Double entry Exercises

1. Record the following transactions in the ledger Miley using the double entry system, close
the accounts and extract a trial balance at the end of the month.

2012
Aug 1 Started business with:
cash in hand Rs7 000 and
cash at bank Rs15 000.
Aug 3 Bought motor vehicle by cheque Rs2 500
Aug 6 Bought goods from:
Robby Rs1 200
Jackson Rs1 300
Aug 12 Sold goods for cash Rs800
Aug 15 Drew cash for own use Rs200
Aug 17 Sold goods to Lilly Rs900
Aug 22 Lilly returned goods Rs200
Aug 24 Returned goods to Robby Rs100
Aug 26 Paid Jackson by cheque Rs1300
Aug 28 Received cheque from Lilly Rs500
Aug 31 Paid salaries in cash Rs1 000

2. Record the following transactions in the ledger of Jerry using the double entry system,
close the accounts and extract a trial balance at the end of the month.

2012
July 1 Started business with:
cash in hand Rs3 000 and
cash at bank Rs6 000.
July 3 Bought shop fittings from Furnytech ltd Rs2 500
July 6 Bought goods from:
Clover Rs2 500
Alex Rs3 200
July 12 Sold goods to Sam Rs950
July 16 Paid general expenses in cash Rs600
July 19 Returned damaged goods to Clover Rs300
July 20 Received cheque from Sam Rs450
July 22 Received commission in cash Rs120
July 26 Drew cash for personal use Rs230
July 28 Paid Alex by cheque Rs 1 500
July 31 Paid Furnytech ltd by cheque Rs2500