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

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