Can you Please show the Journal Entry of the following Transactions along with the final accounts of the same
2010
Jan1: Commenced business with cash 1,00,000
Jan2: Opened a bank account by depositing 50,0000
Jan 3: Bought goods for cash 15,000
Jan 5: Bought furniture for cash 10,000
Jan 6: Sold goods for cash 5,000
Jan 9: Bought goods from Ram of list price 10,000 less 10% trade discount.
Jan 11: Goods returned to ram of list price 1,500
Jan13: Sold goods to sohan for 12,000 less 10% trade discount
Jan15: Sohan returned goods of 1,000
Jan 16: Received a cheque from sohan for 6,000 which was endorsed to ram
Jan 17: Paid cash 1,500 to ram in full settlement of his account
Jan 18: Received cheque from sohan for 3,800 in full settlement of his account
Jan 19: Cheque of sohan lodged in bank
Jan 22: Paid salary 3,000 and rent 2,000 by cheques.
Jan 24: Bought goods from amar for 14,000 less 10% trade discount and 2% cash discount. Amar agreed to pay 50% price on the spot.
Jan 24: Sold goods to karan 6,000
Jan 25: Bank is advised to issue draft to amar for 4,500. Bank charged 50 for it.
Jan 27: Received cash from karan 2,000 and cheques 3,000 banked same day.
Jan 30: Bought furniture from gopi 4,000
Journal | |||||
Date | Particulars | L.F. | Debit Amount (Rs) | Credit Amount (Rs) | |
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Jan 1 | Cash A/c | Dr |
| 1,00,000 |
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| To Capital A/c |
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| 1,00,000 |
| (being business commenced with cash) |
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Jan 2 | Bank A/c | Dr |
| 50,000 |
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| To Cash A/c |
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| 50,000 |
| (being bank account opened by depositing cash) |
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Jan 3 | Purchases A/c | Dr |
| 15,000 |
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| To Cash A/c |
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| 15,000 |
| (being goods purchased for cash) |
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Jan 5 | Furniture A/c | Dr |
| 10,000 |
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| To Cash A/c |
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| 10,000 |
| (being furniture purchased for cash) |
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Jan 6 | Cash A/c | Dr |
| 5,000 |
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| To Sales A/c |
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| 5,000 |
| (being cash sales made) |
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Jan 9 | Purchases A/c | Dr |
| 9,000 |
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| To Ram A/c |
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| 9,000 |
| (being goods purchased from Ram list price Rs 10,000 less 10% trade discount) |
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Jan 11 | Ram A/c | Dr |
| 1,350 |
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| To Purchase Return A/c |
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| 1,350 |
| (being goods returned to Ram list price Rs 1,500 less 10% trade discount) |
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Jan 13 | Sohan A/c | Dr |
| 10,800 |
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| To Sales A/c |
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| 10,800 |
| (being sales made to Sohan, list price Rs 12,000 less trade discount 10%) |
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Jan 15 | Sales Return A/c | Dr |
| 900 |
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| To Sohan A/c |
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| 900 |
| (being goods returned by sohan, list price Rs 1,000 less trade discount 10% ) |
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Jan 16 | Ram A/c | Dr |
| 6,000 |
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| To Sohan A/c |
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| 6,000 |
| (being cheque received from Sohan endorsed to Ram) |
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Jan 17 | Ram A/c | Dr |
| 1,650 |
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| To Cash A/c |
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| 1,500 |
| To Discount Received A/c |
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| 150 |
| (being cash paid Rs 1,500 in full settlement and discount received) |
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Jan 18 | Bank A/c | Dr |
| 3,800 |
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| Discount Allowed A/c | Dr |
| 100 |
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| To Sohan A/c |
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| 3,900 |
| (being cash received in full settlement and discount allowed) |
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Jan 19 | Bank A/c | Dr |
| 3,800 |
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| To Cash A/c |
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| 3,800 |
| (being Sohan’s cheque deposited into Bank) |
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Jan 22 | Salary A/c | Dr |
| 3,000 |
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| Rent A/c | Dr |
| 2,000 |
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| To Bank A/c |
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| 5,000 |
| (being salary and rent expense paid through cheque) |
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Jan 24 | Purchases A/c | Dr |
| 12,600 |
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| To Discount Received A/c |
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| 126 |
| To Cash A/c |
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| 6,174 |
| To Amar A/c |
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| 6,300 |
| (being goods purchased from Amar list price Rs 14000 less 10% trade discount, 2% cash discount, paid 50% cash) |
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Jan 24 | Karan A/c | Dr |
| 6,000 |
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| To Sales A/c |
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| 6,000 |
| (being goods sold to Karan) |
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Jan 25 | Amar A/c | Dr |
| 4,500 |
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| Bank Charges A/c | Dr |
| 50 |
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| To Bank A/c |
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| 4,550 |
| (being Amar paid by draft, bank charges Rs 50) |
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Jan 27 | Cash A/c | Dr |
| 2,000 |
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| Bank A/c | Dr |
| 3,000 |
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| To Karan A/c |
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| 5,000 |
| (being cash and cheque received from Karan) |
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Jan 30 | Furniture A/c | Dr |
| 4,000 |
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| To Gopi A/c |
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| 4,000 |
| (being furniture purchased from Gopi) |
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Working notes:
Purchases from Ram (less 10% trade discount)= Rs 9,000
Goods returned (1,500 less 10% trade discount)= 1,350
Cheque endorsed to Ram = Rs 6,000
Paid to Ram Rs 1,500 in full settlement
Discount Received = Rs 150 (9,000-1,350-6,000-1,500)
Sales to Sohan (less trade discount)= Rs 10,800
Goods returned (1,000 less 10% trade discount)= 900
Cheque received from sohan = Rs 6,000
Received from Rs 3,800 in full settlement
Discount Allowed = Rs 100 (10,800-900-6,000-3,800)
Also, for entry dated Jan 24, Amar is a creditor (since purchases are made from him) , therefore, we need to pay him the amount due on account of purchases.
Due to paucity of time, we have provided you with the journal entires. You can prepare the ledger and final accounts on your own. However, if you find any difficulty you may get back to us specifying your problem. We assure you our help