Business Transactions

S.No
1

10

11

12

13) 8 Oct

14) 15 Oct
15) 20 Oct

16) 29 Oct

17) 10 Nov

18) 11 Nov

19) 20 Nov

20) 22 Nov

21) 28 Nov

22) 31st Nov

23) 31th March 2022

1st Dec 202

3rd Dec 202

5th Dec 20
8th Dec 202

31st March

Total Marks
Ques 1)
Ques 2)
Ques 3)
Ques 4)
Ques 5)
Business Transactions
Date
1st April 2021

2nd April

20th April

3rd May

7th May

20th May

30th May

12th June

25th June

10th Sept

25th Sept

1st oct

13) 8 Oct

14) 15 Oct
15) 20 Oct

16) 29 Oct

17) 10 Nov

19) 20 Nov

20) 22 Nov

21) 28 Nov

22) 31st Nov

23) 31th March 2022

Bought machinary worth 50000

Sales of Rs 10000 to Mr. Faquir on credit basis (credit period 5 months)

Sales of Rs 10000 to Mrs Bindu on cash basis

Bought 100 shares of Firm BCG public ltd. with per unit price of Rs 80 on cash basis - purpose: longterm investment

Entry of Rs. 5000 as depreciation of the machinary bought

Duration : 1 hour 15 minutes

Put these transaction into journals
Put the journal entries into respective ledger account
Make trial balance sheet
Make Profit and loss account
Make the Balance sheet as on 31st March 2022
Details Date
2021
1st April

X started business with Rs. 200,000 to start firm XYZ

2nd April

On 2nd April Purchased goods for cash Rs. 50,000

20th April

Purchased furniture for cash Rs. 40,000

3rd May

Sold goods for cash Rs. 10,000

7th May

Purchased goods on credit from Birbal Rs. 20,000

20th May

Purchased goods for cash Rs. 80,000

30th May

Sold goods on credit to Chander for Rs. 15,000

12th June

Sold goods on cash basis to Chander for Rs. 15,000

25th June

Cash deposited in ICICI Bank for Rs. 10,000

10th Sept

Received cash from Chander Rs. 10,000 (for goods sold to Chander on credit earlier)
25th sept

Paid wages Rs. 1,000

1ST Oct

Cash withdrawn by X for personal use Rs 2000

8th Oct

Goods worth Rs 5000 given as charity

15th oct

Recieved Rs 4000 from Chander as full settlement of his account for Rs 5000
Recieved Rs 4000 from Chander as full settlement of his account for Rs 5000

20th Oct

Goods worth Rs 8000 destroyed in fire

29Th Oct
Insurence company admitted the claim in full for loss of goods worth Rs 8000 destroyed
in fire
10th Nov

Insurence company paid claim for Rs 8000 to XYZ through cheque

XYZ took this cheque to bank and encashed it 11-Nov

20-Nov

Sale of furniture for Rs 15,000 (book value is 20,000)

22-Nov

Sale of furniture for Rs 30,000 (book value is 20,000)

Firm xyz has prepaid the next year salary for Rs 2000 (or advance payment of salaries for R 28-Nov

Firm xyz paid salaries of Rs 3000 31st Nov

Interest of rs 2000 on bank loan taken is due but not paid this year 31st March 2022

1st December 2021

3rd December 2021

5th December 2021

8th Dec 2022

31st March 2022

 Journal 1 LF 1
Particulars LF Debit (Rs) Credit (Rs)
Dr.
Cash A/c Dr. 1 200,000 Date
by X's A/C 2 200,000 1st April 20
(being capital contributed by X) 3rd May
Purchase A/c Dr. 3 50,000 12th june
by Cash A/c 1 50,000 10th sept
(being goods purchased on cash) 15th oct
Furnitutre a/c Dr. 4 40,000 11th Nov
by Cash A/c 1 40,000 20th nov
(being furniture purchased using cash) 22-Nov
Cash A/c Dr. 1 10,000

by Sales A/c 5 10,000

(being goods sold on cash basis) LF 2
Purchase a/c Dr. 3 20,000
By Birbal A/c 6 20,000 Dr.
(being goods purchases on credit from Birbal) Date
Purchase A/c Dr. 3 80,000 1st Oct
BY Cash A/c 1 80,000
(being goods purchases on cash)
Chander a/c Dr. 7 15,000
By sales a/c 5 15,000
(being goods sold to chander on credit) LF 3
Cash A/c Dr. 1 15,000
By sales A/c 5 15,000 Dr.
(being goods sold on cash) Date
ICICI Bank A/c Dr. 8 10,000 2nd April
by Cash A/c 1 10,000 7th May
(Being cash deposited in Bank) 20th may
Cash A/c Dr. 1 10,000
by Chander A/c 7 10,000
(Being cash recieved from Chander) LF 8
Wages A/c Dr. 9 1,000
By Cash A/c 1 1,000 Dr.
(Being wages paid) Date
X's Capital A/c Dr. 2 2,000 25th june
By CAsh A/c 1 2,000
(Being cash withdrawn by X)
Charity A/c Dr. 10 5,000
By Purchase A/c 3 5,000
(Being goods given as charity) LF 9
Cash A/c Dr. 1 4,000
Discount A/c Dr. 11 1,000 Dr.
 By Chander A/c 7 5,000 Date
(Being cash recieved from chander as full settlement of Rs 5,000) 25th sept
Loss by fire A/c Dr. 12 8,000 31st Nov
By purchase A/c 3 8,000
(Being goods lost in fire)
Insurence A/c Dr. 13 8,000 LF 11
By loss by fire a/c 12 8,000
(Being insurence claim admitted by Bharti AXA for loss of goods by fire) Dr.
BOB Bank A/c Dr. 14 8,000 Date
by Insurence A/c 13 8,000 15th oct
(being insurence amount got through cheque)
Cash A/c Dr. 1 8,000
by BOB Bank A/c 14 8,000
(being cheque enchased) LF 13
Cash/ Ac Dr. 1 15,000
Loss by sales of furniture ac Dr. 15 5,000 Dr.
By furniture ac 4 20,000 Date
(being sales of furnitute at loss) 29th Oct
Cash A/c Dr. 1 30,000
By furniture a/c 4 20,000
By profit on sales of furniture a/c 16 10,000
LF 15
Pre-paid salary a/c Dr. 16 2000 LOss
BY cash A/c 1 2000 Dr.
(being salaries paid for the next year) Date
20th Nov
Salary A/c Dr. 9 3000
BY cash A/c 1 3000
(being salary paid)

Interest Expense a/c Dr. 17 2000 LF 17

by Accured interest 18 2000
(being interest due but not paid) Date
31st March
Machinery A/c Dr. 19 50,000
By Cash A/c 1 50,000
(Bought machinery for Rs 50,000)

Mr. Faquir Dr. 20 10000

by Sales A/c 5 10000
(being good worth 10000 sold on credit to Mr. Faquir)

Cash A/c Dr. 1 10,000

by Mrs. Bindu A/c 21 10,000
(being good worth 10000 sold for cash to Mrs. Bindu)
Long Term Investment A/c Dr.
To Cash A/c 8000
(being shares purchased) 8000

Deprication A/c Dr.

To Machinery A/c 5000
(being depriciation deducted from machinery bought) 5000
 LF 4
Cash A/c Furnit
Dr. Cr. Dr.
Particulars Journal Fol Rs. Date ParticularsJF Rs. Date Particulars
To X's capit 1 200,000 20th April To cash A/
To Sales A/ 1 10,000 2nd April By purchas 1 50,000
To sales a/c 1 15,000 20th April By Furnitur 1 40,000
To Chander 1 10,000 20th may By Purchas 1 80,000
To Chnaade 1 4,000 25th june BY ICICI ba 1 10,000
To BOB ban 1 8,000 25th Sept By Wages A 1 1,000
To Furnitur 1 15,000 1st oct by X's Capi 1 2,000 LF 5
To Furnitur 1 30,000 28th nOv bt Pre-paid 1 2000 Sale
31st Nov By wages a 1 3000 Dr.
BY balance c/d 104,000
292,000 292,000 Date Particulars

X capital A/c
Dr. Cr.
Particulars Journal Fol Rs. Date ParticularsJF Rs.
To Cash A/c 1 2,000 1st April 2 by cash a/c 1 200,000

To balance c/d 198,000 LF 6

200,000 200,000 Birba
Dr.
Date Particulars
Purchase A/c
Dr. Cr.
Particulars Journal Fol Rs. Date ParticularsJF Rs. To balance c/d
To cash a/c 1 50,000 8th oct By Charity 1 5,000
To Birbal A/ 1 20,000 20th Oct By Loss by 1 8,000
To Cash a/c 1 80,000
By balance c/d 137,000 LF 7
150,000 150,000 Chand
Dr.
ICICI bank Date Particulars
Dr. Cr. 30th may To sales a/
Particulars Journal Fol Rs. Date ParticularsJF Rs.
To cash a/c 1 10,000

By balance 1 10,000
10,000 10,000 LF 10
Char
Dr.
Wages and salaries a/c Date Particulars
Dr. Cr. 8th Oct To Purchas
 Particulars Journal Fol Rs. Date ParticularsJF Rs.
To cash A/c 1 1,000
To cash a/c 1 3000 By balance c/d 4000
4,000 4,000

LF 12
Discount a/c LOss by
Dr. Cr. Dr.
Particulars Journal Fol Rs. Date ParticularsJF Rs. Date Particulars
To Chnader 1 1,000 20th Oct To Purchas
By balance c/d 1000
1,000 1,000

LF 14
Insurence a/c BOB B
Dr. Cr. Dr.
Particulars Journal Fol Rs. Date ParticularsJF Rs. Date Particulars
To loss by f 1 8,000 10th Nov To Insurce
10TH nOV By BOB A/c 1 8,000
8,000 8,000

LF 16
LOss/Profit by sale of Furniture a/c Pre-pa
Dr. Cr. Date Particulars
Particulars Journal Fol Rs. Date ParticularsJF Rs. 28th Nov To Cash A/
To Furnitur 1 5,000 22-Nov By Cash A/c 1 10,000

To balance C/D 5,000

10,000 10,000

LF 18
Interest expense Accured
Particulars Journal Fol Rs. Date ParticularsJF Rs. Date Particulars
To Accured 1 2000

By balance c/d 2,000 To balance c/d

2000 2000
 Furniture A/c Date
Cr. 31th dec
Journal FolRs. Date ParticularsJF Rs.
1 40,000
20th nov By Cash A/c 1 15,000
20th Nov By Loss on 1 5,000
22-Nov By Cash A/c 1 20,000

40,000 40,000

Sales A/c
Cr.

Journal FolRs. Date ParticularsJF Rs.

3rd May By Cash a/ 1 10,000
30th may By Chander 1 15,000
12th june By cash a/c 1 15,000
To balance 40,000
40,000 40,000

Birbal's A/c
Cr.
Journal FolRs. Date ParticularsJF Rs.
7Th may By purchas 1 20,000

To balance c/d 20,000

20,000 20,000

Chander's A/c
Cr.
Journal FolRs. Date ParticularsJF Rs.
1 15,000 10th sept By Cash A/c 1 10,000
15th Oct By cash A/c 1 4,000
15th Oct By Discoun 1 1,000

15,000 15,000

Charity a/c
Cr.
Journal FolRs. Date ParticularsJF Rs.
1 5,000
 by balance c/d 5000
5,000 5,000

LOss by Fire a/c

Cr.
Journal FolRs. Date ParticularsJF Rs.
1 8,000 29th Oct BY Insuren 1 8,000

8,000 8,000

BOB Bank a/c

Cr.
Journal FolRs. Date ParticularsJF Rs.
1 8,000
11 th Nov By Cash A/c 1 8,000
8,000 8,000

Pre-paid salary
Journal FolRs. Date ParticularsJF Rs.
1 2000

By balance c/d 2,000

2000 2000

Accured Interest
Journal FolRs. Date ParticularsJF Rs.
31st MarchBy interes 1 2000

To balance c/d 2000

2000 2000
Trial Balance sheet on 31st march 2022 B/S of XYZ
Particulars LF Debit (Rs) Credit (Rs) DR.
Cash A/c 1 56000 Total Assets
X Capital A/c 2 198000 Current Assets
Purchase a/c 3 137000 Cash
Furniture a/c 4 Bank Balance
Sales A/c 5 60000 Inventory
Birbal a/c 6 20000 Short term recievables
Chander A/c 7 Short term investments
ICICI bank 8 10000 Pre-paid Expense/salary
wages a/c 9 4000 Total Current ASsets
Charirty a/c 10 5000 NOn current Assets
Discount a/c 11 1000 Land
Loss by fire a/c 12 Long term investment
Insurence a/c 13 book value Machinary
BOB A/c 14 Accumulated depreciation
Profi/Loss on sale of fu 15 5000 Net Book value Machinary
Prepaid salary 16 2000
Accured Interest 18 2000 Building
Interest expense 17 2000 Accumulated depreciation
Machinery A/c 19 45000 Net Book value building
Mr. Faquir 20 10000
Investment A/c 21 8000 Intangibale Assets
Deprication A/c 22 5000 Accumulated Amortization
285000 285000 Total Non Current Asset

Total Assets
 B/S of XYZ as on date
Rs. Cr. Rs.
Total Assets Liabilities + Shareholders equity
CURRENT LIABILITIES
56000
10000 Short term loan
100000 A/C Payables 20000
10000 Dividend payable
0 Tax paybales
2000 Accrued expenses (intere 2000
178000 Total Current Liabilities 22000
Non Current Liabilities/LOng term liabilities
LOng term borrowings
8000 Bond Paybale
50000 Long term provisions
5000
45000

0 Shareholders Equity 198000

0 Cumulative retained earn 11000
0

0
0
53000

231000 Libailities + Shareholder 229000

 P&L
Sales 60000
COGS 37000
Opening balance of inven 0
Purchases 137000
Ending inventory balance 100000
37000
Other income (from profit on sales o 5000
Wages 4000
Other expenses (charity) 5000
Other expense (trade discount) 1000
Loss by Fire 0
Insurnce expense 0
Interest expense 2000
Deprication 5000
Profit after tax 11000