Transaction for month of March

Date
1 Started business on 1st march with capital outlay of Rs. 35 cr
1 Bank loan worth Rs. 50 cr at 13% interest per annum
2 Purchase land Rs. 45 cr
3 Purchase furniture Rs. 5 cr
4 Purchase machinary Rs 5 cr
5 Purchase Raw material of Rs. 5 cr in cash from A ltd and availed discount of 5%
5 Purchase Raw material of Rs. 15 cr in credit from B ltd
6 Investment of Rs 10 cr
10 Sold goods to C ltd of Rs 5 cr.
10 Sold goods to D ltd Rs. 12 cr
15 Sold goods to E ltd Rs. 2 cr
15 Sold goods to F ltd Rs 1 cr
20 Sold goods worth Rs. 5 crore in cash to G ltd
22 Debtors of Rs. 20 cr
23 Creditors of Rs. 15 cr
24 Interest expense Rs.54,16,667 for month of march
25 Municipal tax 1% of owner equity that is Rs. 3500000
26 Paid 5% rent on sales (1.25 Cr)
31 Discount expense of Rs. 50,00,000
31 Panelty Income From Debtor
31 Paid Wages 10% of total sales ( 2.5 Cr)

PANELTY
% Sales Amount %
25 5
5 1
10 2

Credit Sales
20cr * 25/100 = 5 cr 75 days delay
20cr * 5/100 = 1 cr 65 days delay
20cr*10/100= 2cr 71days delay

10% of 20cr is doubt full debts.

10cr paid in time gets 5% discount
ELTY
Days 2% Panelty Monthly Day Wise
25 0.10 0.08
15 0.02 0.01
21 0.04 0.03
0.12

5cr *2/100 = 10lakh(8,33,333 penalty) 833,333.00

1cr*2/100=2 lakh(1 lakh penalty) 100,000.00
2cr*2/100= 4 lakh( 280000 penalty ) 280,000.00
1,213,333.00
2cr
50,00,000
 Bank a/c
Dr Cr
Date Particulars Amount Date Particulars Amount

1-Mar Capital A/c 35.00 2-Mar Land A/C 45.00

1-Mar Bank loan A/c 50.00 3-Mar Furniture A/C 5.00
15-Mar Sales A/c 5.00 4-Mar Machinery A/c 5.00
5-Mar Raw material 4.75
6-Mar Investment 10.00
31-Mar Wages A/c 2.50
31-Mar Municiple Tax A/c 0.35
31-Mar Rent A/c 1.25

31-Mar Balance 16.15

90.00 90.00

Capital A/c
Dr Cr
Date Particulars Amount Date Particulars Amount
31-Mar Balance 35.00 1-Mar Bank A/c 35.00
35.00 35.00

Bank Loan A/c

Dr Cr
Date Particulars Amount Date Particulars Amount
1-Mar 1-Mar Bank A/c 50.00
Interest on Bank
31-Mar Loan A/c 0.54
31-Mar Balance 50.54
50.54 50.54
Interest on Bank Loan A/c
Dr Cr
Date Particulars Amount Date Particulars Amount
31-Mar Loan A/c 0.54 31-Mar Balance 0.54
0.54 0.54
Municiple Tax Exp A/c
Dr Cr
Date Particulars Amount Date Particulars Amount
31-Mar Bank A/c 0.35 31-Mar Balance 0.35
0.35 0.35
Rent A/c
Dr Cr
Date Particulars Amount Date Particulars Amount
31-Mar Bank A/c 1.25 31-Mar Balance 1.25
 1.25 1.25
Land A/c
Dr Cr
Date Particulars Amount Date Particulars Amount
2-Mar Bank A/c 45.00 31-Mar Balance 45.00
45.00 45.00

Furniture A/c
Dr Cr
Date Particulars Amount Date Particulars Amount
3-Mar Bank A/c 5.00 31-Mar Depreciation 0.04
31-Mar Balance 4.96
5.00 5.00

Machinery A/c
Dr Cr
Date Particulars Amount Date Particulars Amount
4-Mar Bank A/C 5.00 31-Mar Depreciation 0.04
31-Mar Balance 4.96
5.00 5.00
Depreciation A/c
Dr Cr
Date Particulars Amount Date Particulars Amount
31-Mar Machinery A/c 0.04
31-Mar Furniture A/c 0.04
31-Mar Balance 0.08

0.08 0.08
Raw Material/Purchase A/c
Dr Cr
Date Particulars Amount Date Particulars Amount
5-Mar Bank A/c 4.75
5-Mar Discount Income 0.25
5-Mar B ltd 15.00 31-Mar Balance 20.00

20.00 20.00

Discount A/c
Dr Cr
Date Particulars Amount Date Particulars Amount
5-Mar Sundry Debtor 0.50 5-Mar Raw Material A/c 0.25
31-Mar Balance 0.25
0.50 0.50
Investment A/c
Dr Cr
Date Particulars Amount Date Particulars Amount
6-Mar Bank A/c 10.00 31-Mar Balance 10.00
 10.00 10.00

Capital A/c
Dr Cr
Date Particulars Amount Date Particulars Amount
1-Mar Bank A/c 35.00
31-Mar Balance 35.00
35.00 35.00

C ltd A/c
Dr Cr
Date Particulars Amount Date Particulars Amount
10-Mar Sales A/c 5.00
31-Mar Balance 5.00
5.00 5.00

D ltd A/c
Dr Cr
Date Particulars Amount Date Particulars Amount
10-Mar Sales A/c 12.00
31-Mar Balance 12.00
12.00 12.00

A ltd A/c
Dr Cr
Date Particulars Amount Date Particulars Amount
5-Mar Bank A/C 4.75
31-Mar Balance 4.75
4.75 4.75

B ltd A/c
Dr Cr
Date Particulars Amount Date Particulars Amount
5-Mar Raw material 15.00
31-Mar Balance 15.00
15.00 15.00
31-Mar 31-Mar 31-Mar 31-Mar 31-Mar 31-Mar
E ltd A/c
Dr Cr
Date Particulars Amount Date Particulars Amount
15-Mar Sales A/c 2.00 31-Mar Balance 2.00
2.00 2.00

F ltd A/c
Dr Cr
Date Particulars Amount Date Particulars Amount
 15-Mar Sales A/c 1.00 31-Mar Balance 1.00
1.00 1.00

Sales A/c
Dr Cr
Date Particulars Amount Date Particulars Amount
20-Mar Bank A/c 5.00
10-Mar C ltd A/c 5.00
10-Mar D ltd A/c 12.00
15-Mar E ltd A/c 2.00
31-Mar Balance 15-Mar F ltd A/c 1.00
25.00 25.00

Wages A/c
Dr Cr
Date Particulars Amount Date Particulars Amount
31-Mar Bank A/c 2.50 20-Mar
31-Mar Balance 2.50
2.50 2.50
Panlety A/c
Dr Cr
Date Particulars Amount Date Particulars Amount
31-Mar Sundry Debtor 0.12
Balance 0.12
0.12 0.12
 PROFIT AND LOSS A/C
(Amount in Cr)
Dr Cr
Particulars Amount Particulars Amount

Raw Material 20.00 Sales 25.00

Wages 2.50 Panelty Income 0.12
Interest Exp 0.54
Municiple Tax 0.35
Rent Exp 1.25
Discount Exp 0.25
Bed Debts 2.00
Depreciation 0.08
Loss 1.85

26.97 26.97
 Balance Sheet
Dr
Particulars Amount

Equity (Capital) 35.00

Loss (1.85)

Bank Loan 50.54

Sundry Creditors 15.00

TOTAL 98.69
alance Sheet
(Amount in Cr) TRIAL BALANCE
Cr
Particulars Amount Particulars
Capital
Land 45.00 Bank Loan
Machinery 4.96 Sundry Creditors
Furniture 4.96 Land
Machinery
Investment 10.00 Furniture
Investment
Sundry Debtors Sundry Debtors
C 05 Bank A/c
D 12
E 02
F 01 Sales
Less :Discount Given - 0.50 Panelty
Less :Provision for BD - 2.00 Raw Material
Add :Panelty 0.12 17.62 Wages
Interest Exp
Bank A/c 16.15 Municiple Tax
Rent Exp
Discount Exp
Bed Debts
Depreciation

TOTAL 98.69
L BALANCE

Debit Credit
35.00
50.54
15.00
45.00
4.96
4.96
10.00
17.62
16.16

25.00
0.12
20.00
2.50
0.54
0.35
1.25
0.25
2.00
0.08