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Mr. Kumara started a business, Araliya Enterprises by investing Rs. 100,000 on 1st January 2019....

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Accounting

  1. Mr. Kumara started a business, Araliya Enterprises by investing Rs. 100,000 on 1st January 2019. Following transactions were occurred during the month of January 2019. Show how following business transactions affect the accounting double entry system

Jan 2 : The company obtained a loan amounting to Rs. 600,000/-

Jan 8 : Paid insurance bill Rs. 7,000/-

Jan 10 : Loan repayment amounting to Rs. 150,000/-

Jan 15 : Purchases on cash Rs. 60,000/-

Jan 20 : Sales on cash Rs. 100,000/-

Jan 25 : Mr. Kumara invested additional 200,000/- to the business

Jan 30 : Mr. Kumara has taken Rs. 10,000/- from the business for his personal use.

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