how to do the journal entries , ledger posting and trail balance for accounts (its project work ) we - Accountancy -

Question

how to do the journal entries , ledger posting and trail balance
for accounts (its project work ) we need to do it based on our
business (we imagine that we started a business ) and we need to
make our expenses while starting a business, and make journal
entries, ledger posting and trail balance for it

Manisha Arora · Accepted Answer

We are providing you with
16 transactions along with Journal entries, Ledgers, Trial Balance,
Financial Statements along with some of the ledgers and similarly,
you can prepare the remaining
ledgers

The following are the
transactions

Date
Particulars

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Withdrawn Rs 6,000 from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

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

Bank
A/c

Dr

Cr

Date
Particulars
J
F
Amount
(Rs)
Date
Particulars
J
F
Amount
(Rs)

2012

April
10
Cash
A/c

30,000
Sept
10
Advertisement
A/c

5,000

Oct
05
Drawings
A/c

6,000

2013

Jan
15
Interest
A/c

2,000
Mar
31
Balance
c/d

21,000

32,000

Mohan
Singh

Dr

Cr

Date
Particulars
J
F
Amount
(Rs)
Date
Particulars
J
F
Amount
(Rs)

2012

May
25
Purchase
Return

10,000
May
10
Purchases
A/c

40,000

2013

Mar
31
Balance
c/d

30,000

40,000

Purchases
A/c

Dr

Cr

Date
Particulars
J
F
Amount
(Rs)
Date
Particulars
J
F
Amount
(Rs)

2012

May
10
Mohan
Singh

40,000
Dec
12
Donation
A/c

1,000

2013

Mar
31
Balance
c/d

39,000

40,000

Bad Debts
A/c

Dr

Cr

Date
Particulars
J
F
Amount
(Rs)
Date
Particulars
J
F
Amount
(Rs)

2013

Feb
10
Rajeev

4,000
Mar
31
Balance
c/d

4,000

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

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

The following are the transactions.
Date	Particulars
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

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

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