Business started with cash 8000 and plant & machinery 3000

Asked by admin @ 04/08/2021 in Accountancy viewed by 3959 People

1 - Business started with cash 8,000 and plant & machinery 3,000.2 - Stock purchase for sale (cash purchase)= 3,000, credit purchase = 5,0003 - Wages paid 120,000 (including 20,000 relating to a future year).4 - Salaries paid 200,000 but due 110,000.5 - Sales made for cash 600,000 & on credit 800,000.6 - Depreciation 10 percent on plant & machinery.7 - Goods costing 20,000 destroyed by fire.8 - Payment made to creditors to the value of 200,000 at 10 percent

Answered by admin @ 04/08/2021

⏭️hii

✴️here is your answer ✴️

1️⃣ cash a/c Dr. 8000 plant and machinery a/c Dr.3000

To capital a/c 11000

(start business with cash and plant & machinery)

2️⃣. purchases a/c Dr. 8000

To cash a/c 3000

To creditors a/c. 5000

( purchase goods on cash and credit of 8000)

3️⃣ prepaid wages a/c Dr. 20000

wages a/c. Dr. 100000

To cash a/c. 120000

( paid wages )

4️⃣ salary a/c Dr. 200000

To cash a/c. 200000

( salary paid)

salary a/c Dr. 110000

To salary outstanding a/c 110000

( being salary outstanding)

5️⃣ cash a/c Dr. 600000

debtors a/c Dr. 800000

To sales a/c. 1400000

( sales of goods)

6️⃣ deprecation a/c Dr. 300

To plant & machinery a/c 300

( value of plant and machinery depreciated)

7️⃣ loss by fire a/c Dr. 20000

To purchases a/c 20000

( loss of goods by fire)

8️⃣. creditors a/c Dr. 200000

To cash a/c. 180000

To discount a/c. 20000

( payment made to creditors)

✳️may this helps you ✳️

❇️❇️ kushpreetsaini30739❇️❇️

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