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Session 3 –Assignment on Journal, Ledgerand Trial Balance

Directions for the Assignment

•This is the exercise which we had starteddoing in class in groups•Each one is required to now individually makea submission as discussed•No submissions will be accepted beyondSunday 29 August, 2010•The assignment is in the subsequent pages

Our exercise for today –Creating a journal, ledger and trial balance

IncreaseDecreaseL, RDecreaseIncreaseA, ECrDr

Step 1: Post these transactions into a journal

1Siyaram commenced business with cash2000002Purchased office furniture for cash200003Purchased goods for cash500004Purchased goods on credit - Vishal trading company25000Mohan garments160005Returned goods to Vishal trading company50006Paid cash to VTC in full settlement with 5% cash discountPlease compute7Sold goods for cash40000