The following transactions relate to Pat's business for the month of December 2019. 1.12.19 Started the business with Rs.10,000 in cash. 2.12.19 Bought goods on credit from the following suppliers: Grass Rs.6000 Seed - Rs.7000 10.12.19 Sold goods on credit to the following customers: Fog Rs.3000 Mist Rs.4000 12.12.19 Returned goods to the following suppliers: Grass Rs.1000 Seed Rs.2000 15.12.19 Bought additional goods on credit from Grass for Rs.3000 and from Seod for Rs.4000. 20.12.19 Sold niore goods on credit to Fog for Rs. 2000 and to Mist for Rs. 3000. 24.12.19 Paid office expenses of Rs. 5000 in cash. 29.12.19 Received Rs. 4000 in cash from Fog and Rs. 6000 in cash from Mist. 31.12.19 Pat paid Grass and Seed Rs. 6000 and Rs.8000, respectively, in cash.

The following transactions relate to Pat's business for the month of December 2019. 1.12.19 Started the business with Rs.10,000 in cash. 2.12.19 Bought goods on credit from the following suppliers: Grass Rs.6000 Seed - Rs.7000 10.12.19 Sold goods on credit to the following customers: Fog Rs.3000 Mist Rs.4000 12.12.19 Returned goods to the following suppliers: Grass Rs.1000 Seed Rs.2000 15.12.19 Bought additional goods on credit from Grass for Rs.3000 and from Seod for Rs.4000. 20.12.19 Sold niore goods on credit to Fog for Rs. 2000 and to Mist for Rs. 3000. 24.12.19 Paid office expenses of Rs. 5000 in cash. 29.12.19 Received Rs. 4000 in cash from Fog and Rs. 6000 in cash from Mist. 31.12.19 Pat paid Grass and Seed Rs. 6000 and Rs.8000, respectively, in cash.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 5EB: Review the following transactions and prepare any necessary journal entries for Lands Inc. A. On...

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