Accounting for Business

Assignment No 4

1. Journalise the following transactions in the books of Mr. A

Sr. No Date Particulars

1 1 April Started business with Cash, Machinery and Computer worth INR 4,70,000
2017 INR 1,50,000 and INR 35,000 respectively.
2 1 April Purchased of Machinery and Computer from ABC Ltd. on credit for INR
2017 1,20,000 and INR 45,000 respectively.
3 1 April Purchased Furniture in cash for INR 65,000.
2017
4 10 April Deposited Cash of INR 3,50,000 in Bank account.
2017
5 15 April Cash purchase of goods worth INR 1,10,000.
2017
6 15 May Credit purchase of goods from Mr. B on 45 days credit for INR 90,000.
2017 The amount to be paid by way of account payee cheque.
7 18 May Cash sales of goods worth INR 1,40,000.
2017
8 25 May Sales of goods on 30 days credit for INR 50,000 at 10% discount to Mr. D.
2017 The amount will be received through account payee cheque.
9 1 July 10% Gold Bonds purchased for INR 1,00,000 through account payee
2017 cheque. The interest is paid by the bank half yearly on 30 June and 31st
December each year.
10 15 July Cheque issued to ABC Limited of INR 145,000 and balance paid in cash.
2017
11 1 August Credit Sales of goods to Mr. E at 15% discount for INR 40,000. The amount
2017 to be received after 30 days through account payee cheque.
12 30 Sept Machinery sold at cost for INR 50,000. The payment received through
2017 account payee cheque.
13 1 Oct 12% Bonds purchased for INR 100,000 through account payee cheque.
2017 The interest is received on yearly basis on 30 June every year.
14 31 March Salary, Wages, Electricity expenses, Octrai, Printing & Stationery paid in
2018 cash of INR 45,000, INR 60,000, INR 25,000, INR 18,000 and INR 15,000
respectively.
15 31 March Depreciate Machinery @ 15%, Furniture @ 10%, Computer @ 30%.
2018
16 31 March Account for interest receivable if any.
2018
17 31 March Outstanding salary and wages are INR 25,000 and INR 20,000
2018 respectively.
2. Journalise the following transactions in the books of Mr. A

Sr. No Date Particulars

1 1 April Started business with Cash, Machinery and Computer worth INR 5,70,000
2017 INR 1,00,000 and INR 45,000 respectively.
2 1 April Purchased of Machinery and Computer from ABC Ltd. on credit for INR
2017 80,000 and INR 25,000 respectively.
3 1 April Deposited Cash of INR 4,50,000 in Bank account.
2017
4 1 April Purchased Furniture in through account payee cheque for INR 65,000.
2017
5 25 April Cash purchase of goods worth INR 1,50,000.
2017
6 10 May Credit purchase of goods from Mr. B on 30 days credit for INR 50,000.
2017 The amount to be paid by way of account payee cheque.
7 20 May Cash sales of goods worth INR 1,80,000.
2017
8 15 June Sales of goods on 45 days credit for INR 70,000 at 10% discount to Mr. D.
2017 The amount will be received through account payee cheque.
9 1 July 10% Gold Bonds purchased for INR 1,50,000 through account payee
2017 cheque. The interest is paid by the bank half yearly on 30 June and 31st
December each year.
10 25 July Cheque issued to ABC Limited of INR 95,000 and balance paid in cash.
2017
11 10 Credit Sales of goods to Mr. E at 10% discount for INR 80,000. The amount
August to be received after 45 days through account payee cheque.
2017
12 30 Sept Machinery sold at cost for INR 40,000. The payment received through
2017 account payee cheque.
13 1 Oct 12% Bonds purchased for INR 100,000 through account payee cheque.
2017 The interest is received on yearly basis on 30 June every year.
14 31 March Salary, Wages, Electricity expenses, Octrai, Printing & Stationery paid in
2018 cash of INR 30,000, INR 50,000, INR 20,000, INR 25,000 and INR 22,000
respectively.
15 31 March Depreciate Machinery @ 15%, Furniture @ 10%, Computer @ 30%.
2018
16 31 March Account for interest receivable if any.
2018
17 31 March Outstanding salary and wages are INR 28,000 and INR 22,000
2018 respectively.
3. Journalise the following transactions in the books of Mr. A

Sr. No Date Particulars

1 1 April Started business with Cash, Furniture and Computer worth INR 450,000
2017 INR 230,000 and INR 75,000 respectively.
2 10 April Purchased Machinery from ABC Ltd. on 5 monthly equal instalments
2017 costing INR 240,000. The EMI of INR 50,000 starts from 1 June 2017
3 22 April Deposited Cash of INR 2,50,000 in Bank account.
2017
4 25 April Cash purchase of goods worth INR 1,50,000.
2017
5 15 May Sold goods of INR 180,000 and payment received through Google Pay
2017
6 25 May Cash withdrawn from Bank Account of INR 95,000
2017
7 31 May Salary, Wages, Electricity Bill and Rent paid in cash of INR 25,000, INR
2017 15,000, INR 12,000 and 22,000 respectively

4. Journalise the following transactions, post them to ledger accounts and prepare trial balance in
the books of Mr. A:

i. Started business with Cash, Computer and Machinery worth INR 2,70,000, INR 1,05,000
and INR 1,35,000 respectively.
ii. Deposited cash of INR 1,50,000 in bank account.
iii. Cash purchase of goods worth INR 1,12,500.
iv. Cash sales of goods worth INR 1,42,500.
v. Purchased machinery from ABC Ltd. on credit for INR 1,12,500.
vi. Purchased computer from ABC Ltd. on credit worth INR 67,500.
vii. Amount of INR 1,35,000 paid to ABC Ltd. through bank account.

5. Journalise the following transactions, post them to ledger accounts and prepare trial balance in
the books of Mr. A:

i. Started business with Cash, Computer and Machinery worth INR 5,00,000, INR 50,000 and
INR 2,50,000 respectively.
ii. Cash purchase of goods worth INR 2,20,000.
iii. Cash sales of goods worth INR 2,42,000.
iv. Purchased machinery from ABC Ltd. on credit for INR 2,25,000.
v. Purchased computer from ABC Ltd. on credit worth INR 75,000.
vi. Cash payment of INR 2,35,000 paid to ABC Ltd.