Ravi Sir and Sanjeev Sirs Nimble Education for Commerce ICSE,ISC,CBSE,IGCSE,AS & A,IBDP

Contact 9033311500, 8866611600

Journals
Q1.Amit started business as sole trader on 1st January 2017 with Rs 500,000 in cash. The following are
the transactions for the month of January. You are required to prepare journals
Jan 2: Opened a bank account in the name of the firm and deposited Rs 100,000.
Jan 4: Purchased goods worth and paid Rs 60,000 by cheque.
Jan 5: Purchased goods from Nish and paid by cash Rs 25,000
Jan 7: Purchased goods from Ami Rs 30,000
Jan 9: Distributed goods as free samples Rs 2,800
Jan 10: Sold goods and received cheque Rs 45,000
Jan 11: Sold goods to Rutvi Rs 20,000.
Jan 12: Settled Amis account by cheque of Rs 29,000.
Jan 13: Rutvi settled her account by cheque of Rs 18,200.
Jan 14: Paid rent of 3 months in advance @ Rs 5,000 pm in cash
Jan 15: Appointed Mr. Soni as a clerk for an annual package of Rs 240,000.
Jan 18: Sold goods to Avinash Rs 50,000 and discount allowed @ 5%.
Jan 20: Sold goods to Navin Rs 30,000, cash discount allowed was 10%.
Jan 23: Avinash returned goods of original value Rs 10,000.
Jan 25: Sold household furniture and deposited money into current account Rs 23,000
Jan 26: Withdrew goods for personal expenses Rs 5,000.
Jan 29: Purchased goods from Koyal Rs 40,000.
Jan 31: Received Rs 25,000 from Koyal by cheque as a part payment for total amount due.

Q2. Danny started a business with a loan of Rs 200,000 borrowed from Bank of India on 1 st Feb. 2017.
The following are the transactions for the month of Feb. You are required to prepare journals.
Feb 2: Invested personal capital into business Rs 300,000 and deposited the same into bank account.
Feb 4: Purchased furniture Rs 30,000 from Furniture wala and Sons.
Feb 5: Purchased equipments Rs 20,000 and paid by cheque.
Feb 6: Purchased goods worth Rs 20,000 and paid by cheque.
Feb 7: Withdrew cash from bank for office expenses Rs 70,000.
Feb 8: Paid cashier Rs 2,000 as petty cash amount.
Feb 9: Paid for office maintenance Rs 3,500 by cheque.
Feb 10: Paid furniture wala and sons by cheque in full settlement.
Feb 12: Paid quarterly rent of sons office Rs 5,000 by cheque.
Feb 13: Goods withdrawn for personal use Rs 1,000
Feb 16: Goods damaged by fire Rs 2,000, insurance claim received Rs 1,600.
Feb 18: Distributed goods as free samples Rs 1,500
Feb 20: Sold goods to Nani Rs 30,000
Feb 23: Nani was declared insolvent and 60 paise in a rupee was recovered from him in final settlement.
Feb 24: Paid in advance by cheque to Rohit & sons for goods Rs 45,000.
Feb 25: Commission earned but not received Rs 5,000.
Feb 26: Received goods as free samples Rs 5,000.
Feb 27: Sold furniture worth Rs 20,000 for Rs 18,000 to Anul and sons for cash.
Feb 28: Purchased goods on credit from Dhiraj and company Rs 30,000

Ravi Sir and Sanjeev Sirs Nimble Education for Commerce ICSE,ISC,CBSE,IGCSE,AS & A,IBDP
Contact 9033311500, 8866611600
Ravi Sir and Sanjeev Sirs Nimble Education for Commerce ICSE,ISC,CBSE,IGCSE,AS & A,IBDP
Contact 9033311500, 8866611600
Q3.Jan 1: Aniruddh started business with Cash Rs 50,000, Bank balance Rs 100,000 and furniture Rs
200,000.
Jan 2: Purchased goods worth Rs 30,000 from Rahul.
Jan 4: Paid for insurance Rs 5,000 (by cheque)
Jan 5: Paid for life insurance by cash Rs 5,000
Jan 6: Settled Rahuls account with a cheque after 2% discount.
Jan 8: Sold goods to Gurmeent Rs 40,000, 10% cash discount and 5% trade discount allowed.
Jan 9: Withdrew for personal use goods worth Rs 2,000.
Jan 10: Interest on capital allowed Rs 2,500
Jan 12: Interest on drawings charged @ Rs 50.
Jan 14: Purchased goods worth Rs 10,000 from Sunny enterprise, Trade discount allowed @ 10% and
VAT PAID @20%.
Jan 15: Sold goods to Orange ltd Rs 30,000, discount allowed @ 10% and VAT COLLECTED @ 20%.
Jan 17: Sold goods to Raman and drew a bills of exchange Rs 15,000.
Jan 18: Paid for office maintenance Rs 2,900 by cash
Jan 19: Purchased goods Rs 25,000 and accepted a bill for the same for 2 months.
Jan 21: Paid for office rent Rs 3,000, 25% of premises used by wife for her personal business.
Jan 23: Received cash Rs 5,000 from Mansi & co on behalf of Rupa & Co.
Jan 25: Paid for advertising by cheque Rs 1,900.
Jan 27: Paid advance to Lenovo & Co for machinery ordered Rs 10,000 by cheque.
Jan 29: Sold goods to Natha & Co Rs 70,000, cash discount @ 10% and trade discount @ 5% allowed.
Jan 31: Settled Sunny enterprise account by cheque with a discount of 1%.

Q4.Subh started business with a loan from Aditi Rs 200,000 in cash on 1 March 2017.
Mar 3: Purchased goods on credit from Sam Rs 20,000, discount allowed @ 10% & VAT paid @ 10%.
Mar 5: Sold goods to Tenni Rs 30,000, discount allowed @ 10% & VAT collected @ 10%.
Mar 7: Distributed goods as free samples Rs 2,000
Mar 9: Purchased a car Rs 200,000 paying Rs 30,000 by cheque and for balance took a loan @ 10%
Mar 11: Took a bank loan for Rs 200,000 in cash carrying interest @ 15% pa
Mar 13: Opened a bank account and deposited Rs 70,000.
Mar 15: Goods damaged in transit Rs 2,000 and claim received @ 80%.
Mar 17: Sold goods to Jehan Rs 40,000
Mar 18: Purchased goods from Ruhi Rs 20,000
Mar 19: Sold goods to Rummit Rs 45,000 and discount allowed @ 10%
Mar 20: Jehan became insolvent & 40% could be recovered from him in full and final settlement.
Mar 21: Rummit paid Rs 40,000 in final settlement of account.
Mar 22: Paid Ruhi by cheque Rs 10,000 and Rs 8,500 by cash in full & final settlement.
Mar 23: Paid for sons annual school fees Rs 20,000 by cheque.
Mar 25: Purchased investments and paid by cheque Rs 35,000.
Mar 26: Invested into business by selling personal car for Rs 50,000 in cash.
Mar 27: Depreciate car by Rs 2,500
Mar 28: Goods damaged by fire in godown Rs 20,000 and claim of Rs 13,000 was received
Mar 29: Withdrew goods for personal use Rs 3,000.
Pass journals for the above transactions.

Ravi Sir and Sanjeev Sirs Nimble Education for Commerce ICSE,ISC,CBSE,IGCSE,AS & A,IBDP
Contact 9033311500, 8866611600