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Solution to Mid term Question07

Solution to Mid term Question07 - Solution to Mid Term...

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Solution to Mid Term Question: Journal Entries Date Particulars LF Debit(Rs.) Credit (Rs.) 2007 Purchase A/c Dr. 5220 Apr. 14 To Mahesh & Co. 5220 (Being Goods Purchased on credit) Apr. 25 Bindla & Co. Dr. 7120 To Sales A/c 7120 Apr. 30 Amjad Dr. 6400 To Sales A/c 6400 May 6th Mahesh & Co. Dr. 220 To Discount Received A/c 220 May 8th Sales Return A/c Dr. 400 To Amjad 400 May 21st Purchase A/c Dr. 8700 To Shiv & Co. 8700 May 23rd Shiv & Co. Dr. 300 To Discont Received A/c 300 May 24th Furniture A/c Dr. 1200 To Surjeet Furniture House 1200 June 6th Bad Debt Account Dr. 1000 To Amjad 1000 June 7th Proprietor Dr. 400 To Purchase Account 400 June 30th Discount Allowed Account Dr. 100 To Bindla & co. 100 June 30th Closing Stock Account Dr. 5000 To Trading Account 5000 June 30th Printing & Sationery A/c Dr. 2000 To Krishnan & Co. 2000 June 30th Trading Account Dr. 18020 To Purchase A/c 17620 To Sales Return A/c 400 June 30th Sales Account Dr. 35320 To Trading Account 35320 June 30th Trading Account Dr. 22300 To Profit and Loss Account 22300 ( Being gross profit transferred to P/L A/c) June 30th Profit and loss Account Dr. 5400 To Advertisement A/c 500 To Discount Allowed A/c 100 To Salaries A/c 1800 To Bad debt 1000 To Printing & Stationery A/c 2000 June 30th Discount Received Account Dr. 520 To Profit and loss Account 520 June 30th Profit and loss A/c Dr. 17420 To Capital Account 17420 (Being net profit transferred to Capital Account) Dr.
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