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Exercise- Recording of Transactions

Exercise- Recording of Transactions

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Published by Shashank

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Categories:Types, School Work
Published by: Shashank on Sep 11, 2010
Copyright:Attribution Non-commercial

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01/04/2014

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The opening journal entry

‡ ‡ ‡ ‡ ‡ ‡ ‡ ‡ ‡ ‡ Date 01-07-20XX Particulars LF Debit Fixed Assets A/c 18,00,000 Stock of Raw Materials A/c 1,50,000 Sundry Debtors A/c 3,50,000 Bank A/c 1,00,000 Cash in hand A/c 2,00,000 Security Deposit A/c 5,00,000 Capital A/c Bank Loan A/c Sundry Creditors A/c Bills Payable A/c Taxes Payable A/c (Being the amount of balance at the beginning) Credit

15,00,000 7,50,000 2,50,000 5,00,000 1,00,000

Journal Entries (July 02,06 & 08)
‡ 02-07-20XX Sundry Creditors A/c 1,50,000 ‡ Bank A/c 1,50,000 ‡ (Being amount paid to one of the sundry creditors; vide cheque No.3364852) ‡ 06-07-20XX Bank A/c 2,50,000 ‡ Sundry Debtor A/c 2,50,000 ‡ (Being cheque No.1243324 received from Oriental Insurance Co. against previous dues) ‡ 08-07-2005 Cash A/c 1,00,000 ‡ Sundry Debtor A/c 1,00,000 ‡ (Being cash received from Vijaya Bank against previous dues)

Journal Entries (July 10,11 & 26)
‡ 10-07-2005 Tax Payable A/c 1,00,000 ‡ Bank A/c 1,00,000 ‡ (Being amount paid to against tax payable; vide cheque No.3364853) ‡ 11-07-20XX Purchases A/c 5,00,000 ‡ Sundry Creditors A/c 5,00,000 ‡ (M/s Dhanbad Grocery) ‡ (Being raw materials purchased from M/s Dhanbad Grocery on credit) ‡ 26-07-20XX Wages A/c ‡ Cash A/c ‡ (Being wages for the month paid in cash) 2,50,000 2,50,000

Journal Entries (July 26,20XX)
‡ 26-07-20XX Electricity Expenses A/c 2,50,000 ‡ Cash A/c 2,50,000 ‡ (Being Electricity Expenses for the month paid in cash) ‡ 26-07-20XX Cash A/c 7,00,000 ‡ Sundry Debtors A/c 1,00,000 ‡ Sales A/c 8,00,000 ‡ (Being Cash sales worth Rs.7,00,000 and credit sales worth Rs.1,00,000 made during the period) ‡ 26-07-20XX Interest on Loan A/c 20,000 ‡ Misc. Expenses A/c 50,000 ‡ Cash A/c 70,000 ‡ (Being cash paid for the interest on bank loan and Misc. expenses for the month).

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