Journalise the Following Transactions

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Peachtree Practice Assignment

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Journalize the following transactions. Jun Acquired the running business of Max, for cash Rs. 50, 000 by taking over the 5th: following assets and liabilities at values stated against them: Stock of Goods Rs. 15,000; Cash 25,000; Furniture Rs. 10,000; Debtors Rs. 7,000; Machinery Rs. 8,000 & Creditors Rs. 15,000. Opened a bank account with Rs. 5,000 6th: Bought goods worth Rs. 6, 000 from Usha & Co. & paid half the amount in cash. 7th: Sold to Bee & Co. goods worth Rs.5,000 and a cheque received for the due 8th: Sold private car for Rs. 4,000 and bought a new one with the proceeds for business 14th: plus Rs. 5,000 from office cash. 16th: Bought furniture worth Rs. 4,000 of which, those worth Rs. 1,000 are for office decoration and the 18th: balance for stock. 19th: Sold goods to Arial & Co. Rs. 8,000 and to Wheel & Co. 7,000 20th: Payment made to Credtiors Rs. 4,500 25th: Cash received from Debtors Rs. 5,800 30th: Paid Rent by cheque Rs. 2,500 Commission received Rs. 3,000

Mr. Mahdi acquired the business of Mr. Ghulam on 1st April, 2005. Record the following transactions in the journal and post them into the ledger of Mr. Mahdi. Also prepare a trial balance as on that date. Apr Debit Balances on the date of acquisition: 1st: Cash in hand Rs. 8,000, Cash at Bank Rs. 25,000, Stock of goods Rs. 20,000, Furniture Rs. 2,000, Buildings Rs. 10,000. Sundry Debtors – Vijay Rs. 2,000, Anil Rs. 1,000 & Madhu Rs. 2,000. Credit Balances on the date of acquisition: Sundry creditors – Anand Rs. 5,000, Loan from Bablu Rs. 10,000 Following were further transactions in the month of April, 2005; 4th: Sold household furniture for Rs. 2,000 and paid the money into business cash. 5th: Cash received from Vijay Rs. 1,980 in full settlement of his account. 6th: Paid landlord Rs. 1,200 for rent. One – third of the premises is occupied by the proprietor for his own residence. 7th: Goods sold to Anil for Rs. 3,000 and to Madhu for Rs. 5,000 8th: Sold some office equipment for Rs. 1,300 (proceeds being received as Rs. 700 by cheque and balance 11th: in cash) and paid the cheque into his private Bank A/c. 12th: Interest received from Madhu Rs. 200. 13th: Paid to Bablu towards interest Rs. 500 14th: Sold goods for cash Rs. 5,000. Cash paid to Anand Rs. 2,000 Withdrew goods from business for personal use Rs. 2,000.

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