Program: MBA, 1st Trimester , First Year

102: Financial Accounting for Manager

Assignment on

Journal- II
 Outline
• Exercise (2) of Journal
• Exercise (3) of Journal
• Exercise (4) of Journal
• Exercise (5) of Journal

102 1
 Exercise (2) of Journal

Apr 1, 2009: Bought goods worth Rs 6,000 from Gopal and sold the same to
Thomas for Rs 7,500.

Apr 3, 2009: Paid salaries to staff Rs 5,000 and recovered from travelling
salesman Rs 1,000 for goods supplied to him after deducting his travelling
expenses Rs 175.

Apr 5, 2009: Goods destroyed by fire (Sale price Rs 4,000, Cost Rs 3,200).

Apr 6, 2009: Goods worth Rs 1,20,000 are insured against loss by fire. The
policy is for Rs 1,00,000. Actual loss caused by fire is Rs 72,000.
The insurance company admits the claim and pays proportionately.

Reference No.: 1

102 5
 Exercise (3) of Journal

Feb 15, 2009 Goods costing Rs 1,000 supplied as charity

(Sale price Rs 1250)

Feb 16, 2009 Goods costing Rs 2,000 distributed as free samples

(Sale price Rs 2,500)

Feb 17, 2009 Goods stolen in transit costing Rs 500 (Sale price Rs 750)

Feb 18, 2009 Goods stolen by storekeeper costing Rs 2,200

Feb 19, 2009 Goods used in making of furniture costing Rs 1,000

(Sale price Rs 2,500)

Reference No.: 1
102 6
 Exercise (5) of Journal
Journalize the following transactions:
Apr 1, 2009 Capital Rs 2,00,000; Debtors – Rs 20,000; Cash-in-hand – Rs
5,000; Cash at Bank – Stock Rs 7,000; Creditors Rs 25,000; Rs 15,000;
Machinery Rs 1,50,000; Furniture and Fixtures – Rs 25,000.

Apr 2, 2009 Received Rs 1,500 from Mohamed in full settlement of his

account Rs 2,000.

Apr 3, 2009 Received Rs 1,500 from Xavier on his account for Rs 2,000.

Apr 4, 2009 Paid Rs 1,400 to Guru in full settlement of his account for Rs
1500.

Reference No.: 1
102 8