40transactionswiththeirjournalentries,ledger,trial

balanc
EXPERTANSWER

NehaArora,MeritnationExpertaddedananswer,on22/10/13
Penu,foryourprojectyoucancollectdataofsomecompanyorafirmforaparticularfinancialyearwhichis
easilyavailableonline.Withthosetransactions,youcanproceedforyourproject.BeginwithJournalising
thosetransactions,postthemtoLedgerAccounts,prepareaTrialBalance,Trading&Profit&LossAccount
andthecompany'sBalanceSheet.Foryourconvenience,weprovideyouwithanextract.Youcango
throughitandelaborateasperyourrequirements.
FollowingareafewtransactionsofM/s.RajeshTradersconsistingof16transactionsalongwithJournal
entries,Ledgers,TrialBalance,FinancialStatementsalongwithsomeoftheledgersandsimilarly,youcan
preparetheremainingledgers.
ThefollowingarethetransactionsofM/sRajeshTraders.

Date

Particulars

2012

April1

RajeshstartedhisbusinesswithcashRs1,00,000

April10

RajeshopenedanaccountinabankwithcashRs30,000

May10

PurchasedgoodsfromMohanSinghoncreditRs40,000andalsopaidcarriageofRs
2,000

May20

SoldgoodstoRajeevRs20,000

May25

DuetosomequalitydefectMohanSinghreturnedgoodsofRs10,000

June15

SoldgoodstoAyeshaforRs70,000

June30

PaidrentofRs10,000

Aug.31

PurchasedFurnitureforcashofRs8,000

Sept.10

PaidthroughachequeofRs5,000foradvertisement

Oct.05

WithdrawnRs6,000fromBankforpersonaluse

Nov.30

RecoveredRs65,000fromAyeshainfullsettlementofhisaccount

Dec.12

GoodscostingRs1,000donatedtoNGO

Dec.31

SalariespaidtoemployeesRs15,000

2013

Jan.15

InterestreceivedfromBankRs2,000

Feb.10

RajeevhasbecomeinsolventRs80paisaintherupeesonadebtofRs20,000was
recoveredasacompensation

March31

StockofgoodatendoftheyearisRs32,000

Journalizeabovetransaction,posttheminledgers,prepareTrialBalanceandFinancialStatementsforyear
endingMarch31,2013
BooksofM/sRajeshTraders

Journal

Date

2012

April01

Particulars

L.F.

Debit

Credit

Amount

Amount

(Rs)

(Rs)

CashA/c

Dr.

1,00,000

ToCapitalA/c

1,00,000

(BusinessstartedwithcashofRs1,00,000)

BankA/c

Dr.

30,000

ToCashA/c

30,000

(OpenedaBankAccount)

PurchaseA/c

Dr.

40,000

ToMohanSingh

40,000

(GoodsPurchasedoncredit)

May10

CarriageA/c

Dr.

2,000

ToCashA/c

2,000

(Carriagepaidonpurchaseofgoods)

Rajeev

Dr.

20,000

ToSalesA/c

20,000

(GoodssoldtoRajeev)

MohanSingh

Dr.

10,000

ToPurchaseReturnA/c

10,000

April10

May10

May20

May25

(GoodsreturnedbyMohanSingh)

Ayesha

Dr.

70,000

ToSalesA/c

70,000

(GoodsSoldtoAyesha)

RentA/c

Dr.

10,000

ToCashA/c

10,000

(RentPaid)

Aug.31

FurnitureA/c

Dr.

8,000

ToCashA/c

8,000

(Furniturepurchased)

AdvertisementA/c

Dr.

5,000

ToBankA/c

5,000

(Advertisementexpensespaidthrough

DrawingA/c

Dr.

6,000

June15

June30

Sept.10

cheque)

Oct.05

ToBank

6,000

(Withdrawnfrombankforpersonaluse)

CashA/c

Dr.

65,000

DiscountAllowedA/c

Dr.

5,000

ToAyesha

70,000

(RecoveredfromAyeshainfullsettlementof

DonationA/c

Dr.

1,000

ToPurchasesA/c

1,000

(GoodsofRs1,000donatedtoNGO)

Dec.31

SalariesA/c

Dr.

15,000

ToCashA/c

15,000

(SalariesPaidtoemployees)

2013

BankA/c

Dr.

2,000

ToInterestA/c

2,000

Nov.30

hisaccount)

Dec.12

Jan.15

(Interestreceived)

CashA/c

Dr.

16,000

BaddebtA/c

Dr.

4,000

ToRajeevA/c

20,000

(Cashcompensationof80paiseinthe

ClosingStockA/c

Dr.

32,000

ToTradingA/c

32,000

(Closingstocktransferredinaccount)

Feb.10

rupeesreceivedfromRajeev)

Mar.31

CashAccount

Dr.

Cr.

Amount
Date

Particulars

J.F.

Amount
Date

Particulars

J.F.

(Rs)

2012

(Rs)

2012

April.01

CapitalA/c

1,00,000

Nov.30

Ayesha

65,000

April10

BankA/c

30,000

May10

CarriageA/c

2,000

2013

June30

RentA/c

10,000

Rajeev

16,000

Aug.31

FurnitureA/c

8,000

Dec.31

SalariesA/c

15,000

2013

Mar.31

Balancec/d

1,16,000

1,81,000

1,81,000

Feb.10

BankA/c

Dr.

Cr.

Amount
Date

Particulars

Amount

J.F.

Date

Particulars

J.F.

(Rs)

2012

CashA/c

30,000

2013

April10

Jan.15

Sept.10

AdvertisementA/c

5,000

Oct.05

DrawingsA/c

6,000

2013

InterestA/c

2,000

Balancec/d

21,000

32,000

32,000

(Rs)

2012

Mar.31

MohanSingh

Dr.

Date

Particulars

Cr.

Amount

Amount

J.F.

Date

Particulars

J.F.

(Rs)

2012

May25

2013

Mar31

PurchaseReturn

10,000

Balancec/d

(Rs)

2012

May10

PurchasesA/c

40,000

30,000

40,000

40,000

PurchasesA/c

Dr.

Cr.

Amount
Date

Particulars

J.F.

Amount
Date

Particulars

J.F.

(Rs)

2012

(Rs)

MohanSingh

40,000

2013

Mar.31

May10

2012

Dec.12

DonationA/c

1,000

Balancec/d

39,000

40,000

40,000

BadDebtsA/c

Dr.

Cr.

Amount
Date

Particulars

Amount

J.F.

Date

Particulars

J.F.

(Rs)

2013

Feb.10

Rajeev

(Rs)

2013

4,000

Mar.31

Balancec/d

4,000

4,000

4,000

TrialBalanceasatMarch31,2013

S.No.

NameofAccounts

L.F.

Debit

Credit

Amount

Amount

(Rs)

(Rs)

CashA/c

1,16,000

CapitalA/c

1,00,000

BankA/c

21,000

PurchasesA/c

39,000

SalesA/c

90,000

PurchasesReturnA/c

10,000

MohanSingh

30,000

CarriageA/c

2,000

RentA/c

10,000

10

FurnitureA/c

8,000

11

AdvertisementA/c

5,000

12

DrawingsA/c

6,000

13

DiscountAllowedA/c

5,000

14

DonationA/c

1,000

15

SalariesA/c

15,000

16

InterestA/c

2,000

17

BadDebtsA/c

4,000

2,32,000

2,32,000

FinancialStatementsfortheyearendedMarch31,2013
TradingAccount

Dr.

Cr.

Amount

Particulars

Particulars

Amount

(Rs)

Purchases

Less:PurchasesReturn

(Rs)

39,000

(10,000)

29,000

Carriage

Sales

90,000

ClosingStock

32,000

2,000

91,000

1,22,000

1,22,000

GrossProfit(BalancingFigure)

ProfitandLossAccount

Dr.

Cr.

Amount

Amount

Particulars

Particulars
(Rs)

Rent

10,000

(Rs)

GrossProfit

91,000

2,000

Advertisement

5,000

Interest

DiscountAllowed

5,000

Donations

1,000

15,000

4,000

Salaries

BadDebts

NetProfit(BalancingFigure)

53,000

93,000

93,000

BalanceSheet
asonMarch31,2013

Amount
Liabilities

Capital

(Rs)

1,00,000

Less:Drawings

(6,000)

Add:NetProfit

53,000

Amount
Assets

(Rs)

FixedAssets:

Furniture

8,000

1,47,000

CurrentAssets:

CurrentLiabilities:

Cash

1,16,000

Creditors:

Bank

21,000

ClosingStock

32,000

MohanSingh

30,000

1,77,000

1,77,000