Assignment for Unit I

Q.1. From the following particulars prepare Journal and Post them into Ledger.
1997 June 1 Rajesh Started Business with cash Rs. 60,000
2 Cash Deposited into Bank Rs. 10,000
3 Goods Purchased from Kishore Rs. 30,000 (Received Trade
Discount 10%)
5 Goods Sold to Murthy Rs. 45,000 (Trade discount Received 5%)
6 Cash paid to Kishore Rs. 14,500 and Received cash discount
Rs.500 Remaining treated
as credit purchases.
8 Cash Received from Murthy Rs. 19,500 and allowed cash
discount Rs.500 Remaining treated as credit sales.
9 Goods Distributed by way of free samples Rs. 5,000
10 Goods withdrawn by proprietor for personal use Rs. 2,500
12 Plant and Machinery Purchase Rs. 20,000, and Depreciation
provided 10% and after two years the Plant and Machinery Sold Rs. 10,000.
14 prepaid insurance Rs. 3,000
16 Outstanding wages Rs.650
18 Rent Received in advance Rs. 1,000
20 Murthy is insolvent, only 20 paise received in a rupee.

Q.2. (b) Prepare X &Co Account from the following.

1997 February 1. Amount due from X&Co.
3 Sold goods to X & Co. for cash

1,000
700

4 Purchased furniture from X & Co.

250

6 Goods returned from Murthy

200

9 X & Co. Purchased goods from us

10 Goods returned from X & Co.

1,200
150

20 X & Co. A/c Settled with a discount of Rs.20