Experts please help me ,
provide 15-20 transactions of a business entity and prepare journal entries , ledger , trial balance and final accounts for those , please help
Following are transactions of M/s Rajesh Traders: | |
Date | Particular |
2012 |
|
April 1 | Rajesh started his business with cash Rs 1,00,000 |
April 10 | Rajesh opened an account in a bank with cash Rs 30,000 |
May 10 | Purchased goods from Mohan Singh on credit Rs 40,000 and also paid carriage of Rs 2,000 |
May 20 | Sold goods to Rajeev Rs 20,000 |
May 25 | Due to some quality defect Mohan Singh returned goods of Rs 10,000 |
June 15 | Sold goods to Ayesha for Rs 70,000 |
June 30 | Paid rent of Rs 10,000 |
Aug.31 | Purchased Furniture for cash of Rs 8,000 |
Sept.10 | Paid through a cheque of Rs 5,000 for advertisement |
Oct.05 | Withdrawn Rs 6,000 from Bank for personal use |
Nov.30 | Recovered Rs 65,000 from Ayesha in full settlement of his account |
Dec.12 | Goods costing Rs 1,000 donated to NGO |
Dec.31 | Salaries paid to employees Rs 15,000 |
2013 |
|
Jan.15 | Interest received from Bank Rs 2,000 |
Feb.10 | Rajeev has become insolvent Rs 80 paisa in the rupees on a debt of Rs 20,000 was recovered as a compensation |
March 31 | Stock of good at end of the year is Rs 32,000 |
Journalize above transaction, post them in ledgers, prepare Trial Balance and Financial Statements for year ending March 31, 2013
Books of M/s Rajesh Traders | ||||||
Journal | ||||||
Date | Particulars | L.F. | Debit Amount (Rs) | Credit Amount (Rs) | ||
2012 |
|
|
|
|
| |
April 01 | Cash A/c | Dr. |
| 1,00,000 |
| |
| To Capital A/c |
|
|
| 1,00,000 | |
| (Business started with cash of Rs 1,00,000) |
|
|
|
| |
|
|
|
|
|
| |
April 10 | Bank A/c | Dr. |
| 30,000 |
| |
| To Cash A/c |
|
|
| 30,000 | |
| (Opened a Bank Account) |
|
|
|
| |
|
|
|
|
|
| |
May 10 | Purchase A/c | Dr. |
| 40,000 |
| |
| To Mohan Singh |
|
|
| 40,000 | |
| (Goods Purchased on credit) |
|
|
|
| |
|
|
|
|
|
| |
May 10 | Carriage A/c | Dr. |
| 2,000 |
| |
| To Cash A/c |
|
|
| 2,000 | |
| (Carriage paid on purchase of goods) |
|
|
|
| |
|
|
|
|
|
| |
May 20 | Rajeev | Dr. |
| 20,000 |
| |
| To Sales A/c |
|
|
| 20,000 | |
| (Goods sold to Rajeev) |
|
|
|
| |
|
|
|
|
|
| |
May 25 | Mohan Singh | Dr. |
| 10,000 |
| |
| To Purchase Return A/c |
|
|
| 10,000 | |
| (Goods returned by Mohan Singh) |
|
|
|
| |
|
|
|
|
|
| |
June 15 | Ayesha | Dr. |
| 70,000 |
| |
| To Sales A/c |
|
|
| 70,000 | |
| (Goods Sold to Ayesha) |
|
|
|
| |
|
|
|
|
|
| |
June 30 | Rent A/c | Dr. |
| 10,000 |
| |
| To Cash A/c |
|
|
| 10,000 | |
| (Rent Paid) |
|
|
|
| |
|
|
|
|
|
| |
Aug.31 | Furniture A/c | Dr. |
| 8,000 |
| |
| To Cash A/c |
|
|
| 8,000 | |
| (Furniture purchased) |
|
|
|
| |
|
|
|
|
|
| |
Sept.10 | Advertisement A/c | Dr. |
| 5,000 |
| |
| To Bank A/c |
|
|
| 5,000 | |
| (Advertisement expenses paid through cheque) |
|
|
|
| |
|
|
|
|
|
| |
Oct.05 | Drawing A/c | Dr. |
| 6,000 |
| |
| To Bank |
|
|
| 6,000 | |
| (Withdrawn from bank for personal use) |
|
|
|
| |
|
|
|
|
|
| |
Nov.30 | Cash A/c | Dr. |
| 65,000 |
| |
| Discount Allowed A/c | Dr. |
| 5,000 |
| |
| To Ayesha |
|
|
| 70,000 | |
| (Recovered from Ayesha in full settlement of his account) |
|
|
|
| |
|
|
|
|
|
| |
Dec.12 | Donation A/c | Dr. |
| 1,000 |
| |
| To Purchases A/c |
|
|
| 1,000 | |
| (Goods of Rs 1,000 donated to NGO) |
|
|
|
| |
|
|
|
|
|
| |
Dec.31 | Salaries A/c | Dr. |
| 15,000 |
| |
| To Cash A/c |
|
|
| 15,000 | |
| (Salaries Paid to employees) |
|
|
|
| |
|
|
|
|
|
| |
2013 |
|
|
|
|
| |
Jan.15 | Bank A/c | Dr. |
| 2,000 |
| |
| To Interest A/c |
|
|
| 2,000 | |
| (Interest received) |
|
|
|
| |
|
|
|
|
|
| |
Feb.10 | Cash A/c | Dr. |
| 16,000 |
| |
| Bad debt A/c | Dr. |
| 4,000 |
| |
| To Rajeev A/c |
|
|
| 20,000 | |
| (Cash compensation of 80 paise in the rupees received from Rajeev) |
|
|
|
| |
|
|
|
|
|
| |
Mar.31 | Closing Stock A/c | Dr. |
| 32,000 |
| |
| To Trading A/c |
|
|
| 32,000 | |
| (Closing stock transferred in account) |
|
|
|
| |
|
|
|
|
|
| |
Cash Account | |||||||||
Dr. |
| Cr. | |||||||
Date | Particulars | J.F. | Amount (Rs) | Date | Particulars | J.F. | Amount (Rs) | ||
2012 |
|
|
| 2012 |
|
|
| ||
April.01 | Capital A/c |
| 1,00,000 | April 10 | Bank A/c |
| 30,000 | ||
Nov.30 | Ayesha |
| 65,000 | May 10 | Carriage A/c |
| 2,000 | ||
2013 |
|
|
| June 30 | Rent A/c |
| 10,000 | ||
Feb.10 | Rajeev |
| 16,000 | Aug.31 | Furniture A/c |
| 8,000 | ||
|
|
|
| Dec.31 | Salaries A/c |
| 15,000 | ||
|
|
|
| 2013 |
|
|
| ||
|
|
|
| Mar.31 | Balance c/d |
| 1,16,000 | ||
|
|
| 1,81,000 |
|
|
| 1,81,000 | ||
|
|
|
|
|
|
|
| ||
Bank A/c | |||||||||
Dr. |
| Cr. | |||||||
Date | Particulars | J.F. | Amount (Rs) | Date | Particulars | J.F. | Amount (Rs) | ||
2012 |
|
|
| 2012 |
|
|
| ||
April 10 | Cash A/c |
| 30,000 | Sept.10 | Advertisement A/c |
| 5,000 | ||
|
|
|
| Oct.05 | Drawings A/c |
| 6,000 | ||
2013 |
|
|
| 2013 |
|
|
| ||
Jan.15 | Interest A/c |
| 2,000 | Mar.31 | Balance c/d |
| 21,000 | ||
|
|
| 32,000 |
|
|
| 32,000 | ||
|
|
|
|
|
|
|
| ||
Mohan Singh | |||||||||
Dr. |
| Cr. | |||||||
Date | Particulars | J.F. | Amount (Rs) | Date | Particulars | J.F. | Amount (Rs) | ||
2012 |
|
|
| 2012 |
|
|
| ||
May 25 | Purchase Return |
| 10,000 | May 10 | Purchases A/c |
| 40,000 | ||
2013 |
|
|
|
|
|
|
| ||
Mar 31 | Balance c/d |
| 30,000 |
|
|
|
| ||
|
|
| 40,000 |
|
|
| 40,000 | ||
|
|
|
|
|
|
|
| ||
Purchases A/c | ||||||||||
Dr. |
| Cr. |
| |||||||
Date | Particulars | J.F. | Amount (Rs) | Date | Particulars | J.F. | Amount (Rs) | |||
2012 |
|
|
| 2012 |
|
|
| |||
May 10 | Mohan Singh |
| 40,000 | Dec.12 | Donation A/c |
| 1,000 | |||
|
|
|
| 2013 |
|
|
| |||
|
|
|
| Mar.31 | Balance c/d |
| 39,000 | |||
|
|
| 40,000 |
|
|
| 40,000 | |||
|
|
|
|
|
|
|
| |||
Bad Debts A/c | ||||||||||
Dr. |
| Cr. |
| |||||||
Date | Particulars | J.F. | Amount (Rs) | Date | Particulars | J.F. | Amount (Rs) | |||
2013 |
|
|
| 2013 |
|
|
| |||
Feb.10 | Rajeev |
| 4,000 | Mar.31 | Balance c/d |
| 4,000 | |||
|
|
| 4,000 |
|
|
| 4,000 | |||
|
|
|
|
|
|
|
| |||
Note:- Due to paucity of time we are preparing some of the ledgers. Rest of the ledgers try to prepare yourself.
Trial Balance as at March 31, 2013 | ||||
S.No. | Name of Accounts | L.F. | Debit Amount (Rs) | Credit Amount (Rs) |
1 | Cash A/c |
| 1,16,000 |
|
2 | Capital A/c |
|
| 1,00,000 |
3 | Bank A/c |
| 21,000 |
|
4 | Purchases A/c |
| 39,000 |
|
5 | Sales A/c |
|
| 90,000 |
6 | Purchases Return A/c |
|
| 10,000 |
7 | Mohan Singh |
|
| 30,000 |
8 | Carriage A/c |
| 2,000 |
|
9 | Rent A/c |
| 10,000 |
|
10 | Furniture A/c |
| 8,000 |
|
11 | Advertisement A/c |
| 5,000 |
|
12 | Drawings A/c |
| 6,000 |
|
13 | Discount Allowed A/c |
| 5,000 |
|
14 | Donation A/c |
| 1,000 |
|
15 | Salaries A/c |
| 15,000 |
|
16 | Interest A/c |
|
| 2,000 |
17 | Bad Debts A/c |
| 4,000 |
|
|
|
|
|
|
|
|
| 2,32,000 | 2,32,000 |
|
|
|
|
|
Financial Statements for the year ended March 31, 2013
Trading Account |
| ||||||
Dr. |
| Cr. | |||||
Particulars | Amount (Rs) | Particulars | Amount (Rs) |
| |||
Purchases | 39,000 |
| Sales | 90,000 |
| ||
Less: Purchases Return | (10,000) | 29,000 | Closing Stock | 32,000 |
| ||
Carriage | 2,000 |
|
|
| |||
Gross Profit (Balancing Figure) | 91,000 |
|
|
| |||
|
|
|
|
| |||
| 1,22,000 |
| 1,22,000 |
| |||
|
|
|
|
| |||
Profit and Loss Account |
| |||||
Dr. |
| Cr. | ||||
Particulars | Amount (Rs) | Particulars | Amount (Rs) |
| ||
Rent | 10,000 | Gross Profit | 91,000 |
| ||
Advertisement | 5,000 | Interest | 2,000 |
| ||
Discount Allowed | 5,000 |
|
|
| ||
Donations | 1,000 |
|
|
| ||
Salaries | 15,000 |
|
|
| ||
Bad Debts | 4,000 |
|
|
| ||
Net Profit (Balancing Figure) | 53,000 |
|
|
| ||
|
|
|
|
| ||
| 93,000 |
| 93,000 |
| ||
|
|
|
|
| ||
Balance Sheet as on March 31, 2013 | ||||
Liabilities | Amount (Rs) | Assets | Amount (Rs) | |
Capital | 1,00,000 |
| Fixed Assets: |
|
Less: Drawings | (6,000) |
| Furniture | 8,000 |
Add: Net Profit | 53,000 | 1,47,000 |
|
|
|
| Current Assets: |
| |
Current Liabilities: |
| Cash | 1,16,000 | |
Creditors: |
| Bank | 21,000 | |
Mohan Singh | 30,000 | Closing Stock | 32,000 | |
| 1,77,000 |
| 1,77,000 | |
|
|
|
|