Question 1: Record the following transactions in the General Journal.
| Date | Transactions |
| Jan 1, 2007 | Mr. Asghar started business with cash Rs. 1, 00,000. |
| Jan 2, 2007 | Opened bank account with amount Rs. 50,000. |
| Jan 4, 2007 | Purchased goods for cash Rs. 15,000. |
| Jan 9, 2007 | Payment made to Karachi store (Creditor) Rs. 15,000 by cheque. |
| Jan14, 2007 | Goods returned to Karachi store worth Rs. 1,500. |
| Jan22, 2007 | Goods sold for cash Rs. 2,000. |
Answer:
DEBIT ENTRIES
| Bank account | Rs.50,000 |
| Purchased goods for cash | Rs.15,000 |
| Payment made to Karachi store (Creditor) | Rs. 15,000 by cheque |
| Goods returned to Karachi store worth | Rs. 1,500 |
| Credit balance | 20500 |
CREDIT ENTRIES
| Mr. Asghar started business with cash | Rs.1,00,000 |
| Goods sold for cash Rs. | 2,000. |
