For Home-work before the class on Thursday, 18th July 2019

Q.1:- Journalize the following transactions in the journal of M/s Jay Enterprises and post them
to ledger. Also prepare a trial balance for the month ended 30th April 2019-
Date Transaction
2019 Started business with cash Rs. 1,75,000; Goods Rs. 1,25,000 and Furniture
April 1 Rs. 1,10,000
April 2 Deposited into Bank Rs. 60,000
April 5 Discussed with Ramesh & Co. for the supply of goods of the list price of
Rs. 2,00,000
April 7 Ramesh & co. supplied goods at Rs. 1,70,000 on credit
April 11 Purchased goods from Mahesh Traders of the list price of Rs. 2,35,000 less
10% trade discount and a Cheque was immediately issued to him after
receiving a cash discount of 2%
April 15 Goods sold to Sham Ltd. of the list price of Rs. 1,09,250. Half of the
amount was paid by cheque and the remaining was on credit.
April 16 Goods costing Rs. 70,000 sold to Mr. Umesh for cash at a profit of 20%
on cost price less 10% trade discount and 5% cash discount
April 18 Goods taken away by the proprietor for the personal use, amount Rs.
10,000 (Sale Price Rs.13,000)
April 20 Sham Ltd became insolvent and paid only 80 paise in rupee by cheque in
full and final settlement
April 22 Paid Ramesh & Co. 98% of the total amount due to them by cheque in full
and final settlement of account
April 29 Cash embezzled by an employee Rs. 4,200

For Class Work on Tursday, 18th July 2019

Q.2:- Mr. Mohan gives you the following trial balance and some other information:-
Trial Balance as on 31st March, 2019
Particulars Debit (Rs.) Credit (Rs.)
Capital 6,50,000
Sales 9,70,000
Purchases 4,30,000
 Opening Stock 1,10,000
Freights Inward 40,000
Salaries 2,10,000
Other Administration Expenses 1,50,000
Furniture 3,50,000
Debtors and Creditors 2,10,000 1,90,000
Returns 20,000 12,000
Discounts 19,000 9,000
Bad Debts 5,000
Investments in Government Securities 1,00,000
Cash in Hand and Cash at Bank 1,87,000
Total (Rs.) 18,31,000 18,31,000
Other Information :-
(i) Closing stock was Rs. 1,80,000; (ii) Depreciate Furniture @ 10% p.a.
You are required to prepare Trading and Profit and Loss Account for the year ended on
31.03.2019 and Balance Sheet of Mr. Mohan as on that date.
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