ram had 100 shares @1000 each. in march 2012 he sold his 100 shares @9800 each.
with this amount he decided to set up a business on 1 april 2012.he decide that all her transactions to be made through SBI.
he purachased a running factory of land and bulding of 400000.plant and machinery 350000.
he later approache the bank for a loan to meet the working capital .bank gave a loan of 400000@10%p.a .
he purchased a laptop of 30000.
her transactions for year end were as follows:
total purchase1240000 total sales 2050000 wages 230000 carriage inward 20500
pwr n lightin 15500 salry 125000 postage4200 printing3800 advt17700 insurance12100
conveyance12200 cash frm debtors1210000 10%fixed deposit in sbi500000 paid to creditors650000 bills receivable10000 billspayable80000 drawings60000
journalise the entry,,,,post them to ledger...and prepare trial balance
prepare trading account,,,,profit n loss account for the year end 31march 2013....balance sheet after considering following adjustments:
A) closing stock 100000
B)depreciate land n building by 5%,plant and machinery and furniture By10% and computer by 25%
C)outstandng salary 8000 and outstanding wages 15000
D)insurance premium prepaid 1200
E) fixed deposit was made on 1 october 2012
We are providing you with a few transactions of M/s. Rajesh Traders consisting of 16 transactions along with Journal entries, Ledgers, Trial Balance, Financial Statements as an example for your help. We advice you to try solving your project question on your own taking help from the example provided to you below. It is not possible for us to solve the entire project as we have to cater to the needs of other students as well. However, if you still find any difficulty do get back to us with your specific query.
The following are the transactions of M/s Rajesh Traders. | |
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Oct.05 | Withdrawn Rs 6,000 from Bank for personal use |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 |
|
|
| 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 | |||
|
|
|
|
|
|
|
| |||
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 | |