FINANCIAL ACCOUNTING

ASSIGNMENT SHEET
Prob.1. Journalize the following transactions in the books of Alfa India Ltd.
For the month of June, 20XX

Date Transaction Amount

June 1 Started business with cash Rs.

45,000
June 1 Paid into bank 25,000
June 2 Goods purchased for cash 15,000
June3 Purchases of furniture and payment made by cheque 5,000
June 5 Sold goods for cash 8500
June 8 Sold goods to Beta Ltd. 4,000
June 10 Goods purchased from ABC Ltd. 7,000
June12 Goods returned to ABC Ltd. 1,000
June 15 Goods returned by Beta Ltd. 200
June 18 Cash received from Beta Ltd. Rs. 3760 and discount 40
allowed
June 21 Withdrew cash from bank 5,000
June 25 Paid telephone rent for the year 400
June 28 Cash paid to ABC Ltd. in full settlement of account 5940
June 30 Paid for:
Stationery 200
Rent 1000
Salaries to Staff
2500

Prob. 2. Journalize the following transactions in the books of Beta India Ltd. for the
month of April, 20XX.

Date Transaction Amount

April 1 Started business with cash Rs. 20,000

April 1 Cash deposited in the bank 18,000
April 2 Purchased furniture 850
April 2 Purchased typewriter (Payment for furniture and typewriter made by 1500
cheque)
April 3 Goods purchased form Alfa Ltd. 5600
April4 Goods purchased 11,00
April5 Goods sold to XYZ Ltd. 1500
April6 Goods sold to RLY Ltd. 2800
April7 Paid for office stationery 250
April8 Paid rent for April 2000
April9 Installed glow sign 1000
April10 Received cash from XYZ Ltd. in full settlement of 1470
account
April11 Issued cheque to Alfa Ltd. in full settlement of account 5500
April12 Deposited in the Bank 1200
1
 April15 Theft of electric fans 1500
April 16 Paid insurance premium 450
Prob. 3. Journalize the following transactions in the books of Beta India Ltd. post
them to ledger, prepare the trial balance and prepare profit and loss account and
balance sheet.

2020, Started business with cash Rs. 50,000

December 1
December 3 Goods purchased for cash 30,000
December3 Furniture purchased for Cash 5,000
December 7 Sold goods for cash 10,000
December 9 Sold goods to Naresh Kumar 8,000
December 12 Goods purchased form Vinod Kumar 5,000
December 16 Goods sold to Raja and allowed him 10% trade 6,000
discount
December 22 Cash received form Naresh Kumar in full settlement 7600
of his account
December 25 Cash Paid to Vinod Kumar and he allowed discount 1900
of Rs.100
December 28 Cash paid for purchased of Stationery 250
December 31 Paid office rent 800
December 31 Goods returned to Vinod Kumar 500
December 31 Paid salaries to staff 900