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Pass compound journal entries for the following-2017Feb. 1 Commenced business with cash 80,000 and goods ? 44,000.Feb. 7 Goods bought on credit from X 10,000, Y 20,000, Z ? 30,000.Feb. 12 Goods sold on credit to A 10,000, B * 16,000, C7 8,000.Feb. 15 Purchases return to X 1.000, Z2,000.Feb. 16 Sales return by A500, B1,000, C3 2,000.Feb. 28 Paid- Rent 900, Postage 700, Sundry expenses 400 |
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Answer» Answer: feb 7 purchase a/c DR 60000 to x a/c 10000 to y a/c 20000 to z a/c 30000 feb 12 a a/c Dr 10000 b a/c Dr 16000 c a/c Dr 78000 to sales a/c 104000 feb 15 x a/c dr 1000 z a/c dr 2000 to purchase return 3000 feb 16 sales return dr 33500 to a a/c 500 to b a/c 1000 to c a/c 32000
feb 28 paid rent ac Dr 900 postage a/c Dr700 sundry a/c Dr400 to cash a/c 2000 feb 1 cash a/c Dr good a/c Dr to CAPITAL a/c Explanation: asset have Dr balance liability have cr balance expense have Dr balance INCOME has cr balance |
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