Accounts project 1 Puran Tak

Name : Puran Tak

Class : XI karl Marx

Subject : Accounts Project

School : JG international school

Drafting
Transaction of my
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Accounts project 1 Puran Tak

Business

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Accounts project 1 Puran Tak

Best place to spend your time

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Accounts project 1 Puran Tak

Introduction 

1.Business- Of cafe (example : edible sweet items coffee,

cakes, cookies etc)

2.Total Capital invested- 10,00,000

 Furniture-1,50,000
 Machinery- 1,20,000
 Fittings – 50,000
 Bank-5,00,000
 Cash-80,000

total-10,00,000

3.Location- C-12 Area 4,Vastrapur,Ahmedabad,Gujarat

 

4.No Of Employees - 6

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 I Had To Revise My Accounting Background And

The Following Helped Me In Drafting My

                           Transaction:      

Accounting cycle table- it is a tale consist of 8-steps to show the processing

and recording of all the final transaction 

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Accounts project 1 Puran Tak

 Golden Rules Of Accounting

1. Personal account 
2. Real account
3. Nominal account

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* Important Accounting Terms Used During

transactions
1. Capital - it refers to the amount invested by the proprietor in a business.

2. Assets - Anything which is in the possession or is the property of business

enterprises including the amounts due to it from others are called assets.

3. Expenses – Expense is the cost incurred in producing and selling the goods
and services.

4. Liabilities – It refers to the amount which firm owes to outsiders.

5. Debtors – Debtors refers to the person who owes some amount from the
business.

6. Creditors – it refers to the person from whom the business owes some money
or amount.

7. Purchases - it refers to the term of buying something

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 Practical part

date Transactions
9/11/2019
2/11/2019 purchased
Started goodswith
business fromfurniture
Ravi & co.
Rs of Rs 700 , machinery Rs
1,50,000
1,20,000 ,fittings Rs 50,000 , cash 80,000.

10/11/2019 Paid wages of Rs 2000 by cheque

3/11/2019 Sold goods to hari of price Rs 20,000

12/11/2019 Cash withdrawn from bank for office use Rs 5,000

4/11/2019 Electricity bill by cash Rs 10,000
13/11/2019 Goods worth 3,000 given for charities

5/11/2019 Paid salaries by cash RS 5000

14/11/2019 Paid 2000 for advertisement by cheque

6/11/2019
15/11/2019 Sold goods toreceived
Commission ram at 20% trade
in cash discount of Rs20,000 and
400

16/11/2019 Goods returned to Ravi & co. of 700

7/11/2019 Paid life insurance Rs 500 by cheque

8/11/2019 Goods costing 10,000 destroyed by fire

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 Journal entries
In the books of coffee house

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Date particulars lf dr cr
date particulars Debit credit

2/11
9/11 Furniturea/c……dr
Purchase a/c …… dr 7001,50,0000
Machinery
To Ravi &coa/ca/c
……dr 1,20,000 700
Fittings a/c ……….dr 50,000
Cash a/c
Wages a/c …………..dr
…..dr 80,000
2000
10/11 Bank
To bank …………..dr
a/c 5,00,000 2000
To capital a/c 10,00,000
12/11 Drawings
Hari a/c a/c ….dr
………..dr 5000
20,000
3/11 ToTobank a/c 5000
sales a/c 20,000

4/11
13/11 Electricity
charity a/c….dr
a/c …..dr 10,000
3000
To Cash a/c
to purchase 10,000
3000

5/11
14/11 Salaries a/c……dr
Advertisement a/c …..dr 5,000
2000
ToTo cash
bank a/c
a/c 5,000
2000

6/11
15/11 Rama/c
Cash a/c….dr
……dr 40016000
To sales a/c
To commission 16000
400

7/11 Drawing a/c ….dr 500

16/11 Ravi
To&bank
co. a/c
a/c…..dr 700 500
To
Loss by fire returns
purchase a/c….dra/c 10,000 700
8/11
To purchase a/c 10,000

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 LEDGER

Furniture a/c
Date Particulars Jf Amount date particulars Jf Amount
2/11 to Capital a/c 1,50,000 1/12 By bal c/d 1,50,000
1,50,000
1/12 To bal b/d 1,50,000

Machinery a/c
dr cr

date particulars jf Amount date Particulars jf Amount

2/11 To capital a/c 1,20,000 1/12 by bal c/d
1,20,000
1/12 To bal b/d 1,20,000

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Fixture and fittings a/c

date particulars jf Amount Date particulars jf amount

2/11 To capital a/c 50,000 1/12 by bal c/d 50,000
50,000
1/12 To bal b/d 50,000

To bank a/c

date particulars jf Amount date particulars Amount

2/11 To capital 5,00,000 7/11 By drawing 2,500
10/11 By wages 2000
12/11 By drawings 5000
By advertisement 2000
5,00,000 11,500
To bal b/d 4,88,500 by bal c/d 4,88,500
5,00,000

Hari a/c

date particulars jf amount date particulars jf amount

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To sales a/c 20,000 by bal c/d 20,000

20,000
To bal b/d 20,000

Date particulars jf amount date particulars jf amount

To bal c/d 36,000 By hari a/c 20,000
By ram a/c 16,000
36,000
by bal b/d 36,000

Date particulars jf amount date particulars jf amoun

To cash a/c 10,000 by bal c/d 10,000
10,000

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To bal b/d 10,000

Electricity a/c

Cash a/c
date particulars amount date particulars Amount
To capital a/c 80,000 By electricity 10,000

To commission 400 By salaries 5,000

80,400 15,000

To bal b/d 65,400 By bal c/d 65,400

date particulars jf Amount date Particulars amount

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Accounts project 1 Puran Tak

To cash 5000 by bal c/d 5000

5000
To balance 5000
b/d
Salaries a/c

Ram a/c
To sales 16000 by balance c/d 16000
16000
To balance b/d 16000

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Drawing a/c

Date particulars jf amount date particulars amount

To bank a/c 500 By bal c/d 5,500
To bank a/c 5000

5,500
To bal b/d 5,500

Purchase a/c

date particulars amount date Particulars amount

to ravi &co. a/c 700 By loss by fire 10,000
By Charity 3000
700 10,300
To bal c/d 9600 by bal b/d 9600

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To ravi & co. a/c

date particulars amount date particulars amount
To purchase 700 by purchase r 700
returns
700 700

charity a/c
date particulars amoun date Particulars Amount
t
To purchase 3000 By balance c/d 300
3000
To bal b/d 3000

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Advertisement a/c

Date Particulars Jf Amount date particulars Jf amount

Ravi & co. 700 By balance c/d 700
700
By balance b/d 700

Commission a/c

Date particulars amount date particulars amount

To bal b/d 400 By cash a/c 400

By bal b/d 400

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 Trial balance
Particulars Debit Credit
Amount amount

Furniture a/c 1,50,000

Machinery a/c 1,20,000
Fixture and fittings a/c 50,000
Bank a/c 4,88,500
Hari a/c 20,000
Cash a/c 65,400
Capital a/c 10,00,000
sales a/c 36000
Electricity a/c 10,000
salaries 5,000
Ram a/c 16,000
Drawing a/c 5,500
Purchase a/c 9,600
Charity a/c 3000
Advertisement a/c 700

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Commission a/c 400

Wages a/c 2000
Loss by fire a/c 10,000
Total 10,46,000 10,46,000

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 Conclusion
With the help of this project, I got to learn various about the subject. When
drafting the transactions of my business, I faced several difficulties. Getting the
journals and ledgers correct had greatly developed my accuracy skills in
accounts. I would once again like to thank my accounts teacher, Mrs Neha Amin,
forgiving me the project.

The main difficulty I faced, while drafting the transactions, was to be realistic, to
keep track of transactions and to make sure I don’t miss any information. Next
difficulty I faces was to keep track of cash balance and inventory as these involve
great number of transactions and cannot be used up more than received. It was
hard to transfer all dates, amounts and name ofaccounts accurately.

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