01 December 2017
Mohan started business with Rs. 10,000.00 cash and Rs. 2,000.00 furniture. Sales amounted to Rs. 50,000.00 including Rs. 5,000.00 cash sales. Rs. 10,000.00 sales were outstanding at the end of the year. Purchase amount* to Rs. 30,000.00 including Rs. 10,000.00 cash purchases Rs. 15,000.00 has been paid to creditors. Expenses paid during the year 19,300. Trial Balance total will be
Please explain the Procedure to solve this sum and then give the answer
01 December 2017
Credit the Capital introduced by Mohan Rs. 12000 (10000 + 2000)
Also credit Total sales Rs. 50000
Payable for Balance to Creditors Rs. 5000
Debit Purchase value + Expense values Rs. 30000 + 19300 = 49300
Also in hand Rs. 5700 cash and Asset in hand Rs. 2000. Total in hand Rs. 7700
Receivable from Debtors Rs. 10000
Please calculate as per the way then you can get answer as per my previous reply...
GOOD LUCK...
CAclubindia
