30,000; Furniture ₹20,000; Goodwill 16,000;
Creditors 27,000; Bills Payable 13,000; Outstanding expenses
3,000; Due to Johnson 7,000; Capital ₹86,000.
2. Pass the opening entry and find out the amount due from
creditors:
Cash in hand 25,000; Cash at Bank 15,000; Machinery
*50,000; Furniture ₹20,000; Debtors 10,000; Bills payable
10,000; Bank loan ₹15,000; Salary Outstanding 8,000; Capital
*69,000.
3. Journalise the following transactions:
(i) Paid 2,000 in cash as wages on installation of a machine.
(ii) Sold goods toMr. Chopra at a list price of ₹4,000. Sales
subject to 10% Trade Discount and 5% Cash discount if payment
is made immediately, Mr. Chopra availed of cash discount.
(iii) Supplied goods costing ₹600 to Gopi& Sons. Issued invoice
at 10% above cost less 5% trade discount. (iv) Paid Custom Duty
10,000 in cash on import of a new machinery.
(v) Goods sold costing 10,000 to M/s Abbas & Sons at a invoice
price 10% above cost less 10% Trade Discount.
(vi) Purchased goods on credit ₹5,000
(vil) Sold goods on credit 1,000
4. Journalise the following transactions:
(a) Started business with Cash 1,50,000 and goods worth
10,000
(b) Goods purchased from M/S Garg& Sons 4,000 and from
Peterson 1,000.
(c) Goods worth 300 used by the proprietor for personal use.
(d) Goods uninsured worth 2,000 were destroyed by fire.
(e) Supplied goods costing 1,000 to Gavaskar issued at 10%
above cost less 5% Trade discount.
(f) Issued a cheque in favour of M/s Garg& Sons on account of
purchase of goods worth &*4,000.
(g) Outstanding salary at the end of the year ₹650.
(h) Interest charged on drawings 5% p.a.
(i) Paid to Peterson ₹990 in full settlement of 1,000.