Prepare Cash A/c, Bank A/c, Purchase A/c, sales A/c and Capital A/c, and balance the same in the books of Mandanlal. Started business with bank balance Rs.40,000. Purchased goods from Aseem worth Rs.15,000 lesss 10% Trade Discount. Sold goods to Arun for Rs.8,000 for cash. Paid rent Rs.3,000 and electricity bill Rs.500. Purchased 100 shares of prefect technologies for Rs.55 per share and paid brokerage. Withdrawal of goods for personal use Rs.500. Sold goods for cash Rs.5,000 less 10% Cash Discount. Deposited cash into Bank Rs.2,000. Paid Rs.3,000 for daughter's tuition fees by Debit Card. Purchased a table for Rs.2,000. Received Rs.1,500 by selling the scrap. Paid cash into bank in excess of Rs.2,000.
Prepare Cash A/c, Bank A/c, Purchase A/c, sales A/c and Capital A/c, and balance the same in the books of Mandanlal.
2019 Aug.
1. Started business with bank balance Rs.40,000.
2. Purchased goods from Aseem worth Rs.15,000 lesss 10% Trade Discount.
3. Sold goods to Arun for Rs.8,000 for cash.
4. Paid rent Rs.3,000 and electricity bill Rs.500.
5. Purchased 100 shares of prefect technologies for Rs.55 per share and paid brokerage.
6. Withdrawal of goods for personal use Rs.500.
7. Sold goods for cash Rs.5,000 less 10% Cash Discount.
8. Deposited cash into Bank Rs.2,000.
9. Paid Rs.3,000 for daughter's tuition fees by Debit Card.
10. Purchased a table for Rs.2,000.
19. Received Rs.1,500 by selling the scrap.
27. Paid cash into bank in excess of Rs.2,000.
Solution:
In the books of Mandanlal
Dr. Cash Account Cr.
Date
particulars
L.F
Amt
Date
Particulars
L.F
Amt
2019 Aug. 3
To sales A/c
8,000
4
By Rent & Electricity bill
3,500
7
To Sales A/c
4,500
8
By Bank A/c
2,000
19
To Sales of scrap A/c
1,500
10
By Table A/c
2,000
27
By Bank A/c
4,500
31
By Balance c/d
2,000
14,000
14,000
Step. 1
To Balance b/d
2,000
Dr. Bank Account Cr.
Date
Particulars
L.F
Amt
Date
Particulars
L.F
Amt
2019 Aug. 1
To Capital A/c
40,000
2019Aug. 5
By Shares of Perfect Technologies A/c
5,750
8
To Cash A/c
2,000
9
By Drawings A/c
3,000
27
To Cash A/c
4,500
31
By Balance c/d
37,750
46,500
46,500
Oct.1
To Balance b/d
37,750
Dr. Purchase Account Cr.
Date
Particulars
L.F
Amt
Date
Particulars
L.F
Amt
2019 Aug. 2
To Aseem A/c
13,500
6
By Drawings A/c
500
31
By Balance c/d
13,000
13,500
13,500
Step. 1
To Balance b/d
13,500
Dr. Sales Account Cr.
Date
Particulars
L.F
Amt
Date
Particulars
L.F
Amt
2019 Aug. 3
By Sales A/c
8,000
7
By Cash A/c
4,500
31
To Balance b/d
12,500
12,500
12,500
Step. 1
By Balance c/d
12,500
Dr. Capital Account Cr.
Date
Particulars
L.F
Amt
Date
Particulars
L.F
Amt
2019 Aug. 1
By Balance
40,000
31
To Balance b/d
40,000
40,000
40,000
Step.1
By Balance c/d
40,000
Prepare Cash A/c, Bank A/c, Purchase A/c, sales A/c and Capital A/c, and balance the same in the books of Mandanlal.
2019 Aug.
1. Started business with bank balance Rs.40,000.
2. Purchased goods from Aseem worth Rs.15,000 lesss 10% Trade Discount.
3. Sold goods to Arun for Rs.8,000 for cash.
4. Paid rent Rs.3,000 and electricity bill Rs.500.
5. Purchased 100 shares of prefect technologies for Rs.55 per share and paid brokerage.
6. Withdrawal of goods for personal use Rs.500.
7. Sold goods for cash Rs.5,000 less 10% Cash Discount.
8. Deposited cash into Bank Rs.2,000.
9. Paid Rs.3,000 for daughter's tuition fees by Debit Card.
10. Purchased a table for Rs.2,000.
19. Received Rs.1,500 by selling the scrap.
27. Paid cash into bank in excess of Rs.2,000.
Solution:
In the books of Mandanlal
Dr. Cash Account Cr.
Date | particulars | L.F | Amt | Date | Particulars | L.F | Amt |
2019 Aug. 3 | To sales A/c |
| 8,000 | 4 | By Rent & Electricity bill |
| 3,500 |
7 | To Sales A/c |
| 4,500 | 8 | By Bank A/c |
| 2,000 |
19 | To Sales of scrap A/c |
| 1,500 | 10 | By Table A/c |
| 2,000 |
|
|
|
| 27 | By Bank A/c |
| 4,500 |
|
|
|
| 31 | By Balance c/d |
| 2,000 |
|
|
| 14,000 |
|
|
| 14,000 |
Step. 1 | To Balance b/d |
| 2,000 |
|
|
|
|
Dr. Bank Account Cr.
Date | Particulars | L.F | Amt | Date | Particulars | L.F | Amt |
2019 Aug. 1 | To Capital A/c |
| 40,000 | 2019Aug. 5 | By Shares of Perfect Technologies A/c |
| 5,750 |
8 | To Cash A/c |
| 2,000 | 9 | By Drawings A/c |
| 3,000 |
27 | To Cash A/c |
| 4,500 | 31 | By Balance c/d |
| 37,750 |
|
|
|
|
|
|
|
|
|
|
| 46,500 |
|
|
| 46,500 |
Oct.1 | To Balance b/d |
| 37,750 |
|
|
|
|
Dr. Purchase Account Cr.
Date | Particulars | L.F | Amt | Date | Particulars | L.F | Amt |
2019 Aug. 2 | To Aseem A/c |
| 13,500 | 6 | By Drawings A/c |
| 500 |
|
|
|
| 31 | By Balance c/d |
| 13,000 |
|
|
| 13,500 |
|
|
| 13,500 |
Step. 1 | To Balance b/d |
| 13,500 |
|
|
|
|
Dr. Sales Account Cr.
Date | Particulars | L.F | Amt | Date | Particulars | L.F | Amt |
|
|
|
| 2019 Aug. 3 | By Sales A/c |
| 8,000 |
|
|
|
| 7 | By Cash A/c |
| 4,500 |
31 | To Balance b/d |
| 12,500 |
|
|
|
|
|
|
| 12,500 |
|
|
| 12,500 |
|
|
|
| Step. 1 | By Balance c/d |
| 12,500 |
Dr. Capital Account Cr.
Date | Particulars | L.F | Amt | Date | Particulars | L.F | Amt |
|
|
|
| 2019 Aug. 1 | By Balance |
| 40,000 |
31 | To Balance b/d |
| 40,000 |
|
|
|
|
|
|
| 40,000 |
|
|
| 40,000 |
|
|
|
| Step.1 | By Balance c/d |
| 40,000 |
Explanatory Note:
1) Started business with bank balance Rs.40,000:
Mr. Madanlal is the proprietor of the business. He started business with bank balance therefore in the ledger of Bank account Capital account is posted on debit side and in the Ledger of Capital account Bank account is posted o credit side because Cash is coming inside the business.
2) Purchased goods from Aseem worth Rs.15,000 less 10% Trade Discount.
Purchased goods from Aseem on credit because cash is not mentioned in the transaction. So, the Ledger entry is On Debit side of Purchase account assem account and in Ledger of Assem account Purchase account on credit side.
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27. Paid cash into bank in excess of Rs. 2,000
The statement saying paid cash into bank in excess of Rs.2,000 in Cash A/c. Do the debit side and Credit side total 14,000 and 7,500 respectively. Now subtract 14,000 from 7,500= 6,500After this, Rs. 2,000 is the excess amount in cash A/c. So we have to keep 2,000 and pay remaining amount into bank6,500 - 2,000 = 4,500 Here 4,500 is transferred to bank.
 |
| Prepare Cash A/c, Bank A/c, Purchase A/c, sales A/c and Capital A/c, and balance the same in the books of Mandanlal |
nice
ReplyDeleteSir/mam how date 27 transaction became 4500 it should be 2000 , how it became 4500 can you explain me please ๐.
ReplyDeleteGood Qustion check the post we had posted the explanation
DeleteSir/ ma'am explain the transaction no 5
ReplyDeleteThis comment has been removed by a blog administrator.
DeleteFirst we have to pass journal entry. i.e. share of prefect technology A/c Dr. To Bank A/c share cannot be purchase without demat account in bank therefore credited bank A/c 2nd step following the rule to pass journal to ledger
DeleteSir please explain no 10 transaction because we purchased the table but we didn't Post that in ledger
ReplyDeletePurchase of table will go to table A/c and Cash/Bank A/c, We don't have to prepare table A/c
DeleteWhy transaction on 19th august isn't recorded
ReplyDelete