Reference no: EM132539876

Question 1: Give journal entries of M/s Sonu traders from the following transactions :

August 2014                                   Rs.

1. Commenced business with cash 1,10,000

2. Opened bank account with ICICI 50,000

3. Purchased furniture 20,000

7. Bought goods for cash from M/s Rajat Traders 30,000

8. Purchased good from M/s Hemant Traders 42,000

10. Sold goods for cash 30,000

14. Sold goods on credit to M/s. Arora Traders 12,000

16. Rent paid 4,000

18. Paid trade expenses 1,000