accounts

Topics: Electric charge, Electricity, Bookkeeping Pages: 32 (1615 words) Published: October 27, 2013

Transactions

Show Journal entries to record the following transactions. Post them into appropriate Ledger Accounts and then extract a Trial Balance on 31st December, 2012: 2012
Jan 1st: Commenced business with cash Rs 1,00,000.
Jan 10th: Bought office equipment worth Rs 40,000.
Jan 25th: Purchased goods worth Rs 25,000; less 10% trade dis. on credit from Rahul. Feb 4th: Purchased office stationary worth Rs 500.
Feb 9th: Paid premium for fire insurance Rs 5,000
Feb 20th: Sold goods on credit to Raj Rs 35,000
Mar 16th: Deposited money in bank Rs 30,000
Mar 28th: Returned goods worth Rs 2,000 to Rahul.
April 15th: Raj returned goods worth Rs 3,000.
May 8th: Paid salary to staff Rs 4,000.
May 22nd: Paid Rs 18,000 to Rahul on account; 6,000 by cash and 12,000 by cheque June 11th: Paid electricity charges Rs 7,000.
June 25th: Received Rs 27,000 from Raj on account; 15000 by cash and 12,000 by cheque. July 2nd: Withdrew Rs 10,000 cash for Samya’s personal use July 18th: Purchased goods worth Rs 30,000 on credit from John. Aug 10th: Withdrew Rs 5,000 from bank for office use.

Aug 20: Sold goods on credit to Sita Rs 40,000
Sep 5th: Paid salary to staff Rs 5,000
Sep21: Invested further capital, Rs 15000; Rs 9000 by cash and Rs 6000 by cheque Oct 18th: Raj paid Rs 35,000; cash dis. allowed Rs 1000.
Oct 27th: Issued a debit note to John worth Rs 1000
Nov 12th: Received commission Rs 5000 by cash.
Nov 24th: Paid Rs 25,000 to John on account, Rs 15000 by cheque and Rs 10,000 by cash. Dec 3rd: Paid salary to staff Rs 5,000
Dec 16th: Paid electricity charges Rs 6,000.
Dec 30th: Withdrew Rs 10,000 from bank for personal use.

JOURNAL

IN THE BOOKS OF MITTALS & CO.
Journal Entries

Date
PARTICULARS
L/
F
DEBIT
Rs
CREDIT
Rs
1-1-12
Cash A/c Dr
To Capital A/c
(Being business started with cash)

1,00,000

1,00,000
10-1-12
Office Equipment Dr
To Cash A/c
(Being machinery purchased with cash)

40,000

40,000
25-01-12
Purchases A/c Dr
To Rahul’s A/c
(Being goods purchased on credit)

22,500

22,500
04-02-12
Stationary A/c Dr
To Cash A/c
(Being stationary purchased )
500

500
09-02-12
Insurance Premium A/c Dr
To Cash A/c
(Being insurance premium paid )

5,000

5,000

20-02-12
Raj’s A/c Dr To Sales A/c
(Being goods sold on credit)

35,000

35,000
16-03-12
Bank A/c Dr
To Cash A/c
(Being cash deposited into bank)

30,000

30,000
Date
PARTICULARS
L/
F
DEBIT
Rs
CREDIT
Rs
28-03-12
Rahul’s A/c Dr
To Purchase Return A/c
(Returned goods to Rahul)

2,000

2,000
15-04-12
Sales Return A/c Dr
To Raj’s A/c
(Being goods returned by Raj)

3,000

3,000
08-05-12
Salary A/c Dr
To Cash A/c
(Being salary paid to staff)

4,000

4,000
22-05-12
Rahul’s A/c Dr
To Cash A/c
To Bank A/c
(Being cash paid to Rahul )

18,000

6,000
12,000

11-06-12
Electricity charges A/c Dr
To Cash A/c
(Being electricity charges paid )

7,000

7,000
25-06-12
Cash A/c Dr
Bank A/c Dr
To Raj’s A/c
(Being amount received from Raj )

15,000
12,000

27,000
02-07-12
Drawings A/c...
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