ASSIGNMENT 1 - (FOR 10 MARKS) – for FUFA STUDENTS 2024

BATCH
Open Book Assignment.
The assignment has to be done in MANUAL WRITING and handed to CA
Saripalli Venkata Raman , positively by 27-2-204 (Tuesday). Anything
submitted after this date, no marks will be awarded for the student.

1. Journalize the following business transactions in the Books of

Konkan Pickles and Paapads Pvt Ltd.
(Note : In all transactions, you consider your Company Bank account is
with BOI, account No.304576589) – being Current Account.)
1. On April 1, 2022, Mr. Daivik Raut and Agastya Naique started a 50:50 venture
and formed Konkan Pickles & Paapads Pvt Ltd by issuing 30,00,000
equity shares of INR 10 each (at par), amount was received by cheques and
cheques were deposited into company’s Bank Account.
2. On April 10, 2022, the company purchased land for its new manufacturing
unit from Mr. Rajesh Patel for INR 10,00,000. ( Paid by Cheque No. 442)
3. On May 1, 2022, Konkan Pickles & Paapads Pvt Ltd bought machinery for
its production unit from Ms. Aishwarya Deshmukh and company took a term
loan for Rs.5,00,000 to make payment to Ms. Aishwarya Deshmukh.
4. On June 1, 2022, the company purchased raw materials (wheat, raw
mangoes, vinegar, oil, Urad dal, and red chilies) from M/s. Ganpati Suppliers
for INR 3,00,000 on credit.
5. On July 1, 2022, Konkan Pickles & Paapads Pvt Ltd paid INR 150,000 to M/s.
Ganpati Suppliers for the raw materials purchased on credit.
6. On August 10, 2022, the company made sales of INR 200,000 to M/s. Suman
Enterprises. (Sales via UPI through bank)
7. On October 1, 2022, the company paid INR 15,000 as rent for the
manufacturing unit to Mr. Manoj Kapoor.
8. On November 1, 2022, the company paid INR 25,000 for insurance coverage
to M/s. Reliable Insurers, to cover Insurance of assets of the company.
9. On December 1, 2022, Konkan Pickles & Paapads Pvt Ltd purchased trucks
for transportation from Mr. Rajesh Gupta for INR 400,000. (paid by cheque
no. No 450)
10. Pass depreciation entries @ 15% on Trucks on WDV method as per company’s
Act, 2013, as on

2. POST THE JOURNAL ENTRIES to the respective ledger accounts and balance
the ledger accounts.

3. Prepare a Trial balance after balancing the Ledger.