year. ILLUSTRATION 12: Record the following transactions in the journal proper Plant purchased from Amar on credit ? 15,000 S
ILLUSTRATION 12: Record the following transactions in the journal proper
Plant purchased from Amar on credit ? 15,000
Salary outstanding for March, 2010 * 4,500.
a) Insurance premium paid includes ? 1,000 as prepaid related to next
(i) A cheque received from Amit for 3,000 is endorsed to creditor, Sumit
in full settlement of his account 3,100.
n) Mohan who owed us 10,000 became bankrupt and only 50% amount
is recovered from him.
(ui) Goods worth 500 was stolen by employees.
frü) Goods worth 1,000 was distributed as free samples.
(viii) Goods worth * 2,000 was taken away by the proprietor of the firm for
(ix) Goods worth 4,000 is destroyed by fire but insurance company
admitted the claim in full.
(x) Debtors includes 2,500 due from Ashok while creditors also include
1,500 due to Ashok.
) Charge Depreciation on furniture for the year @ 10% on ? 15,000.
(xii) Ram decided that he should be allowed interest on capital at 10% p.a.
His capital was 50,000.
(xiii) An old furniture was sold to Mohan on credit for 1,500