FINANCIAL ACCOUNTING

Journalise the following transactions :

July 01, 2020 Mr. Akshay commenced business in the name of Akshay General Stores with a capital of
Rs.250000/- brought in business in cash and deposited a sum of Rs.140000/- out of the
same in Bank.

July 02, 2020 He purchased goods worth Rs.680000/- from Gul Traders on credit.

July 03, 2020 He spent Rs.4500/- on freight to bring the goods to his godown.

July 06, 2020 He sold 60% of the goods to M/s. Rambo Traders at a profit of 25% on cost on credit.

July 08, 2020 He received 80% of his dues from his customer.

July 12, 2020 He issued a cheque of Rs.250000/- to his supplier.

July 18, 2020 He applied for sales tax registration.

July 22, 2020 He issued a cheque of Rs.5000/- to his consultant against professional fees.

July 27, 2020 He received the balance amount from his customer.

July 29, 2020 He issued a cheque of Rs.5000/- to his employee against salary.
Prepare ledger accounts and trial balance from the following transactions :

July 01, 2015 Mr. John commenced business with a capital of Rs.150000/- brought in business in cash
and deposited a sum of Rs.120000/- out of the same in Bank.

July 02, 2014 He purchased goods worth Rs. 720000/- from Gul Traders on credit.

July 03, 2014 He spent Rs.4500/- on freight to bring the goods to his godown.

July 06, 2014 He sold 60% of the goods to M/s. Rambo Traders at a profit of 20% on sales on credit.

July 08, 2014 He received 80% of his dues from his customer.

July 12, 2014 He issued a cheque of Rs.250000/- to his supplier.

July 18, 2014 He applied for sales tax registration.

July 22, 2014 He issued a cheque of Rs.5000/- to his consultant against professional fees.

July 27, 2014 He received Rs. 105000/- against the balance amount from his customer.

July 29, 2014 He issued a cheque of Rs.5000/- to his employee against salary.

Also prepare Profit & Loss A/C for the month ended on 31.07.2014 and Balance Sheet as on that
date, if the stock is valued at cost or market value whichever is lower.