MB0041 – Q.2 Pass journal entries for the following transactions
1. Madan commenced business with cash Rs. 70000
2. Purchased goods on credit 14000
3. Withdrew for private use 3000
4. Goods purchased for cash 12000
5. Paid wages 5000
Answer:
1. Capital a/c Dr. to Cash a/c.
2. Goods a/c Dr. to Creditors a/c.
3. Drawings a/c Dr. to Cash a/c
4. Goods a/c Dr. to Cash a/c
5. Wages a/c Dr. to Cash a/c.
