Double Entry System – Practice Question 03

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