2018 ? April 1 Ramesh started business with cash...

2018 ? April 1 Ramesh started business with cash 1,00,000 April 2 Paid into bank 20,000 April 3 Bought goods for cash 50,000 April 4 Drew cash from bank for office use 10,000 April 13 Sold goods to Krishna on credit 15,000 April 20 Bought goods from Shyam on credit 22,500 April 24 Received from Krishna 12,500 Allowed him discount 500 April 28 Paid cash to Shyam 21,500 Discount received 1,000 April 28 Krishna returned goods 2,000 April 30 Cash sales for the month 80,000 April 30 Paid rent 5,000 April 30 Paid salary 10,000

Transcript

00:01 Hello students, here is a question.

00:02 From the following transactions of ramesh for april 2018 are given below.

00:07 So, we need to generalize the following transactions which has been given in the question.

00:11 The format of journal will be date, account title, debit and credit.

00:28 So, the first transaction is ramesh started business with cash of 1 lakh.

00:33 So, our entry will be cash account detailed to capital account, amount will be 1 lakh.

00:47 And the second entry is paid into bank of 20 ,000.

00:51 So, that will be bank account detailed to cash account, amount is 20 ,000.

01:02 And the third entry will be brought goods for cash of 50 ,000.

01:06 It is purchase account detailed to cash account, amount is 50 ,000.

01:19 Next is draw cash for bank for office use.

01:23 So, the journal entry will be cash account detailed to bank account, amount will be 10 ,000.

01:36 And the next entry is sold goods to krishna on credit.

01:39 So, the journal entry will be krishna account detailed to sales account, amount is 15 ,000.

01:57 Next is brought goods from shyam on credit.

02:00 So, the journal entry will be purchase account detailed to shyam's account, it is 22 ,500.

02:16 And the seventh is received from krishna 12 ,500, allowed in a discount of 500.

02:21 So, the journal entry will be cash account detailed, discount, allowed account detailed, account detailed to krishna's account, amount will be for cash account it is 12 ,500, discount is 500...

Question

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