BASIC PRINCIPLES OF A CCOUNTING

ACCOUNTS P ROJECT

SUBMITTED B Y:

Alan John Abraham (19BA016)

B.A L.L.B

2nd Semester

National Law University, Odisha

Under the Guidance

Of

Mr. A.B. Debasish Rout

 LOCO GARMENT
Loco Garments Shop SHOP
We are happy to announce the opening our new garments shop in the town, we have
Partnered with Raymond and Levi’s and we are ready to provide you with jeans, shirts,
undergarments And T-Shirts. We have also started a Club for customers who want additional
Benefits And updates on new offers and discounts on certain products.

It is a sole proprietorship business form so the liability of the

business is unlimited and can go up to the personal assets of the owner hence, the accounting
concept on which or daily recording of sttransactions is based on is kept quiet prudent and in
consistence with the going concern concept of recording transactions. There is consistent
accounting principle that is followed in the recording of transactions. Concept of realization of
incomes is done on cash basis i.e. when they are actually received in cash and not when they
are just generated Valuation of closing stock would be done on FIFO basis. For recording the
expenses, the .method is based on accrual basis i.e. they are recorded as soon as they are generated and
Are deemed to be paid on the same day. Being new in the market a good amount of money is spend
in advertisement and huge one-time investments are done.

We hope the garments shop appeals to the customers and cater their needs well. Here we have shown
the initial books of accounts of the shop and the trail balance for the financial year ending 31st December
2019 .

st

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 TRANSACTION

For the financial year ending 31st December 2019

JANUARY 2019

JAN 2: Started a business with Rs.10, 00,000 in cash and Rs.35, 00,000 in bank introduced as
capital.

JAN 3: Bought equipment worth Rs.25, 00,000 paid through bank.

JAN 5: Purchases worth Rs.8,00,000 incurred, amount of Rs.4, 00,000 made through cash and
rest through cheque for the garments shop.

JAN 8: Membership fees received for 1 year from 7 new members @ Rs.2500 per person in
cash.

JAN 9: Paid Rs.25000 to John and John in cash for Garments purchased for members as a
part of sales promotion.

JAN 11: Paid Rs.15,000 as Sponsorship for a college Fest for advertisement.

JAN 15: Rent paid for 3 months in cash – Rs.30,000.

JAN 18: Club subscriptions received for 1 month in cash– Rs.7,000.

JAN 24: Electricity bill paid Rs.1,2000 through bank.

JAN 29: Total fees received for the services in cash Rs.22,000.

: Total fees received for the services in the bank account Rs.18,000.

JAN 30: Sales proceeds due to selling Clothes Rs.57,000.

JAN 31: Salary to the employees paid in cash Rs.40,000.

FEBRUARY 2019

FEB 3: 50 T-Shirts purchased for the garment shop as stock from James
suppliers for Rs.500 each through bank.
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FEB 5: Undergarments purchased for the shop worth Rs.30000 from M/s Tiffany Clothes suppliers on
credit.

FEB 8: Freight inwards paid Rs. 200 on the delivery of the purchased goods worth Rs.2000.

FEB 12: Rs.10000 withdrawn by the proprietor in cash for personal use.

FEB 27: Total fees received for the services provided in cash Rs.20000.

: Total fees received for the services provided in the bank account Rs.17000.

: Sale proceeds from the sale equipment shop in cash Rs.59000.

FEB 28: Salary to employees paid in cash – Rs.40000.

MARCH 2019

MAR 2: Shirts worth Rs.1, 75,000 purchased M/s Sally and Bros., payment of
1,00,000 made in cash and rest amount due.

MAR 4: Payment of Rs.30000 made to Tiffany Clothes suppliers for credit purchase last month.

MAR 7: Advertisement expenses worth Rs.15,000 incurred in cash.

MAR 9: Rs.5000 paid to Ron for repair and maintenance.

MAR 14: Commission of 10% on sales which amounted to Rs.3900 was paid to George
agencies.

MAR 18: Legal fees of Rs.12000 paid to Advocate Jake for a pending case.

MAR 22: Club subscriptions received for 1 month – Rs.4000

MAR 30: Total fees received for the services provided in cash Rs.23000.

: Total fees received for the services provided in the bank account Rs.14000.

: Sale proceeds from the sale equipment shop Rs.51000.

MAR 31: Salary paid to the employees paid in cash –Rs.40000.

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 A PRIL 2019

APR 1: West-Front. Consultancy was paid Rs.7500 against some consultancy services availed.

APR 5: Rent paid for 3 months in cash– Rs.30000.

APR 8: Expenses of Rs.18000 incurred towards repair and maintenance of certain equipment
and goods in the shop

APR 9: Miscellaneous expenses incurred of Rs.4500

APR 15: Electricity bill which was due paid of Rs.28000, through bank.

APR 18: 1600 for printing and stationery expenses as pens and paper pads were bought.

APR 29: Total fees received for the services provided in cash Rs.27000.

: Total fees received for the services provided in the bank account Rs.12000.

: Sale proceeds from the sale equipment shop Rs.63000.

APR 30: Salary paid to employees paid in cash Rs.44000.

M AY 2019

MAY 2: Telephone expenses of Rs.600 incurred.

MAY 4: Audit fees for the current year of Rs.15000 to Kumar and Kumar associates.

MAY 15: Credit sales worth Rs.50000 made to Jeff Clothes Agency.

MAY 22: Goods worth Rs.10000 given for charity.

MAY 30: Total fees received for the services provided in cash Rs.25000.

: Total fees received for the services provided in the bank account Rs.17000.

: Sale proceeds from the sale equipment shop Rs.22000.

MAY 31: Salary paid to the employees paid in cash – Rs.44000.

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 JUNE 2019

JUNE 3: Due amount of Rs.75000 paid to M/s Sally

JUNE 5: Internet expenses of Rs.4800 paid.

JUNE 8: Being credit sales of Rs.25000 made to Walmart also 2% discount allowed.

JUNE 12: Deposited cash to bank Rs. 20000.

JUNE 23: Club subscriptions received for 2 months 6500

JUNE 29: Total fees received for the services provided in cash Rs.24000.

: Total fees received for the services provided in the bank account Rs.14000.

: Sale proceeds from the sale equipment shop Rs.48000.

JUNE 30: Salary paid to the employees paid in cash – Rs.44000.

JULY 2019

JULY 1: Purchases worth Rs.35000 made from Rayon Clothes. Discount of Rs.3000 received.

JULY 5: Freight inwards of Rs.250 booked against Goods carrier for goods purchased worth
Rs. 25000.

JULY 9: Rent paid for 3 months in cash – Rs.30000.

JULY 14: Portal expenses of Rs.4800 being paid to DTDC for courier of clothes to Delhi through
bank.

JULY 30: Total fees received for the services provided in cash Rs.29000.

: Total fees received for the services provided in the bank account Rs.9000.

: Sale proceeds from the sale equipment shop Rs.41000.

JULY 31: Salary paid to the employees paid in cash – Rs.44000.

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 AUGUST 2019

AUG 2: Additional capital introduced in the bank worth Rs.1 00 000.

AUG 6: Replacement of worn-out Machines and speakers in the unit made incurring expenses
of Rs.6000 paid in cash.

AUG 9: New equipment installed in the unit worth Rs.2 30 000. Payment made by cheque

AUG 11: Club subscriptions worth Rs.15000 taken and amount paid in cash.

AUG 21: Miscellaneous expenses of Rs.1700 made in cash.

AUG 29: Total fees received for the services provided in cash Rs.12000.

: Total fees received for the services provided in the bank account Rs.22000.

: Sale proceeds from the sale equipment shop Rs.49500.

AUG 30: Salary paid to employees paid in cash – Rs.44000.

SEPTEMBER 2019

SEP 3: Credit sale made to Walmart worth Rs.45000

SEP 6: Proprietor took goods worth of Rs.20000 for personal use.

SEP 9: Purchases worth Rs.4 60 000 made payment made through cheque

SEP 10: Cash received against the credit sales made to Don Clothes Agency worth
Rs.50000.

SEP 13: Electricity bill of Rs.33500 which was paid in cash.

SEP 25: Walmart returned goods worth Rs.9000.

SEP 29: Total fees received for the services provided in cash Rs.21000.

: Total fees received for the services provided in the bank account Rs.30500.

: Sale proceeds from the sale equipment shop Rs.43900.

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SEP 30: Salary paid to the employees paid in cash – Rs.44000.

OCTOBER 2019

OCT 1: Rent paid for 3 months in cash – Rs.30000

OCT 3: Goods worth Rs.6000 were stolen.

OCT 5: Security expenses of Rs.5000 made in cash against safe and secure company for
appointing a security guard.

OCT6: Sold goods worth Rs.25000 to Mr. Pie. Discount of 10% offered if paid within 15
days.

OCT 15: Cash received from Mr. Pie against the credit sales made.

OCT 24: Festive expenses of Rs.12000 as sweets distributed to the staff on the occasion of
Diwali.

OCT 30: Total fees received for the services provided in cash Rs.29000.

: Total fees received for the services provided in the bank account Rs.42800.

: Sale proceeds from the sale equipment shop Rs.60300.

OCT 31: Salary paid to the employees paid in cash – Rs.44000.

NOVEMBER 2019

NOV 3: Additional capital of Rs.1 25 000 introduced in bank.

NOV 6: Printing and stationery expenses incurred of Rs.3500 in cash for A4 sheets purchased.

NOV 7: Bonus paid to employees Rs.6000 in cash.

NOV 11: Club subscriptions for 2 months received in cash – Rs.7000

NOV 15: Goods worth Rs.2 75 000 purchased Rs.1 50 000 paid in cash and rest through
cheque.

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NOV 23: Telephone charges of Rs.1200 paid in cash.

NOV 29: Total fees received for the services provided in cash Rs.27000.

: Total fees received for the services provided in the bank account Rs.40100.

: Sale proceeds from the sale equipment shop Rs.68900.

NOV 30: Salary paid to the employees paid in cash – Rs.44000.

DECEMBER 2019

DEC 3: Purchases goods worth Rs.30000 on credit from Tiffany Clothes and discount of 10%
offered if paid within 10 days.

DEC 5: Paid insurance premium of Rs.24000 in cash for the financial year 2020.

DEC 9: Payment made in cash to Tiffany Clothes for purchases made and discount availed.

DEC 15: Depreciation of Rs.150000 charged on Equipments.

DEC 19: Internet charges of Rs.3800 paid in cash.

DEC 23: Fixed deposit of Rs.1 00 000 @ 9% rate of interest made.

DEC 29: Bank charges of Rs.750 paid.

DEC 30: Total fees received for the services provided in cash Rs.29000.

: Total fees received for the services provided in the bank account Rs.48300.

: Sale proceeds from the sale equipment shop Rs.69700.

DEC 31: Salary paid to the employees paid in cash – Rs.44000.

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 JOURNAL

JANUARY

DATE PARTICULARS l/f Amount Amount

(Dr) (Cr)
02/01 Cash A/c Dr. 10,00,000
Bank A/c Dr. 35,00,000
To capital A/c 45,00,000
(Being capital brought in, with Rs.10, 00,000 in cash and
Rs.35, 00,000 in bank)

03/01 Equipment A/c Dr. 25,00,000

To bank A/c 25,00,000
(Being equipment Bought worth 25000)

05/01 Purchases A/c Dr. 8,00,000

To bank A/c 4,00,000
To cash A/c 4,00,000
(Being purchases made worth 8,00,000)
08/01 Cash A/c Dr. 17,500
To Membership fees A/c 17,500
(Being Membership fees received Rs.2500 per person in cash)
09/01 Sales Promotion Expense A/c Dr. 25,000
To Bank A/C 25,000
(Being Rs.25000 paid to John&John in cash)
11/01 Advertisement Expense A/c Dr. 15,000
To Bank A/c 15,000
(Being Rs.15,000 paid as Sponsorship for a college Fest for
advertisement.)

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15/01 Rent A/c Dr. 30,000
To cash A/c 30,000
(Being rent paid for 3 months in cash)
18/01 Cash A/c Dr. 7,000
To Club subscription fee A/c 7,000
(Being Club subscriptions received for 1 month in cash)
24/01 Electricity Expense A/c Dr. 12,000
To bank A/c 12,000
(Being the electricity bill paid Rs.1,2000 through bank)
29/01 Cash A/c Dr. 22,000
Bank A/c Dr. 18,000
To Service fee A/c 40,000
(Being the fees received for the services)
30/01 Cash A/c Dr. 57,000
To sales A/c 57,000
(Being sold Clothes worth Rs.57,000)
31/01 Salary A/c Dr. 40,000
To cash A/c 40,000
(Being paid salary to the employees in cash Rs.40,000

TOTAL 80,43,500 80,43,500

FEBRUARY

DATE PARTICULARS l/f Amount Amount

(Dr) (Cr)
03/02 Purchases A/c Dr. 25,000
To bank A/c 25,000
(Being stock purchased worth Rs.25,000 through bank)

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05/02 Purchases A/c Dr. 30,000
To M/s Tiffany Clothes A/c 30,000
(Being purchased clothes worth Rs.30000 from M/s Tiffany
Clothes suppliers on credit)
08/02 Purchases A/c Dr. 2,000
Carriage Inwards A/c Dr. 200
To Cash A/c 2,200
(Being Freight inwards paid Rs. 200 on the delivery)
12/02 Drawings A/c Dr. 10,000
To Cash A/c 10,000
(Being Rs.10000 withdrawn by the proprietor in cash for
personal use)
27/02 Cash A/c Dr. 20,000
Bank A/c Dr. 17,000
To Service fee A/c 37,000
(Being fees received for the services provided)
27/02 Cash A/c Dr. 59,000
To Sales A/c 59,000
(Being Sale proceeds from the garment shop in cash
Rs.59000)

28/02 Salary A/c Dr. 40,000

To cash A/c 40,000
(Being paid salary to employees in cash)

TOTAL 2,03,200 2,03,200

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 MARCH

DATE PARTICULARS l/f Amount Amount

(Dr) (Cr)
02/03 Equipment A/c Dr. 1,75,000
To cash A/c 1,00,000
To M/s Sally & Bros A/c 75,000
(Being equipment worth Rs.1,75,000 purchased from M/s
Sally & Bros)
04/03 Tiffany Clothes A/c Dr. 30,000
To Cash A/c 30,000
(Being payment of Rs.30,000 made to Tiffany Clothes suppliers for
past purchases)
07/03 Advertisement Expenses A/c Dr. 15,000
To cash A/c 15,000
(Being advertisement expense worth Rs.15,000 incurred in
cash)
09/03 Repair & maintenance A/c Dr. 5,000
To cash A/c 5,000
(Being paid Rs.5000 to Ron for repair and maintenance)
14/03 Commission A/c Dr. 3,900
To Cash A/c 3,900
(Being Commission of 10% on sales paid to George
agencies)
18/03 Legal expense A/c Dr. 12,000
To cash A/c 12,000
(Being paid legal fees of Rs.12000 to Advocate Jake)
22/03 Cash A/c Dr. 4,000
To Club subscription fee A/c 4,000
(Being Club subscriptions received for 1month Rs.4000)

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30/03 Cash A/c Dr. 23,000
Bank A/c Dr. 14,000
To Service fee A/c 37,000
(Being the fees received for the services provided)
30/03 51,000
Cash A/c Dr.
51,000
To Sales A/c
(Being Sale proceeds from the Garment shop
Rs.51000)

31/03 Salary A/c Dr. 40,000

To cash A/c 40,000
(Being Salary paid to the employees paid in cash Rs.40000)

TOTAL 3,72,900 3,72,900

APRIL

DATE PARTICULARS l/f Amount Amount

(Dr) (Cr)
01/04 Consultancy services expense A/c Dr. 7,500
To cash A/c 7,500
(Being paid Rs.7500 to West-Front. Consultancy against
consultancy services)
05/04 Rent A/c Dr. 30,000
To cash A/c 30,000
(Being Rent paid for 3 months in cash Rs.30000)
08/04 Repair and maintenance A/c Dr. 18,000
To cash A/c 18,000
(Being Expense of Rs.18000 incurred towards repair and
maintenance)

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09/04 Miscellaneous expense A/c Dr. 4,500
To cash A/c 4,500
(Being Miscellaneous expenses incurred of Rs.4500)
15/04 Electricity Expenses A/c Dr. 28,000
To bank A/c 28,000
(Being Electricity bill paid of Rs.28000, through bank)
18/04 Printing & stationery A/c Dr. 1,600
To cash A/c 1,600
(Being paid Rs.1600 for printing and stationery expenses)
29/04 Cash A/c Dr. 27,000
Bank A/c Dr. 12,000
To Service fee A/c 39,000
(Being fees received for the services provided)

29/04 Cash A/c Dr.

To Sales A/c 63,000
(Being the sale proceeds from the garment shop 63,000
Rs.63000)

30/04 Salary A/c Dr. 44,000

To cash A/c 44,000
(Being paid salary to employees paid in cash Rs.44000)

TOTAL 2,35,600 2,35,600

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 MAY

DATE PARTICULARS l/f Amount Amount

(Dr) (Cr)
02/05 Telephone Expenses A/c Dr. 600
To cash A/c 600
(Being telephone expenses of Rs.600 incurred)
04/05 Audit Expenses A/c Dr. 15,000
To cash A/c 15,000
(Being paid the Audit fees of Rs.15000 to Kumar and Kumar
associates)
15/05 Jeff Clothes Agency A/c Dr. 50,000
To Sales A/c 50,000
(Being sales worth Rs.50000 made to Jeff Clothes Agency
in credit)
22/05 Charity A/c Dr. 10,000
To Purchases A/c 10,000
(Being stock worth Rs.10,000 given as charity)
30/05 Cash A/c Dr. 25,000
Bank A/c Dr. 17,000
To Service fee A/c 42,000
(Being the fees received for the services provided)
30/05 22,000
Cash A/c Dr.
To Sales A/c 22,000
(Being Sale proceeds from the sale equipment shop Rs.22000)

31/05 Salary A/c Dr 44,000

To cash A/c 44,000
(Being Salary paid to the employees paid in cash Rs.44000)

TOTAL 1,83,600 1,83,600

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 JUNE

DATE PARTICULARS l/f Amount Amount

(Dr) (Cr)
03/06 M/s Sally A/c Dr. 75,000
To cash A/c 75,000
(Being money paid to the creditor for purchases done)
05/06 Internet Expenses A/c Dr. 4,800
To cash A/c 4,800
(Being internet expenses worth Rs. 4800 incurred)
08/06 Walmart A/c Dr. 24,500
To sales A/c 24,500
(Being 2% discount allowed for credit sales of Rs.25000
made to Decathlon)
12/06 Bank A/c Dr. 20,000
To Cash A/c 20,000
(Being Deposited cash Rs. 20000 to bank)
23/06 Cash A/c Dr. 6,500
To Gym subscription fee A/c 6,500
(Being the Gym subscriptions received for 2 months)
29/06 Cash A/c Dr. 24,000
Bank A/c Dr. 14,000
To Service fee A/c 38,000
(Being the fees received for the services provided)
29/06 48,000
Cash A/c Dr. 48,000
To Sales A/c
(Being Sale proceeds from the sale equipment shop
Rs.48000)

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30/06 Salary A/c Dr. 44,000
To cash A/c 44,000
(Being Salary paid to the employees paid in cash Rs.44000)

TOTAL 2,60,800 2,60,800

JULY

DATE PARTICULARS l/f Amount Amount

(Dr) (Cr)
01/07 Purchases A/c Dr. 32,000
To Rayon Clothes A/c 32,000
(Being Purchases worth Rs.35000 made from Rayon Clothes
with a discount of Rs.3000)
05/07 Purchases A/c Dr. 25,000
Carriage Inwards A/c Dr. 250
To Cash A/c 25,250
(Being Freight inwards of Rs.250 booked against Goods
carrier)
09/07 Rent A/c Dr. 30,000
To cash A/c 30,000
(Being Rent paid for 3 months in cash Rs.30000)
14/07 Courier Expenses A/c Dr. 4,800
To bank A/c 4,800
(Being Portal expenses of Rs.4800 being paid to DTDC for
courier)
30/07 Cash A/c Dr. 29,000
Bank A/c Dr. 9,000
To Service fee A/c 38,000
(Being the fees received for the services provided)

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30/07 Cash A/c Dr. 41,000
To Sales A/c 41,000
(Being the sale proceeds from the garment shop
Rs.41000)

31/07 Salary A/c Dr. 44,000

To cash A/c 44,000
(Being Salary paid to the employees paid in cash Rs.44000)

TOTAL 2,15,050 2,15,050

AUGUST

DATE PARTICULARS l/f Amount Amount

(Dr) (Cr)
02/08 Bank A/c Dr. 1,00,000
To capital A/c 1,00,000
(Being capital introduced in the bank worth Rs.1 00 000.)
06/08 Repair and maintenance expense A/c Dr. 6,000
To cash A/c 6,000
(Being paid Rs. 6000 in cash for replacement of worn-out
Machines and speakers)
09/08 Equipment A/c Dr. 2,30,000
To bank A/c 2,30,000
(Being New equipment installed in the unit worth
Rs.2,30,000)
11/08 Cash A/c Dr. 15,000
To Club subscriptions A/c 15,000
(Being Gym subscriptions worth Rs.15000 taken and amount
paid in cash)

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21/08 Miscellaneous Expenses A/c Dr 1,700
To cash A/c 1,700
(Being paid miscellaneous expenses of Rs.1700 made in
cash.)
29/08 Cash A/c Dr. 12,000
Bank A/c Dr. 22,000
To Service fee A/c 34,000
(Being the fees received for the services provided)

Cash A/c Dr. 49,500

To Sales A/c 49,500
(Being the Sale proceeds from the garment shop
Rs.49,500)

30/08 Salary A/c Dr. 44,000

To cash A/c 44,000
(Being Salary paid to employees paid in cash Rs.44000)

TOTAL 4,80,200 4,80,200

SEPTEMBER

DATE PARTICULARS l/f Amount Amount

(Dr) (Cr)
03/09 Walmart A/c Dr. 45,000
To sales A/c 45,000
(Being Credit sale made to Walmart worth Rs.45000)
06/09 Drawings A/c Dr. 20,000
To purchases A/c 20,000
(Being Proprietor took goods worth of Rs.20000 for personal
use)

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09/09 Purchases A/c Dr. 4,60,000
To bank A/c 4,60,000
(Being Purchases worth Rs.4,60,000 made payment through
bank)
10/09 Cash A/c Dr. 50,000
To Don Clothes agency A/c 50,000
(Being received against the credit sales from Don
Clothes agency)
13/09 Electricity Expenses A/c Dr. 33,500
To cash A/c 33,500
(Being Electricity bill of Rs.33500 paid in cash.)
25/09 Sales return A/c Dr. 9,000
To Walmart A/c 9,000
(Being goods returned from Walmart worth Rs.9000.)
29/09 Cash A/c Dr. 21,000
Bank A/c Dr. 30,500
To Service fee A/c 51,500
(Being the fees received for the services provided)
29/09 Cash A/c Dr. 43,900
To Sales A/c 43,900
(Being Sale proceeds from the garment shop
Rs.43900.)
30/09 Salary A/c Dr 44,000
To cash A/c 44,000
(Being Salary paid to the employees paid in cash Rs.44000)

TOTAL 7,56,900 7,56,900

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 OCTOBER

DATE PARTICULARS l/f Amount Amount

(Dr) (Cr)
01/10 Rent A/c Dr. 30,000
To cash A/c 30,000
(Being Rent paid for 3 months in cash Rs.30000)
03/10 Loss by Theft A/c Dr. 6,000
To Purchases A/c 6,000
(Being Goods worth Rs.6000 were stolen)
05/10 Security Expenses A/c Dr. 5,000
To cash A/c 5,000
(Being Security expenses of Rs.5000 made in cash)
06/10 Mr. Pie A/c Dr. 25,000
To sales Ac 25,000
(Being goods sold worth Rs.25000 to Mr. Pie and
discount of 10% offered if paid within 15 days)
15/10 Cash A/c Dr. 22,500
Discount Allowed A/c Dr. 2,500
To Mr. Pie A/c 25,000
(Being made cash received from Mr. Pie against the
credit sales.)
24/10 Festival Expense A/c Dr. 12,000
To cash A/c 12,000
(Being Festive expense of Rs.12000 as sweets distributed for
Diwali)
30/10 Cash A/c Dr. 29,000
Bank A/c Dr. 42,800
To Service fee A/c 71,800
(Being the fees received for the services provided)

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30/10 Cash A/c Dr. 60,300
To Sales A/c 60,300
(Being Sale proceeds from the garment shop
Rs.60300)

31/10 Salary A/c Dr. 44,000

To cash A/c 44,000
(Being Salary paid to the employees paid in cash Rs.44000)

TOTAL 2,79,100 2,79,100

NOVEMBER

DATE PARTICULARS l/f Amount Amount

(Dr) (Cr)
03/11 Bank A/c Dr. 1,25,000
To capital A/c 1,25,000
(Being Rs.1,25,000 introduced in bank as capital)
06/11 Printing & stationery A/c 3,500
To cash A/c 3,500
(Being Printing and stationery expense incurred of Rs.3500
in cash)
07/11 Bonus A/c Dr 6,000
To cash A/c 6,000
(Being paid bonus to employees Rs.6000 in cash)
11/11 Cash A/c Dr 7,000
To gym subscription fee A/c 7,000
(Being Club subscriptions for 2 months received in cash
Rs.7000)
15/11 Purchases A/c Dr. 2,75,000
To Cash A/c 1,50,000

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 To Bank A/c 1,25,000
(Being purchased goods worth Rs.1,50,000 paid in cash and
cheque)
23/11 Telephone Expenses A/c Dr 1,200
To cash A/c 1,200
(Being paid telephone charges of Rs.1200 in cash)
29/11 Cash A/c Dr. 27,000
Bank A/c Dr. 40,100
To Service fee A/c 67,100
(Being the fees received for the services)
29/11 Cash A/c Dr. 68,900
To Sales A/c 68,900
(Being Sale proceeds from the sale equipment Rs.68900)

30/11 Salary A/c Dr 44,000

To cash A/c 44,000
(Being Salary paid to the employees paid in cash Rs.44,000)

TOTAL 5,97,700 5,97,700

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 DECEMBER

DATE PARTICULARS l/f Amount Amount

(Dr) (Cr)
03/12 Purchases A/c Dr. 30,000
To Tiffany Clothes A/c 30,000
(Being Purchased goods worth Rs.30000 from Tiffany Clothes on
credit and discount of 10% offered if paid within 10 days)
05/12 Prepaid Insurance A/c Dr. 24,000
To Cash A/c 24,000
(Being paid insurance premium of Rs.24000 in cash for the
financial year 2020)
09/12 Tiffany Clothes A/c Dr. 30,000
To Cash A/c 27,000
To Discount Received A/c 3,000
(Being made Payment in cash to Tiffany Clothes for purchases and
discount availed)
15/12 Depreciation A/c Dr. 1,50,000
To equipment A/c 1,50,000
(Being charged depreciation of Rs.1,50,000 on all fixed
assets)
19/12 Internet Expenses A/c Dr. 3,800
To cash A/c 3,800
(Being paid Internet charges of Rs.3800 in cash)
23/12 Fixed Deposit A/c Dr. 1,00,000
To Bank A/c 1,00,000
(Being made Fixed deposit of Rs.1,00,000 at 9% rate of
interest.)
29/12 Bank Charges A/c Dr. 750
To Bank A/c 750
(Being paid Bank charges of Rs.750)

Page | - 24 -
30/12 Cash A/c Dr. 29,000
To Bank A/c Dr. 48,300
To Service fee A/c 77,300
(Being the total fees received for the services provided)

30/12 Cash A/c Dr.

To Sales A/c 69,700
(Being Sale proceeds from the garment shop 67,900
Rs.69,700)

31/12 Salary A/c Dr. 44,000

To cash A/c 44,000
(Being Salary paid to the employees paid in cash Rs.44000)

TOTAL 5,29,550 5,29,550

Page | - 25 -
 CASHBOOK

DATE PARTICULARS CASH BANK DATE PARTICULARS CASH BANK

02/01 To capital A/c 10,00,000 35,00,000 03/01 By equipment A/c 25,00,000

08/01 To memb fee A/c 17,500 05/01 By purchases A/c 4,00,000 4,00,000

09/01 To club subs A/c 7,000 09/01 By sale pro Exp A/c 25,000

29/01 To servicefee A/c 22,000 18,000 11/01 By advert. Exp. A/c 15,000

30/01 To sales A/c 57,000 15/01 By rent A/c 30,000

27/02 To servicefee A/c 20,000 17,000 24/01 By electric Exp. A/c 12,000

27/02 To sales A/c 59,000 31/01 By salary A/c 40,000

22/03 To club subs A/c 4,000 03/02 By purchases A/c 25,000

30/03 To servicefee A/c 23,000 14,000 08/02 By purchases A/c 2000

30/03 To sales A/c 51,000 08/02 By carriage inw A/c 200

29/04 To servicefee A/c 27,000 12,000 12/02 By drawings A/c 10,000

29/04 To sales A/c 63,000 28/02 By salary A/c 40,000

30/05 To servicefee A/c 25,000 17,000 02/03 By equipment A/c 1,00,000

30/05 To sales A/c 22,000 04/03 By Tiffany clothes A/c30,000

12/06 To cash A/c* 20,000 07/03 By advert. Exp. A/c 15,000

23/06 To club subs A/c 6,500 09/03 By repair&main a/c 5000

29/06 To servicefee A/c 24,000 14,000 14/03 By commission A/c 3,900

29/06 To sales A/c 48,000 18/03 By legal Exp. A/c 12,000

30/07 To servicefee A/c 29,000 9,000 31/03 By salary A/c 40,000

Page | - 26 -
DATE PARTICULARS CASH BANK DATE PARTICULARS CASH BANK

30/07 To sales A/c 41,000 01/04 By consult Exp. A/c 7500

02/08 To capital A/c 1,00,000 05/04 By rent A/c 30,000

11/08 To club subs A/c 15,000 08/04 By repai&main A/c 18,000

29/08 To servicefee A/c 12,000 22,000 09/04 By misc. Exp. A/c 4,500

29/08 To sales A/c 49,500 15/04 By electric Exp. A/c 28,000

10/09 To Jeff agency A/c 50,000 18/04 By print & stat A/c 1,600

29/09 To servicefee A/c 21,000 30,500 30/04 By salary A/c 44,000

29/09 To sales A/c 43,900 02/05 By telephon exp A/c 600

06/10 To Mr Pie A/c 22,500 04/05 By audit Exp. A/c 15,000

30/10 To servicefee A/c 29,000 42,800 31/05 By salary A/c 44,000

30/10 To sales A/c 60,300 03/06 By M/s Sally A/c 75,000

03/11 To capital A/c 1,25,000 05/06 By internet Exp A/c 4,800

11/11 To gym subs A/c 7,000 12/06 By bank A/c * 20,000

29/11 To service fee a/c 27,000 40,100 30/06 By salary A/c 44,000

29/11 To sales A/c 68,900 05/07 By purchases A/c 25,000

30/12 To servicefee A/c 29,000 48,300 05/07 By carriage inw A/c 250

30/12 To sales A/c 69,700 09/07 By rent A/c 30,000

14/07 By courier Exp. A/c 4,800

31/07 By salary A/c 44,000

06/08 By repai&main A/c 6,000

Page | - 27 -
DATE PARTICULARS CASH BANK DATE PARTICULARS CASH BANK

09/08 By equipment A/c 2,30,000

21/08 By misc. exp A/c 1,700

30/08 By salary A/c 44,000

09/09 By purchases A/c 4,60,000

10/09 By electric exp A/c 33,500

30/09 By salary A/c 44,000

01/10 By rent A/c 30,000

05/10 By security exp A/c 5,000

24/10 By festival exp A/c 12,000

31/10 By salary A/c 44,000

06/11 By print & stat A/c 3,500

07/11 By bonus A/c 6,000

15/11 By purchases A/c 1,50,000 1,25,000

23/11 By telephon exp A/c 1,200

30/11 By salary A/c 44,000

05/12 By prep. insurance a/c 24,000

09/12 By Tiffany Clothes A/c27,000

19/12 By internet exp A/c 3,800

23/12 By fixed deposit A/c 1,00,000

29/12 By bank charge A/c 750

Page | - 28 -
DATE PARTICULARS CASH BANK DATE PARTICULARS CASH BANK

31/12 By salary A/c 44,000

31/12 By balance c/f 3,90,750 1,04,150

20,50,800 40,29,700 20,50,800 40,29,700

*Contra Entry

Page | - 29 -
 LEDGER

CAPITAL A/C

Dr Cr

DATE PARTICULARS J/f AMOUNT DATE PARTICULARS J/f AMOUNT

02/01 By cash A/c 10,00,000

02/01 By bank A/c 35,00,000

02/08 By bank A/c 1,00,000

31/12 To balance c/f 47,25,000 03/11 By bank A/c 1,25,000

47,25,000 47,25,000

DRAWINGS A/C

Dr Cr

DATE PARTICULARS J/f AMOUNT DATE PARTICULARS J/f AMOUNT

12/02 To cash A/c 10,000

06/09 To purchases A/c 20,000 31/12 By balance c/f 30,000

30,000 30,000

Page | - 30 -
 SALES A/C

Dr Cr

DATE PARTICULARS J/f AMOUNT DATE PARTICULARS J/f AMOUNT

30/01 By cash A/c 57,000

27/02 By cash A/c 59,000

30/03 By cash A/c 51,000

29/04 By cash A/c 63,000

15/05 By West-Front 50,000

agency A/c
30/05 By cash A/c 22,000

08/06 By Walmart A/c 24,500

29/06 By cash A/c 48,000

30/07 By cash A/c 41,000

29/08 By cash A/c 49,500

03/09 By Walmart A/c 45,000

29/09 By cash A/c 43,900

06/10 By Mr Pie A/c 25,000

30/10 By cash A/c 60,300

29/11 By cash A/c 68,900

31/12 To balance c/f 7,77,800 30/12 By cash A/c 69,700

7,77,800 7,77,800

Page | - 31 -
 SERVICE FEE A/C

Dr Cr

DATE PARTICULARS J/f AMOUNT DATE PARTICULARS J/f AMOUNT

29/01 By cash A/c 22,000

29/01 By bank A/c 18,000

27/02 By cash A/c 20,000

27/02 By bank A/c 17,000

30/03 By cash A/c 23,000

30/03 By bank A/c 14,000

29/04 By cash A/c 27,000

29/04 By bank A/c 12,000

30/05 By cash A/c 25,000

30/05 By bank A/c 17,000

29/06 By cash A/c 24,000

29/06 By bank A/c 14,000

30/07 By cash A/c 29,000

30/07 By bank A/c 9,000

29/08 By cash A/c 12,000

29/08 By bank A/c 22,000

29/09 By cash A/c 21,000

29/09 By bank A/c 30,500

30/10 By cash A/c 29,000

Page | - 32 -
 30/10 By bank A/c 42,800

29/11 By cash A/c 27,000

29/11 By bank A/c 40,100

30/12 By cash A/c 29,000

31/12 To balance c/f 5,72,700 30/12 By bank A/c 48,300

5,72,700 5,72,700

CLUB SUBSCRIPTION FEES A/C

Dr Cr

DATE PARTICULARS J/f AMOUNT DATE PARTICULARS J/f AMOUNT

18/01 By cash A/c 7,000

22/03 By cash A/c 4,000

23/06 By cash A/c 6,500

11/8 By cash A/c 15,000

31/12 To balance c/f 39,500 11/11 By cash A/c 7,000

39,500 39,500

Page | - 33 -
 PURCHASES A/C

Dr Cr

DATE PARTICULARS J/f AMOUNT DATE PARTICULARS J/f AMOUNT

03/01 To bank A/c 4,00,000 22/05 By charity A/c 10,000

03/01 To cash A/c 4,00,000 06/09 By drawings A/c 20,000

03/02 To bank A/c 25,000 03/10 By loss by theft A/c 6,000

05/02 To M/s Tiffany Clothes A/c 30,000

08/02 To cash A/c 2,000

01/07 To Rayon Clothes a/c 32,000

05/07 To cash A/c 25,000

09/09 To bank A/c 4,60,000 By balance c/f 16,43,000

15/11 To cash A/c 1,50,000

15/11 To bank A/c 1,25,000

03/12 To Tiffany Clothes A/c 30,000

16,79,000 16,79,000

Page | - 34 -
 SALARY A/C

Dr Cr

DATE PARTICULARS J/f AMOUNT DATE PARTICULARS J/f AMOUNT

31/01 To cash A/c 40,000

28/02 To cash A/c 40,000

31/03 To cash A/c 40,000

30/04 To cash A/c 44,000

31/05 To cash A/c 44,000

30/06 To cash A/c 44,000

31/07 To cash A/c 44,000

31/08 To cash A/c 44,000

30/09 To cash A/c 44,000

31/10 To cash A/c 44,000

30/11 To cash A/c 44,000

31/12 To cash A/c 44,000 31/12 By balance c/f 5,16,000

5,16,000 5,16,000

Page | - 35 -
 EQUIPMENT A/C

Dr Cr

DATE PARTICULARS J/f AMOUNT DATE PARTICULARS J/f AMOUNT

03/01 To bank A/c 25,00,000 15/12 By depreciation A/c 1,50,000

02/03 To M/s Sally A/c 75,000

02/03 To cash A/c 1,00,000

09/08 To bank A/c 2,30,000 31/12 By balance c/f 27,55,000

29,05,000 29,05,000

M/S ALL CLOTHE S A

/ /C

Dr Cr

DATE PARTICULARS J/f AMOUNT DATE PARTICULARS J/f AMOUNT

04/03 To cash A/c 30,000 05/02 By purchases A/c 30,000

09/12 To cash A/c 27,000 03/12 By purchases A/c 30,000

09/12 To discount rec. A/c 3,000

60,000 60,000

Page | - 36 -
 SALES PROMOTION EXPENSE A/C

Dr Cr

DATE PARTICULARS J/f AMOUNT DATE PARTICULARS J/f AMOUNT

09/01 To bank A/c 25,000 31/12 By balance c/f 25,000

25,000 25,000

SALES RETURN A/C

Dr Cr

DATE PARTICULARS J/f AMOUNT DATE PARTICULARS J/f AMOUNT

25/09 To Walmart A/c 9,000 31/12 By balance c/f 9,000

9,000 9,000

COURIER EXPENSES A/C

Dr Cr

DATE PARTICULARS J/f AMOUNT DATE PARTICULARS J/f AMOUNT

14/07 To bank A/c 4,800 31/12 By balance c/f 4,800

4,800 4,800

Page | - 37 -
 RENT A/C

Dr Cr

DATE PARTICULARS J/f AMOUNT DATE PARTICULARS J/f AMOUNT

15/01 To cash A/c 30,000

05/04 To cash A/c 30,000

09/07 To cash A/c 30,000

01/10 To cash A/c 30,000 31/12 To balance c/f 1,20,000

1,20,000 1,20,000

ELECTRICITY EXPENSE A/C

Dr Cr

DATE PARTICULARS J/f AMOUNT DATE PARTICULARS J/f AMOUNT

24/01 To bank A/c 12,000

15/04 To bank A/c 28,000

13/09 To cash A/c 33,500 31/12 By balance c/f 73,500

73,500 73,500

Page | - 38 -
 LEGAL EXPENSE A/C

Dr Cr

DATE PARTICULARS J/f AMOUNT DATE PARTICULARS J/f AMOUNT

18/03 To cash A/c 12,000 31/12 By balance c/f 12,000

12,000 12,000

CONSULTANCY SERVICE EXPENSE A/C

Dr Cr

DATE PARTICULARS J/f AMOUNT DATE PARTICULARS J/f AMOUNT

01/04 To cash A/c 7,500 31/12 By balance c/f 7,500

7,500 7,500

CHARITY A/C

Dr Cr

DATE PARTICULARS J/f AMOUNT DATE PARTICULARS J/f AMOUNT

22/05 To purchases A/c 10,000 31/12 By balance c/f 10,000

10,000 10,000

Page | - 39 -
 AUDIT EXPENSES A/C

Dr Cr

DATE PARTICULARS J/f AMOUNT DATE PARTICULARS J/f AMOUNT

04/05 To cash A/c 15000 31/12 By balance c/f 15000

15000 15000

Rayon sports agency

Dr Cr

DATE PARTICULARS J/f AMOUNT DATE PARTICULARS J/f AMOUNT

15/05 To sales A/c 50,000 10/09 By cash A/c 50,000

50,000 50,000

SECURITY EXPENSES A/C

Dr Cr

DATE PARTICULARS J/f AMOUNT DATE PARTICULARS J/f AMOUNT

05/10 To cash A/c 5,000 31/12 By balance c/f 5,000

5,000 5,000

Page | - 40 -
 LOSS BY THEFT A/C

Dr Cr

DATE PARTICULARS J/f AMOUNT DATE PARTICULARS J/f AMOUNT

03/10 To purchases A/c 6,000 31/12 By balance c/f 6,000

6,000 6,000

COMMISSION A/C

Dr Cr

DATE PARTICULARS J/f AMOUNT DATE PARTICULARS J/f AMOUNT

14/03 To cash A/c 3,900 31/12 By balance c/f 3,900

3,900 3,900

FESTIVAL EXPENSE A/C

Dr Cr

DATE PARTICULARS J AMOUNT DATE PARTICULARS J AMOUNT

/ /
f f

24/10 To cash A/c 12,000 31/12 By balance c/f 12,000

12,000 12,000

Page | - 41 -
 DISCOUNT ALLOWED A/C

Dr Cr

DATE PARTICULARS J/f AMOUNT DATE PARTICULARS J/f AMOUNT

15/10 To Mr Kishore 2,500 31/12 By balance c/f 2,500

2,500 2,500

BONUS A/C

Dr Cr

DATE PARTICULARS J/f AMOUNT DATE PARTICULARS J/f AMOUNT

07/11 To cash A/c 6,000 31/12 By balance c/f 6,000

6,000 6,000

PREPAID INSURANCE A/C

Dr Cr

DATE PARTICULARS J/f AMOUNT DATE PARTICULARS J/f AMOUNT

05/12 To cash A/c 24,000 31/12 By balance c/f 24,000

24,000 24,000

Page | - 42 -
 M/S SALLY A/C

Dr Cr

DATE PARTICULARS J/f AMOUNT DATE PARTICULARS J/f AMOUNT

03/06 To cash A/c 75,000 02/03 By equipment A/c 75,000

75,000 75,000

DISCOUNT RECEIVED A/C

Dr Cr

DATE PARTICULARS J/f AMOUNT DATE PARTICULARS J/f AMOUNT

31/12 To balance c/f 3,000 09/12 By Tiffany Clothes 3,000

A/c

3,000 3,000

DEPRECIATION A/C

Dr Cr

DATE PARTICULARS J/f AMOUNT DATE PARTICULARS J/f AMOUNT

15/12 To equipment A/c 1,50,000 31/12 By balance c/f 1,50,000

1,50,000 1,50,000

Page | - 43 -
 FIXED DEPOSIT A/C

Dr Cr

DATE PARTICULARS J/f AMOUNT DATE PARTICULARS J/f AMOUNT

23/12 To bank A/c 1,00,000 31/12 By balance c/f 1,00,000

1,00,000 1,00,000

BANK CHARGES A/C

Dr Cr

DATE PARTICULARS J/f AMOUNT DATE PARTICULARS J/f AMOUNT

29/12 To bank A/c 750 31/12 By balance c/f 750

750 750

MEMBERSHIP FEE A/C

Dr Cr

DATE PARTICULARS J/f AMOUNT DATE PARTICULARS J/f AMOUNT

31/12 To balance c/f 17,500 08/01 By cash A/c 17,500

17,500 17,500

Page | - 44 -
 PRINTING & STATIONARY EXPENSES A/C

Dr Cr

DATE PARTICULARS J/f AMOUNT DATE PARTICULARS J/f AMOUNT

18/04 To cash A/c 1,600

06/11 To cash A/c 3,500 31/12 By balance b/d 5,100

5,100 5,100

WALMART A/C

Dr Cr

DATE PARTICULARS J/f AMOUNT DATE PARTICULARS J/f AMOUNT

08/06 To sales A/c 24,500 25/09 By sales return A/c 9,000

03/09 To sales A/c 45,000 31/12 By balance c/f 60,500

69,500 69,500

Page | - 45 -
 MISCELLANEOUS EXPENSES A/C

Dr Cr

DATE PARTICULARS J/f AMOUNT DATE PARTICULARS J/f AMOUNT

09/04 To cash A/c 4,500

21/08 To cash A/c 1,700 31/12 By balance c/f 6,200

6,200 6,200

MR. PIE A/C

Dr Cr

DATE PARTICULARS J/f AMOUNT DATE PARTICULARS J/f AMOUNT

06/10 To sales A/c 25,000 15/10 By cash A/c 22,500

15/10 By disc. allowed A/c 2,500

25,000 25,000

Page | - 46 -
 REPAIR AND MAINTENANCE A/C

Dr Cr

DATE PARTICULARS J/f AMOUNT DATE PARTICULARS J/f AMOUNT

09/03 To cash A/c 5,000

08/04 To cash A/c 18,000

06/08 To cash A/c 6,000 31/12 By balance c/f 29,000

29,000 29,000

TELEPHONE EXPENSE A/C

Dr Cr

DATE PARTICULARS J/f AMOUNT DATE PARTICULARS J/f AMOUNT

02/05 To cash A/c 600

23/11 To cash A/c 1,200 31/12 By balance c/f 1,800

1,800 1,800

Page | - 47 -
 INTERNET EXPENSES A/C

Dr Cr

DATE PARTICULARS J/f AMOUNT DATE PARTICULARS J/f AMOUNT

05/06 To cash A/c 4,800

19/12 To cash A/c 3,800 31/12 By balance c/f 8,600

8,600 8,600

ADVERTISEMENT EXPENSE A/C

Dr Cr

DATE PARTICULARS J/f AMOUNT DATE PARTICULARS J/f AMOUNT

11/01 To bank A/c 15,000

07/03 To cash A/c 15,000 31/12 By balance c/f 30,000

30,000 30,000

Page | - 48 -
 CARRIAGE INWARDS A/C

Dr Cr

DATE PARTICULARS J/f AMOUNT DATE PARTICULARS J/f AMOUNT

08/02 To cash A/c 200

05/07 To cash A/c 250 31/12 By balance c/f 450

450 450

Page | - 49 -
 TRIAL BALANCE

As on 31st December 2019.

ACCOUNT TITLE DEBIT CREDIT

CAPITAL 47,25,000

SALES 7,77,800

PURCHASES 16,43,000

SALES PROMOTION EXPENSES 25,000

ADVERTISEMENT EXPENSES 30,000

RENT 1,20,000

ELECTRICITY 73,500

SALARY 5,16,000

TELEPHONE EXPENSES 1,800

CARRIAGE INWARDS 450

DRAWINGS 30,000

EQUIPMENTS 27,55,000

DEPRECIATION 1,50,000

REPAIR AND MAINTENANCE EXPENSES 29,000

COMMISSION 3,900

LEGAL EXPENSES 12,000

CONSULTANCY EXPENSES 7,500

PRINTING AND STATIONERY EXPENSES 5,100

Page | - 50 -
 ACCOUNT TITLE DEBIT CREDIT

AUDIT EXPENSES 15,000

CHARITY 10,000

RAYON SPORTS 32,000

INTERNET EXPENSES 8,600

WALMART 60,500

COURIER EXPENSES 4,800

MISCELLANEOUS EXPENSES 6,200

SALES RETURN 9,000

LOSS BY THEFT 6,000

SECURITY EXPENSES 5,000

FESTIVAL EXPENSES 12,000

DISCOUNT ALLOWED 2,500

BONUS 6,000

PREPAID INSURANCE 24,000

DISCOUNT RECEIVED 3,000

FIXED DEPOSIT 1,00,000

BANK CHARGES 750

MEMBERSHIP FEE 17,500

Page | - 51 -
 Final Accounts

Trading Accounts
Dr Cr
Particulars Amount Particulars Amount
Purchases 16,43,000 To Capital 47,25,000

Sales 25,000 To Sales 7,77,800

Promotion
Expenses
Advertisemen 30,000 Rayon Sports 32,000
t Expenses
Rent 1,20,000 Discount 3000
Received
Electricity 73,500 Membership 17,500
Fee
Other 1,16,600 By Gross 1,17,300
Expenses Loss c/d
Salary 5,16,000
Equipments 27,55,000
Walmart 60,500
Depreciation 1,50,000
Repair and
Maintenance
Expenses 29,000
Drawings 30,000
Fixed Deposit 100,000
Prepaid 24,000
Insurance
56,72,600 56,72,600
 Profit and Loss Account
Particulars Amount Particulars Amount
Expenses 1,16,600
Prepaid Insurance 24,000
Salary 5,16,000
Rent 1,20,000
Depreciation 1,50,000
Net loss 8,08,700
Gross Loss 1,17,300

Balance Sheet
Liabilities Amount Assets Amount
Capital 16,43,000 Equipments 27,55,000
Net Loss 8,08,700 Fixed 1,00,000
Deposit
24,51,700 Total 28,55,000
Depreciation 1,50,000
Prepaid 24,000
Insurance
229300
28,55,000