This assignment sheet provides financial accounting exercises for students. It includes instructions to:
1) Prepare a cash book with cash and bank columns including various cash receipt and payment transactions.
2) Pass the opening entry in the journal for Ram including assets, liabilities, equity and other accounts.
3) Journalize various sales and purchase transactions.
4) Enter sales and purchase transactions in books.
5) Prepare a trial balance from given balances of various accounts for the year ended March 31, 2018.
This assignment sheet provides financial accounting exercises for students. It includes instructions to:
1) Prepare a cash book with cash and bank columns including various cash receipt and payment transactions.
2) Pass the opening entry in the journal for Ram including assets, liabilities, equity and other accounts.
3) Journalize various sales and purchase transactions.
4) Enter sales and purchase transactions in books.
5) Prepare a trial balance from given balances of various accounts for the year ended March 31, 2018.
This assignment sheet provides financial accounting exercises for students. It includes instructions to:
1) Prepare a cash book with cash and bank columns including various cash receipt and payment transactions.
2) Pass the opening entry in the journal for Ram including assets, liabilities, equity and other accounts.
3) Journalize various sales and purchase transactions.
4) Enter sales and purchase transactions in books.
5) Prepare a trial balance from given balances of various accounts for the year ended March 31, 2018.
This assignment sheet provides financial accounting exercises for students. It includes instructions to:
1) Prepare a cash book with cash and bank columns including various cash receipt and payment transactions.
2) Pass the opening entry in the journal for Ram including assets, liabilities, equity and other accounts.
3) Journalize various sales and purchase transactions.
4) Enter sales and purchase transactions in books.
5) Prepare a trial balance from given balances of various accounts for the year ended March 31, 2018.
a) Jan, 2018 1. Cash in hand Rs.50, 000 and Bank overdraft Rs.10,000. b) Cash sales Rs.20, 000. c) Deposited into bank Rs.15, 000. d) Purchased goods for cash Rs.10, 000. e) Paid trade expenses by cheque Rs.5, 000. f) Discounted a B/E of Rs.2, 000 with bank at a discount of 2%. g) Ramesh who owed us Rs.5, 000 became bankrupt and paid us 60 paisa in a rupee. h) Withdrew from bank Rs.1, 000. i) Received a cheque of Rs.4, 000 from Rajesh. j) Rajesh’s cheque deposited into bank. k) Honoured our own acceptance of Rs.5, 000. l) Received a cheque of Rs.12, 000 from Shiva. m) Shiva’s cheque endorsed in favour of Vishay. n) Rajesh’s cheque returned dishonoured. o) Withdrew from bank for personal use Rs.1, 200. 2. Pass the opening entry in the journal of Ram(as on 1st April 2011) a) Rs. Cash in hand : 1,000 b) Cash at Bank: 5,000 Stock: 20,000 c) Land and building: 1,00,000 d) Plant and machinery: 50,000 e) Furniture and fixtures: 25,000 f) Owings from X Ltd: 12,500 g) Prepaid insurance: 500 h) Interest received in advance: 250 i) Loan from Y Ltd: 10,000 j) Owing to Z Ltd: 3,750 3. Journalise the following transactions: a. Sold goods for Rs.10,000. b. Sold goods to Sachin for Rs.20,000. c. Sold goods to Amit for Rs.30,000 and payment made by cheque. d. Sold goods to Atul of the list price of Rs.30,000 at a trade discount of 10%. e. Sold goods to Sunil of the list price of Rs.1,25,000 less 20% trade discount and received a cheque under a cash discount of 2%. f. Sold goods to Sahil of the list price of Rs.1,25,000 less 20% trade discount and 2% cash discount and paid 40% by cheque. g. Sold goods costing Rs.40,000 to Anita for cash at a profit of 25% on cost less 20% trade discount and charged 8% sales tax and paid cartage Rs.100 (not to be charged from customer) h. Sold goods costing Rs.40,000 to Anil at a profit of 20% on sales less 20% trade discount and charged 8% sales tax and paid cartage Rs.100(to be charged from customer) i. Sachin rejected and returned 10% of goods. j. Bought goods of the list price of Rs.2,50,000 from Mohan less 20% trade discount and 2% cash discount and paid 40% by cheque. k. Purchased machinery from Rajiv for Rs.5,000 and paid him by means of a bank draft purchased from bank for Rs.5020. l. Paid rent of building Rs.12,000. Half of the building is used by the proprietor for residential use. m. Paid life insurance premium Rs.2,000. n. Charge depreciation on furniture @10% p.a. for one month(furniture Rs.12,000). 4. Enter the following transactions in the purchases book and sales Book of Mr.Pandian 2018 Jan 1 Purchased goods from Balu 30,000 2 Sold goods to swamy 15,000 4 Bought goods from gown 13,500 12 Sold goods to Thenali 10,500 19 Sold goods to jayaraman 750 21 Bought goods from Rajesh 9,000 30 Sold goods to shanthi 900 5. Prepare trail balance for the year ended 31.3. 2018 Capital 1,24,000 Land and Building 84,000 Purchases 81,350 Stock(1.4.2018) 11,520 Debtors 29,000 Machinery 40,000 Furniture 15,000 Sales 1,97,500 Sales returns 1,350 Creditors 30,660