Practice Exercise 1

Create company by your full name. Set the financial year as 2010-2011. Record the following transactions in the company. (Create the necessary masters for the following transactions) Opening Balances : Cash :- 1,00,000/- (Dr.), Indian Bank A/C :- 50,000/- (Dr.), Capital : - 1,50,000/- (Cr.)

1) Purchased 100 bags of Super Gold Cement @ Rs. 100 each from M/s Bhushan Enterprises on Credit (Bill No. 25). VAT extra @ 4% 2) Purchased 150 kg. of Ready-mix Concrete from M/s Bhushan Enterprises @ Rs. 100 per kg. on Credit (Bill No. 31) VAT extra @ 12.5% 3) Sold 80 bags Super Gold Cement @ Rs. 150 each of to M/s Sagar Contractors on Credit (Bill No. 100) VAT extra @ 4%. 4) Purchased Stationary from Vinayak Stationary Market on Credit Rs. 750/-. (Bill No. 51) 5) Given advance to M/s Hemant Traders Rs. 10, 000/- for future Purchase. (Ref. No. 10) 6) Sold 100 kg. of Ready-mix Concrete to M/s Sagar Contractors @ Rs. 130 per kg. on credit (Bill No. 105) VAT extra @ 12.5% 7) Paid Rs. 10, 000/- by cash to M/s Bhushan Enterprises (Bill No. 31) 8) Received bill of Machinary Repair Charges from Global Repairs Rs. 2000/- (Ref. No. 5) 9) Purchased 50 bags of Power Cement @ Rs. 160 each from M/s Bhushan Enterprises (Bill No. 100) VAT extra @ 4%. 10) Paid to M/S Bhushan Enterprises by cheque Rs. 15,000/- (Bill No. 25,31)