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Prepare The Journal , Ledger and Trail balance : LEDGER POSTINGS: ILLUSTRATION 66 Journalise...

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Prepare The Journal , Ledger and Trail balance :

LEDGER POSTINGS: ILLUSTRATION 66 Journalise the following transactions, post them into Ledger and balance the accounts:. 2003 May 1 Ratan commenced business with a capital of Rs. 50,000 2 Purchased goods from Jagan Rs. 5,000 4 Sold goods to Gopal Rs.10,000 5 Cash purchases Rs. 10,000 7 Paid salaries Rs. 3,000 8 Cash sales Rs. 10,000 9 Bought machinery and paid through bank Rs.2,000 14 Cash paid to Jagan in full settlement Rs. 4,800 17 Cash received from Gopal and Rs. 9,500 discount allowed Rs. 500 18 Deposited with bank Rs. 5,000 24 Sold old machinery Rs. 1,500 26 Interest received through Cheque Rs. 500 31 Ratan's personal use Rs. 1,000

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