Answer :
Explanation:
To journalize and post the transactions of Mudit to the ledger, we'll first record each transaction in the journal and then post them to the appropriate ledger accounts.
### Given Transactions:
1. Mudit started business with cash ₹50,000.
2. Purchased goods for cash ₹20,000.
3. Sold goods for cash ₹15,000.
4. Paid rent ₹2,000.
5. Received commission ₹500.
### Journal Entries:
1. **Started business with cash:**
```
Date Account Titles and Explanation Debit (₹) Credit (₹)
YYYY-MM-DD Cash 50,000
Capital 50,000
(Being cash introduced in business)
```
2. **Purchased goods for cash:**
```
Date Account Titles and Explanation Debit (₹) Credit (₹)
YYYY-MM-DD Purchases 20,000
Cash 20,000
(Being goods purchased for cash)
```
3. **Sold goods for cash:**
```
Date Account Titles and Explanation Debit (₹) Credit (₹)
YYYY-MM-DD Cash 15,000
Sales 15,000
(Being goods sold for cash)
```
4. **Paid rent:**
```
Date Account Titles and Explanation Debit (₹) Credit (₹)
YYYY-MM-DD Rent Expense 2,000
Cash 2,000
(Being rent paid)
```
5. **Received commission:**
```
Date Account Titles and Explanation Debit (₹) Credit (₹)
YYYY-MM-DD Cash 500
Commission Income 500
(Being commission received)
```
### Ledger Accounts:
#### Cash Account
```
Date Particulars Debit (₹) Credit (₹) Balance (₹)
YYYY-MM-DD Capital 50,000 50,000
YYYY-MM-DD Purchases 20,000 30,000
YYYY-MM-DD Sales 15,000 45,000
YYYY-MM-DD Rent Expense 2,000 43,000
YYYY-MM-DD Commission Income 500 43,500
```
#### Capital Account
```
Date Particulars Debit (₹) Credit (₹) Balance (₹)
YYYY-MM-DD Cash 50,000 50,000
```
#### Purchases Account
```
Date Particulars Debit (₹) Credit (₹) Balance (₹)
YYYY-MM-DD Cash 20,000 20,000
```
#### Sales Account
```
Date Particulars Debit (₹) Credit (₹) Balance (₹)
YYYY-MM-DD Cash 15,000 15,000
```
#### Rent Expense Account
```
Date Particulars Debit (₹) Credit (₹) Balance (₹)
YYYY-MM-DD Cash 2,000 2,000
```
#### Commission Income Account
```
Date Particulars Debit (₹) Credit (₹) Balance (₹)
YYYY-MM-DD Cash 500 500
```
This completes the journalizing and posting of Mudit's transactions. The balance of each ledger account reflects the transactions recorded in the journal.