1. Pass Journal Entries for the following transactions:[8] I. Purchased goods from Vijay Rs 40,000.. 1 answer below »

1. Pass Journal Entries for the following transactions:[8] I. Purchased goods from Vijay Rs 40,000.. 1 answer below »

1. Pass Journal Entries for the following transactions:[8] I. Purchased goods from Vijay Rs 40,000 on 10% trade discount and 5% cash discount. Half of the amount was paid at the time of purchase. II. Sold goods to Anil Rs 20,000 allowed him 10% trade discount and 10% cash discount. Received half of the amount by cash and balance by Cheque. III. Machinery of Rs 1,00,000 purchased from Gopal Das and 50% payment is paid cheque . Rs 5000 spent on installation. IV. A debtor Mukesh, from whom rs 1000 was to be received become insolvent and only 50% could be received . V. Bank debited rs 100 for charges and credited rs 96 for interest VI. Goods of Rs 500 were received as charity. 2. Prove the Accounting Equation in the following transactions:[10] I. Started business with cash Rs 10,000, building Rs 50,000 and furniture Rs 2,000 II. Received rent in advance Rs 300 III. Purchased goods for cash Rs 5,000 and credit Rs 2,000 IV. Sold goods for cash Rs 8,000 costing Rs 7,000 V. Paid salary Rs 450 out of which Rs 100 is prepaid . VI. Bought motor cycle for personal use Rs 4,000. VII. Depreciate motor car by 300 Rs. VIII. Goods Burnt by fire Rs 500 IX. Interest on capital Rs 780

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