2. Following balances appeared in the books of Ram & Shyam on January 1, 2023:
Assets: Cash in hand ₹30,000; Stock ₹36,000; Lal Chand ₹7,600; Mukesh Khanna ₹16,200: Furniture ₹8,000.
Liabilities: Ghanshyam ₹6,000; Vinod ₹8,000.
Following transactions took place during Jan. 2023
| 2023 | |
|---|---|
| Jan. 2 | Purchased Typewriter for ₹7,500. |
| 4 | Sold goods for Cash of the list price of ₹25,000 at 20% trade discount and 5% Cash discount. |
| 6 | Sold goods to Gopal Seth for ₹10,000. |
| 8 | Gopal Seth returned goods for ₹1,500. |
| 12 | Purchased goods from Arun ₹12,000; and from Varun ₹15,000. |
| 13 | Settled Arun's account in full after deducting 5% for cash discount. |
| 14 | Paid cash to Ghanshyam in full settlement of his account. |
| 16 | Received ₹7,500 from Lal Chand in full settlement of his account. |
| 17 | Purchased a Scooter for office use ₹18,000. |
| 20 | Sold goods for cash ₹20,000. |
| 22 | Received from Gopal Seth ₹4,850 and discount allowed ₹150. |
| 27 | Paid for Wages ₹7,000 and Salaries ₹3,000. |
| 28 | Withdrew goods for ₹2,000 and Cash ₹1,500 for private use. |
| 29 | Paid for Life Insurance Premium of the Proprietor ₹1,600. |
D.K.Goel/2024 Edition/Practical Questions/Q-02
For full question, please refer to the text book Accountancy Class-XI by Mr. D.K.Goel published by Avichal Publishing Company