amount drawn from propritors s b a/c Rs : 10000/-,
intridused in propritors current A/c same amount, and same
Rs :10000/- withdrawn by the propritors. please pass the
entries for this transaction in double entry system.
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Answer / kishore aggarwal
1.
cash a/c dr.
To prop. s/b cr.
2.prop. c/a dr.
to cash a/c
3.cash a/c dr
To prop. c/a
| Is This Answer Correct ? | 3 Yes | 4 No |
The following transactions relating to ABC Ltd for the month of 20x1 a) Services performed in relation to income recieved in advance total $1500 b)Supplies expense includes $400 of supplies that are still on hand at 30 June c)Interest accrued on the bank loan is 750 d)At the end of june paid rent for 3 months (June, july Aug) $6000 e)Credit sales for the month of June 2009 amounted to $50000. Past expierence shows that around 1.5% of net credit sales are written off as bad debts. XYZ ltd, previously notified ABC ltd that they have gone bankrupt, will be able to pay $1000, which was recieved at the end of the month. The provision of doubtful debt has an opening balance of $800. f) The owners of ABC Ltd wish to revise the balance of the provision of doubtful debts account to $3500. g) Depreciation of one year on the delivary van is $1500. h) On 30 June 2009, ABC Ltd sold an item of equipment for $40000 cash. The cost of equipment was $50000 and had a accumulated depreciation balance of $2000 REQUIRED: Prepare the relevant adjusting journal entries for the month of June 20x2
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