Prepared by: Mr.

Talha Ahmed (ACA (ICAEW, ICAP))

The following entries have occurred in the books of Mr. Bilal

(the serial numbers on left hand side indicate the date in month of August)

1) Sold goods on credit to Mr A Rs 10,000

2) Sold goods on credit to Mr B Rs 35,000

3) Sold goods on credit to Mr C Rs 4,000

4) Purchased goods on credit from Mr X Rs 5,000

5) We issued credit note to Mr B worth Rs.5,000

6) Purchased goods on credit from Mr Y Rs 15,000

7) Sold goods on cash to Mr H Rs 1,000

8) Purchased goods on cash from Mr O Rs 9,000

9) Purchased goods on credit from Mr Z 8,000

10) We received credit note from Mr O 1,000

11) We issued debit note to Mr Y 3,000

12) Sold goods on credit to Mr D Rs 3,500

13) Purchased goods on credit from Mr. ZY 2,000

14) Mr A returned goods to us worth 2,000

15) We returned goods to Mr Z worth 1,500

16) We received credit note from Mr. ZY 500

17) Owner put cash in business Rs 100,000

18) Received cash from Mr A Rs 500 after giving cash discount of Rs 200

19) Mr B settled an invoice worth Rs 5,000 and availed a 5% cash discount

20) Received rent worth 3,000

21) Mr D paid us Rs 500 for his account

23) We settled our liability with Mr X settled in full availing a 10% cash discount

24) Paid wages 3,000

25) Owner took cash from business 20,000

26) Purchased goods on cash from Mr. T worth 3,000

27) Paid 1,200 for full settlement to MR ZY

28) Paid 3,000 to Mr Y

1
Prepared by: Mr. Talha Ahmed (ACA (ICAEW, ICAP))

Class Activity:

Prepare the

i) Day books of sales, sale return, purchases, purchase return

ii) General ledger accounts

iii) Sale and Purchase ledgers

iv) Analyzed Cash book