Professional Documents
Culture Documents
CASH : RS.13,075=00
BANK : RS.23,000=00
EXERCISE -2
S.NOPARTICULARS AMOUNT
1 Govind commenced business with cash "Govindaa Agencies" 50,000.00
2 Cash deposited in to Canara Bank 42,000.00
3 Furniture purchased for cash 2,500.00
4 Plant & Machinery purchased from Shan & Co. 30,000.00
5 Cheque paid to Shan & Co. 20,000.00
6 Cash deposited in Bank 1,000.00
7 Salary paid by cash 2,000.00
8 Bank Commission paid by bank 150.00
9 Stationery paid by cheque 500.00
10 Electricity charges 250.00
11 Telephone charges 450.00
12 General Expenses 50.00
13 Postage paid by bank 100.00
14 Cash withdrawn from bank 5,000.00
CASH : RS.6750=00
BANK : RS.14750=00
1,000.00
50.00
Dr Cr Mode
Cash Govind Capital Receipt
Bank Cash Contra
Furniture Cash Payment
Plant & Machinery Shan & Co Credit
Shan & Co Bank Payment
Bank Cash Contra
Salary Cash Payment
Bank Charges Bank Payment
Printing & Statione Bank Payment
Electricity Cash Payment
Telephone Cash Payment
General Expenses Cash Payment
Postage Bank Payment
Cash Bank Contra
Govind Drawings Bank Payment
CHANDRA ENTERPRISES
EXERCISE -3
S.NO PARTICULARS AMOUNT type
1Opening cash balance 35,000.00
2Purchase goods for cash 30,500.00 payment
3Goods sold for cash 15,250.00 reciept
4Goods sold for pallavi graphics 10,500.00 credit
5Purchase furniture for cash 4,800.00 payment
6Stationery purchased for cash 125.00 payment
7Conveyance expense paid for cash 100.00 payment
8Cash received from pallavi graphics 10,500.00 reciept
9Cash deposited into bank 5,000.00 contra
10Wages paid by cash 50.00 payment
11Goods sold for cash 12,000.00 reciept
12Purchase goods from premier & co 20,200.00 credit
13Sold Goods to D & Co. 14,600.00 credit
14Cash received from D & Co. 12,600.00 reciept
15Cash deposited into bank 10,000.00 contra
16Payment made to Premier & Co. 12,000.00 payment
17Goods sold for cash 8,500.00 reciept
18Conveyance paid to staf 155.00 payment
19Postage expenses paid for cash 52.00 payment
20Stationery purchased for cash 250.00 payment
CASH : Rs.36,200=00
BANK: Rs. 14,500=00
gopal industries
EXERCISE -5
S.NO AMOUNT
1 Gopal started a business with 125,000.00
2 Cash deposited in Canara Bank 100,000.00 f7
3 Furniture purchased for cash 15,000.00
4 Purchased goods on credit from Kamal Enterprises 30,500.00 f9
5 Purchased goods for cash 12,500.00 f8
6 Goods Sold to Sun Traders on credit 28,000.00
7 Sold goods on cash 9,500.00
8 Payment made to Kamal Enterprises by Canara Bank 20,500.00
9 Payment made by Sun Traders in Cash 10,000.00
10 Payment made by Sun Traders in Cheque 9,000.00
11 Cash deposited in State Bank of Hyderabad 6,000.00
12 Cash withdrawn from Canara Bank 25,000.00
13 Interest paid to Anil by cheque 4,500.00
14 Interest received by cheque and deposited in bank 3,000.00
15 Goods sold to Kan Traders 8,000.00
16 Expenses made as follows:
Rent 2,000.00
Postage 200.00
Petrol 400.00
Stationery 580.00
17 Gopal Cash withdrawn from Canara Bank 25,000.00
18 Goods Purchased from Kamal Enterprises 22,450.00
19 Goods sold for cash 12,400.00
20 Cash deposited into the SBH 10,000.00
21 Goods sold to Amit Enterprises 15,000.00 *
22 SBH Cheque issued to Kamal Enterprises 7,000.00
23 Canara Bank cheque deposited in SBH Bank 10,000.00
24 Carriage inwards paid 3,200.00
25 Telephone Bill paid by Canara Bank 750.00
26 Gopal LIC Payment made by Canara Bank 3,200.00
27 Freight outward paid for cash 1,500.00
CASH : RS.30520=00
SBH : RS.19000=00
CANARA BANK : RS.23050=00
25000
q
S.NO PARTICULARS AMOUNT
1 Mr. Gururaj was carrying on business as general merchant.
His Assets and Liabilities were as under
ASSETS
Furniture 8,000.00
Stock 35,000.00
Cash In Hand 500.00
Cash at Bank 14,000.00
Due from Vadiraj 2,500.00
Due from Vijay 2,000.00
LIABILITIES
Gururaj Capital 47,000.00
Due to Laxmanachar 9,000.00
Due to Vasant Kumar 6,000.00
Transaction as follows:
2 Cash sales 6,000.00
3 sales to Krishna Murthy 1,500.00
4 Purchases from Sitaram 1,600.00
5 paid fire insurance premium 200.00
6 issue cheque to Laxmanachar in full settlement of the amount 8,900.00
7 Received cheque from Vadiraj on account 1,500.00
8 Issued cheque to Vasant Kumar on account 2,000.00
9 cash purchases 2,000.00
10 Cash deposited in Bank 2,500.00
11 Cash paid for advertising 500.00
12 Borrowed from Mrs. Gururaj and deposited in Bank. 10,000.00
13 Amount withdrawn from bank for personal use. 5,000.00
14 paid rent to land lord by cheque 600.00
cr.anurag
cr.cash
cr.laxman cr.discount
S.NO PARTICULARS AMOUNT
1 Started business with bank 200,000.00 dr.bank cr.capiral
and cash 40,000.00 dr.cash cr.capital
2 Bought shop fittings paid by cheque 40,000.00 Dr.t&F cr.bank
3 Bought van paid by cheque 60,000.00 dr.van cr.bank
4 Bought goods for resale on credit from Zakir & Co 50,000.00 dr.purchases cr.Zakir & Co.
5 cash sales 5,000.00 dr.cash cr.sales
6 paid wages of assistant in cash 1,000.00 dr.wages cr.cash
7 paid insurance by cheque 500.00 dr.insurance cr.bank
8 cash sales 8,000.00 dr.cash cr.sales
9 paid wages of assistant in cash 1,000.00 dr.wages cr.cash
10 Goods returned to zakir & co 6,000.00 dr.zakir&co./ cr.Purchase Returns
11 paid zakir & co by cheque 30,000.00 dr.zakri&co cr.bank
12 Bought goods for resale on credit from Rao & Co. 25,000.00 dr.Purchases cr.rao&co.
13 cash sales 7,000.00 dr.cash cr.sales
14 paid wages of assistant in cash 1,000.00 dr.wages cr.cash
15 Bought stationery paid in cash 500.00 dr.stationary cr.cash
16 cash sales 15,000.00 dr.cash cr.sales
17 paid Rao & Co by cheque 14,000.00 dr.rao&co. cr.bank
18 paid wages of assistant in cash 1,000.00 dr.wages cr.cash
19 paid into bank 20,000.00 dr.bank cr.cash
2000
DATE PARTICULARS AMOUNT
1/4/2001 Opening Balances
Murthy Capital 300,000.00
Andhra Bank 52,000.00
Furniture & Fittings 30,000.00
Plant & Machinery 213,000.00
Cash in hand 5,000.00
2/4/2001 purchase goods from Raju 5,000.00
3/4/2001 Sold goods to visu 4,500.00
4/4/2001 Bought ststionery for cash 150.00
5/4/2001 Received cash from visu 4,400.00
Allowed discount 100.00
7/4/2001 paid Raju by cheque (Ch. No. 12345) 4,900.00
and discount allowed by him 100.00
9/4/2001 Deposit in bank 3,000.00
13/4/2001 Purchase goods from srinath 4,850.00
16/4/2001 sold goods to Mallik 6,000.00
20/4/2001 Received Rs.5,850/- from Mallik in full settlement 5,850.00
22/4/2001 cash Sales 8,000.00
24/4/2001 Paid Rs. 4,800/- to Srinath in full settlement 4,800.00
27/4/2001 Purchased from Godrej Ltd., Office Chairs on credit 1,600.00
29/4/2001 Took Loan from Krushi 10,000.00
30/4/2001 Paid Salaries in Cash 2,000.00
30/4/2001 paid rent to House owner by cheque 1,200.00
Prepare Petty Cash Book with the following petty Cash transactions:
1/4/2001 Cash transfer to petty cash 1,000.00
9/4/2001 paid bus charges 10.00
13/4/2001 Tiffin & Lunch expenses 20.00
13/4/2001 Paid Postage for stamps 12.00
17/4/2001 Cost of ball pens & refills 38.00
21/4/2001 Paid xerox charges 32.00
27/4/2001 Paid for Cool drinks to guests 118.00
CASH : 22,300
PETTY CASH : 770
ANDHRA BANK : 48,900
PURCHASES : 11,450
SALES : 18,500
AB Dr. 52000
F&F Dr. 30000
Cash Dr. 5000
To Capital A/c 87000
PURCHASES
13-Apr Sold Computer P III to Wipro Ltd. Qty. 12 No's Rt. Rs. 18,500/-
18-Apr Sold Sony TV to Mohan Traders Qty. 12 No's Rt. Rs. 13,500/-
19-Apr Sold Computer P III to Bajaj Ltd. Qty. 12 No's Rt. Rs. 18,900/-
STOCK ITEMS
LEDGER ACCOUNTS
INVENTORY INFO→
→ CREATION OF
STOCK GROUPS
→ ELECTRONIC ITEMS
→ ELECTRICAL ITEMS
→ FURNITURE ITEMS
UNITS OF MEASURE
SYMBOL → NO'S KGS. LTS. STS
FORMAL NAME → NUMBERS KILOGRAMS LITRES SETS
NO. OF DECIMAL PLACES→ 0 3 3 0
STOCK ITEMS
STOCK ITEMS Dyan TV Model 99
STOCK GROUP ELECTRONIC ITEM
UNITS OF MEASURE STS
dyan t
Enter the following transactions in the Purchase & Sales Books of Vijay Electronics, Hyderabad
PURCHASES
13-Apr Sold Computer P III to Wipro Ltd. Qty. 12 No's Rt. Rs. 18,500/-
18-Apr Sold Onida TV to Hyderabad Traders Qty. 12 No's Rt. Rs. 13,500/-
19-Apr Sold Computer P III to Satyam Ltd. Qty. 12 No's Rt. Rs. 18,900/-
STOCK ITEMS
LEDGER ACCOUNTS
INVENTORY INFO→
→ CREATION OF
STOCK GROUPS
→ ELECTRONIC ITEMS
→ ELECTRICAL ITEMS
→ FURNITURE ITEMS
UNITS OF MEASURE
SYMBOL → NO'S KGS. LTS. STS
FORMAL NAME → NUMBERS KILOGRAMS LITRES SETS
NO. OF DECIMAL PLACES→ 0 3 3 0
STOCK ITEMS
STOCK ITEMS Dyan TV Model 99
STOCK GROUP ELECTRONIC ITEM
UNITS OF MEASURE STS
dyan t
INVENTORY
With the following transactions , Sales Order Book,
& Purchase Order Book, Purchase/Sales Register
the following transaction made with BPL India Ltd for manufacture of micro TVs
1) Given Purchase Order and Recd the same:
3) Received Sales Order from Kiran Traders for TVs 50 No's @ 14,640/-
Purchase, Sales, Purchase Returns, Sales Returns, Debit Note & Credit Note
QTY RATE VALUE DISC
1. Purchase SONY CTV from Sony India Appliances, Goa Bill No. E 1112, 12 14000 168000 4200
Qty ; 12 No's Rate @ 14,000/- each Discount 2.5%, CST ; 4%
2. Purchase VOLTAS AIR COOLERS from Vivek Home Traders, Sec-bad Bill No. E 0020, 6 4000 24000 600
Qty ; 6 No's Rate @ 4,000/- each Discount 2.5%, VAT ; 14.5%
3. Sold COMPUTER P III to TVS Electronics Ltd., Chennai, Inv.No. C 2112, 12 27000 324000 16200
Qty ; 12No's Rate @ 27,000/- each Discount 5%, CST ; 4%
5. Purchase Returns to Sony India Appliances Qty ; 2 No's Against B.No. E 1112
9. Sales Returns from TVS Electronics Qty ; 3 No's Against Inv. No. C2112
10 Sales Returns from Shiva Traders Qty ; 5 No's Against Inv. No. C 0120
11. Credit Note Received from TVS Electronics Ltd. For Rs. 2,900/-
12. Credit Note Received from Shiva Traders For Rs. 3,000/-
13.Purchase SONY DECK From Vishal Super Market Qty ; 8 No's @ Rs. 6,500/- each
14. Purchase VCP from Trinethra Marketing Qty ; 15 No's @ Rs. 6,300/- each
15. Purchase SONY DECK From Vishwa traders Qty ; 9 No's @ Rs. 6,500/- each
16. Sold VCP & VCR to Kiran Traders Qty; 12 & 10 No's Rs. 6,900/- & Rs. 9,500/- each
17. Sold SONY DECK to Ortem Industries Qty; 8 No's @ Rs. 6,900/- each
18. Purchase Computer P III from Ramnath & Co. 20 No's @ Rs. 24000/- each
Disc ; 2.5% CST ; 4%
19. Purchase Ceiling Fan from Murthy & Co. 25 No's @ Rs. 6,000/- each
Disc ; 2.0% VAT ; 14.5%
BUDGET FORECASTING
OCTOBER,2014 ACCOUNT RECEIVABLES ( AUG'14 SALES INVOICES)
LESS:- ACCOUNT PAYABLES ( AUG'14 PURCHASE BILLS)
GROSS MARGIN
LESS: DIRECT EXPENSES 1700000
LESS: INDIRECT EXPENSES 800000
LESS: FINANCE CHARGES ( BANK INTEREST) 200000
SURPLUS/DEFICIT
2500000
2500000
dagngages./
CST
6552 170352
3393 26793
12312 320112
BUDGET
ANALYSIS
10000000
7000000
3000000
2700000
300000
BANK RECONCILIATION STATEMENT
Pass Book:- Every Businessman who opens an account in the bank is usually given a
pass Book which makes a record of the businessmen transactions with the Bank. The
bank writes this pass Book.
Bank Book : The Businessman who opens a Bank Book in the company ledger accounts
and writes his transactions.
Reasons for the difference in two balances ( Pass Book and Bank Book )
1. Cheques issued but not presented for payment
2. Cheques paid/ deposited into bank but not collected by the Bank
3. The bank usually makes charges for the collection of outstation cheques.
4. Cheques ommitted to be deposited in the bank.
5. Cheques or Bills of Exchange dishounered.
(a) Tick of all the items in the pass book with the pass book with the entries in the companies Bank
Book and make a list of the entries as are found not ticked either in the Bank Book or the Pass Book.
The unticked items are responsible for the diference in the balances.
(b) Take balance as per Bank Book or Pass Book as the starting point.
( c ) Adjust the starting point with the other blance by adding or substracting the unticked items as located in
(d) If balance as per Cash Book has been taken as the starting point, then balance as per Bank Book is to be
adjusted according to entries passed in the Pass Book or vice versa
Ex 1. STATE BANK OF HYDERABAD OP.BAL RS.25,000/- As per Co. Books & Bank Books.
Note: Ch.NO. 1128, 1129 issued but not presented for payment.
BANK RECONCILIATION
EX-3 ANDHRA BANK Op.Bal RS.55,000/-
S.NO PARTICULARS AMOUNT CH.NO
1 Paid staf Salaries 15,000.00 2233
2 Paid Printing & Stationery 1,500.00 2234
3 Paid to Commission 2,000.00 2235
4 Cash withdrawn form AB 10,000.00 2236
5 Cheque issued to Intel Softtech 5,000.00 2237
6 Issued Cheque to Infosys Computers 5,000.00 2238
7 Issued Cheque to Microsoft Systems & Co. 2,000.00 2239
8 Paid Consultancy Charges 3,000.00 2240
9 Cheque Received from Satyam Ltd 3,000.00
10 Cash withdrawn form AB 3,000.00 2241
11 Cheque issued to Vishnu & Co. 9,000.00 2242
12 Cash deposited into to AB 5,000.00
13 Paid Travelling Bills 1,800.00 2243
14 Paid to advertisement charges 4,500.00 2244
15 Paid to Audit Fee 3,000.00 2245
16 Cash deposited into AB 5,000.00
Note: Cheque received from satyam Ltd. Deposited but not credited in the bank.
VAT EXERCISE -1
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
1
VAT FORMULA
INPUTVAT (-) OUTPUTVAT =(+) VAT CARRY FORWARD
INPUTVAT (-) OUTPUTVAT =(-) VAT PAYABLE
VAT
SALES
↓
OUTPUT VAT
SALES POINT
↓
RM SUPPLIER
↓
MANUFACTURER
↓
WHOLESELLER
↓
DISTRIBUTOR
↓
RETAILER
VAT
100+5%
130+5%
140+5%
145+5%
150+5%
PURCHASE POINT
↓
MANUFACTURER
↓
WHOLESELLER
↓
DISTRIBUTOR
↓
RETAILER
↓
CONSUMER
30
10
5
VAT PROBL
1
2
3
4
5
6
7
8
9
10
Narayana started Business with Rs. 3,00,000/-
Deposited into the Canara Bank Rs. 2,00,000/-
Purchased from M/S. S.K.Electronics 20 No's Refrigerators @ Rs. 7,500/- Disc. 2% input vat paid 4% ( 5880=00)
Purchased from M/S. Venkat Agencies 14 No's BPL Colour TV's @ Rs. 14,500/- Disc. 1% input vat paid 4% ( 8,038=80)
Sold to M/S. Ramnath Electronics 8 No's Refrigerators @ Rs. 8,200/- Disc. 1.5% output vat collected 4% ( 2,584=64)
Sold to M/S. Mukesh Electronics 5 No's BPL Colour TV's @ Rs. 16,000/- Disc. 1 % output vat collected 4% ( 3,168=00)
Sold to M/S. Mallikarjuna Traders 3 No's Refrigerators @ Rs. 8,300/- Disc. 2 % output vat collected 4% ( 976=08)
Sold to M/S. Sree Ramana Agencies 4 No's BPL Colour TV's @ Rs. 16,500/- Disc. 1.5 % output vat collected 4% (2,600=40)
---------------------------------------------------------------------------------------------------------------------------------------------------
VAT COMPUTATION
INPUT VAT PAID RS. 13,918=80
OUTPUT VAT COLLECTED RS. 9,329=12
VAT CARRY FORWARD RS. 4,589=68
=======================================================================================================
Sold to M/S. Mallik Traders 9 No's Refrigerators @ Rs. 8,500/-Disc. 2.5% output vat collected 4% ( 2,983=50)
Sold to M/S. Karan Traders 5 No's BPL Colour TV's @ Rs. 17,000/-Disc. 2 % output vat collected 4% ( 3,332=00)
---------------------------------------------------------------------------------------------------------------------------------------------------
VAT COMPUTATION
INPUT VAT PAID RS. 13,918=80
OUTPUT VAT COLLECTED RS. 15,644=62
VAT PAYABLE RS. 1,725=82
=======================================================================================================
VAT PROBLEM EXE-1
Gopal commenced bussiness with Rs 2,00,000/-
4 CLOSING STOCK OF 45GMS TO BE TAKEN IN P & L 132,428.57 → NET PROFIT RS. 6,428.57