Journalize the following transactions 

2017 ₹ 

March 1 Started business with cash 50,000 

2 Purchased Machinery for cash 20,000 Paid installation charges on machinery 2,000 

5 Purchased goods from X of the list price of ₹ 25,000, Trade Discount 20% and cash discount 5%. Payment was made in cash immediately. 

10 Sold goods to Y costing ₹ 10,000 at 30% profit on cost less 10% trade discount. 

15 Paid Rent 1,000 20 Goods stolen from business 2,000 

22 Gave as charity : Cash 100 Goods 200 

31 Purchased Post Cards and Envelopes 50 

31 Purchased a Computer for business 25,000

Answer rating: 100% (QA)

March 1 Cash 50000 Capital 50000 Started business with cash 2 Machiner... View the full answer