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Sunday, 31 March 2019

Practice question 4: Prepare general journal of Mr. Sadequaine a sole trader.

Difficulty level: Low









Mr Sadequaine is the owner of his General Store and deals in various general products. Following are the details of transaction for January 20XX.

20XX               
January. 1) Started business with Cash Rs. 200,000.
                2) Purchased supplies for Rs. 5,000 on cash.
                3) Purchased shop furniture for Rs. 30,000 on cash.
              10) Purchased Merchandise inventory for Rs. 18,000 on cash.
              16) Made additional investment of Rs. 30,000.
              23) Sold merchandise on cash Rs. 24,000.
              30) Drawn cash Rs. 7000 for personal use. 

REQUIRED: Prepare journal entries in the books of Mr. Sadequaine for January 20XX


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