PGDM 17 B & C Home Assignment II Submission date 13/7/11 Journalize the following Transaction Sold goods worth 1,00,000

00 for cash with trade discount 10% Purchased goods worth 80,000 in cash and availed 5% discount Finalized advertising contract for five years with an advertising agency and paid signing amount of 50,000 Paid staff salary of 1,00,000 for the month which is net of tax deducted at source (TDS) of Rs.30,000 Deposited TDS with tax authorities Hired an employee at a monthly salary of 10,000 Purchased an equipment of 5,00,000 from M/S.Siemens payable after six months Borrowed 10,00,000 from bank. The money is deposited in the business bank account Paid M/S. Siemens by cheque 5,00,000 Purchased goods on credit 25,00,000 Sold goods on credit 40,00,000 including sales tax 2,00,000 One old customer who owed 20,000 paid 15,000 in full settlement of his dues Bought 10 personal computers for 3,00,000 and the amount is paid by cheque Paid AMC for the computers 6000 Paid sales tax 2,00,000 by cheque to sales tax authorities Received 38,00,000 from customers by cheque Paid suppliers by cheque 22,00,000 Paid advance Income tax 10,00,000 by cheque Settled travel bills of sales manager of 15,000 and adjusted travel advance of 10,000 which was given earlier