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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10,000 was withdrawn for office purposes from the bank.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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Answer Posted / 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
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