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On 01-04-2006 Mr. Dhanpal started business with Rs.2,00,000
cash and opened a bank account with Rs.1,50,000. He
purchased furniture for his business for Rs.25,000. Goods
were bought from Deendayal for Rs.50,000 on credit. He sold
goods for Rs.27,000 in cash and 30,000 on credit. He paid
Rs. 2,500 for business expenses during April month. Rs.
10,000 was withdrawn for office purposes from the bank. Find
out the closing balance of cash and bank.
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cash ac dr. =200000
to ccapital a/c= 200000
bank a/c dr......150000
to cash a/c.............150000
if u bought furniture purchase in cash
furniture a/c dr......25000
to cash ......................25000
cash a/c dr.......27000
to sales................27000
if expenses paid in cash
expenses a/c dr........2500
to cash ....................2500
cash a/c dr........10000
to bank...................10000
so dear cash and bank closing balance is
cash balance (200000-150000-25000+27000-2500+10000) =59500
rs
bank balance (150000-10000)=140000
cash balance is 59500 and bank balance is 140000 ok dear
arju
| Is This Answer Correct ? | 5 Yes | 0 No |
Answer / asha
1-4-2006 cash/c-----dr 2,00,000
to capitala/c 2,00,000
bank a/c----dr 1,50,000
to cash a/c 1,50,000
furniture a/c----dr 25,000
to cash a/c 25,000
purcheses a/c------dr 50,000
to deendayal a/c 50,000
cash a/c------dr 27,000
to goods a/c 27,000
sales a/c--------dr 30,000
to goods a/c 30,000
business exp a/c-------dr 2,500
to cash a/c 2,500
cash a/c--------dr 10,000
to bank a/c 10,000
ledger
cash a/c
dr cr
to capital 2,00,000 by bank 1,50,000
to goods 27,000 by fur 25,000
to bank 10,000 by exp 2,500
by bal c/d 59,500
total; 2,37,000 total; 2,37,000
bank a/c
dr cr
to cash 1,50,000 by bank 10,000
by bal c/d 1,40,000
total; 1,50,000 total; 1,50,000
therefor the final closing balance of
cash 59,500 and
bank 1,40,000
| Is This Answer Correct ? | 2 Yes | 0 No |
Answer / arju
Request all to give me a detailed step by step answer.
| Is This Answer Correct ? | 3 Yes | 2 No |
Answer / arju
Hii
Can anyone pls give me the journal entries for the above?
And Yash ur answer in not an answer.
| Is This Answer Correct ? | 0 Yes | 0 No |
Answer / arju
Sorry Yash even this time u r incorrect.
The answer is 99500 and 140000.
I think u missed out the 50,000 credit purchase. I dont know
why but the answer is marked 99500 as correct.
But i cant understand why good purchased under credit is
considered as cash balance!!
Actually this is from a university quiz and the correct
answers are the above.
Can anyone explain to me whether credit purchase is
considered as cash asset and why?
| Is This Answer Correct ? | 0 Yes | 0 No |
Answer / arju
no u r not correct
its 200000-150000=50000
50000-25000=25000
25000+50000=75000
75000+27000=102000
102000-2500=99500
| Is This Answer Correct ? | 0 Yes | 0 No |
Answer / arju
are bhai 50000 rs is coming from the credit purchase of
goods from Deendayal(see above)
| Is This Answer Correct ? | 0 Yes | 0 No |
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