Double Entry System – Practice Question 03

Published by admin on August 21, 2020August 21, 2020

Grade 10 textbook – Activity 03 – Page, 76

Question

The following are some transactions that occurred in Namal’s business. Record these transactions in accounts.

January

1. Introduced capital Rs. 300 000
2. Purchased equipment for use in the business Rs. 50 000
3. Purchase goods on credit Rs. 80 000
4. Paid telephone bill of the owner’s house using cash of the business Rs. 5 000
5. Cash sales Rs. 50 000
6. Paid insurance Rs. 7 000
7. Cash purchases Rs. 40 000
8. Paid creditors Rs. 20 000

Answer