Sum 5) Record the following transactions of NewWay & Co for the financial year 2017-18
Opening balances of various ledgers as on 1-8-2017
Capital Rs. 1,40,000/-; cash in hand Rs. 50,000/-; Bank a/c: Rs. 20,000/-; Plant: Rs. 1,50,000/-, stock: 25,000/-; creditors: 60000 (Srinivas: 50,000/-,Akhil: 10,000/-); debtors : 1,50,000/-(Anand: 50,000/-,Murthy: 1,00,000/-); purchases: 55,000/-; Sales: 2,50,000/-
The transactions to be recorded:
Aug 2 received cash from Anand Rs. 5,000/-
Aug 31 paid to Srinivas for goods purchased on this day Rs. 3,000/-
Sep 1 paid into bank Rs. 1,000/-
Sep 2 received from cash sales 9,000/-
Oct 1 paid for cash purchases Rs. 4,000/-
Oct 2 withdraw for personal use Rs. 1,000/-
Oct 31 received from Murthy Rs. 50000
Nov1 drawn from bank for office use Rs. 1,000/-
Nov 2 received from Anand Rs. 5,000/-
Dec 1 paid to Srinivas Rs. 5,500/-
Dec 2 paid rent Rs. 600/-
Dec 31 paid cash towards advertisement Rs. 500/-
Mar 2 paid salaries to staff Rs. 1,000/-
Mar 31 paid to Akhil Rs. 10,000/-
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