MB20104 Financial Reporting Statement and Analysis

1. JOURNAL ENTRIES

1.2 Journalise the following transactions of Y Ltd.

1-9-21 Y commenced business with cash Rs.1,60,000; Goods worth Rs.80,000 and furniture
Rs.30,000
2-9-21 Opened a current account in Indian bank Rs.40,000
3-9-21 Bought goods from santhanam Rs.20,000
4-9-21 Goods sold to Radha Rs.16,000
5-9- 21 Swamy sold goods to us Rs.10,000
6-9- 21 Kannan bought goods from us Rs.6,000
7-9-21 Typewriter purchased Rs.12,000
8-9-21 Received goods returned by Radha Rs.1,400
9-9-21 Returned goods to santhanam Rs.1,000
10-9-21 Received cash from Radha Rs.14,000
11-9-21 Sold goods to sankar and cash received Rs.2,000
12-9- 21 Paid into bank Rs.2,000
13-9-21 Purchased a motor cycle for personal use Rs.60,000
14-9-21 Stationery purchased and paid by cheque Rs.500
15-9-21 Bought a steel cash box through cheque Rs.4,000
16-9- 21 Drew cheque for personal use Rs.3,000

Journal entries in the books of Y Ltd.

Date Particulars L. F. Dr. Cr. [Rs.]
No [Rs.]
1-9-21 Cash A/c Dr. 1,60,000 ----
Stock A/c Dr. 80,000 ----
Furniture A/c Dr. 30,000 ----
To Capital A/c ---- 2,70,000
[Being Y commenced business with cash, stock and
furniture]
2-9-21 Bank A/c Dr. 40,000 -----
To Cash A/c ---- 40,000
[Being current account opened in Indian Bank]
3-9-21 Purchases A/c Dr. 20,000 -----
To Santhanam A/c. ---- 20,000
[Being goods purchased form santhanam for credit]
4-9-21 Radha A/c dr. 16,000 -----
To Sales A/c ---- 16,000
[Being goods sold to Radha for credit]
5-9-21 Purchases A/c Dr. 10,000 -----
To Swamy A/c. ---- 10,000
[being goods purchased from Swamy]
6-9-21 Kannan A/c Dr. 6,000 -----
To Sales A/c ---- 6,000
[Being goods sold to Kannan]
7-9-21 Typewriter A/c Dr. 12,000 -----
To Cash A/c ---- 12,000
[Being typewriter purchased for cash]
8-9-21 Sales Return A/c Dr. 1,400 -----
To Radha A/c ---- 1,400
[Being sold goods returned by Radha]
9-9-21 Santhanam A/c Dr. 1,000 -----
To Purchase Return A/c ---- 1,000
[Being purchased goods returned to Santhanam]
10-9-21 Cash A/c Dr. 14,000 -----
To Radha A/c. ---- 14,000
[being cash received from Radha]
11-9-21 Cash A/c Dr. 2,000 -----
To Sales A/c ---- 2,000
[Being goods sold to Sankar for cash]
12-9-21 Bank A/c Dr. 2,000 -----
To Cash A/c ---- 2,000
[Being cash deposited in Bank]
13-9-21 Drawings A/c Dr. 60,000 -----
To Cash A/c ---- 60,000
[Being motorcycle purchased for personal use]
14-9-21 Stationery A/c Dr. 500 -----
To Bank A/c ---- 500
[Being stationed purchased and paid through cheque]
15-9-21 Steel Cash Box A/c Dr. 4,000 -----
To Bank A/c ---- 4,000
[Being steel cash box purchased through cheque]
16-9-21 Drawings A/c Dr. 3,000 -----
To Bank A/c. ---- 3,000
[Being cheque drawn for personal use]
30-9-21 Total 4,59,900 4,59,900