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  • Ledger Assignment

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    Shreyas Patil
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    1. The document provides instructions for journalizing and posting transactions to ledger accounts for multiple individuals - Dev, Govind, Vasant, Vijay, Venkat, Krishna, and Anand - between March/April/May 2009. It includes details of purchases and sales of goods and services, receipts and payments, returns, discounts, and other financial activities to be recorded in their books of accounts. 2. Students are to journalize the transactions, post them to the appropriate ledger accounts, and balance the ledger accounts. Accounts include cash, bank, capital, creditors, debtors, expenses, purchases, sales and others depending on the transactions. 3. Detailed transactions dates and amounts are provided

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    1. The document provides instructions for journalizing and posting transactions to ledger accounts for multiple individuals - Dev, Govind, Vasant, Vijay, Venkat, Krishna, and Anand - between March/April/May 2009. It includes details of purchases and sales of goods and services, receipts and payments, returns, discounts, and other financial activities to be recorded in their books of accounts. 2. Students are to journalize the transactions, post them to the appropriate ledger accounts, and balance the ledger accounts. Accounts include cash, bank, capital, creditors, debtors, expenses, purchases, sales and others depending on the transactions. 3. Detailed transactions dates and amounts are provided

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    © All Rights Reserved
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    537 views3 pages

    Ledger Assignment

    Uploaded by

    Shreyas Patil
    1. The document provides instructions for journalizing and posting transactions to ledger accounts for multiple individuals - Dev, Govind, Vasant, Vijay, Venkat, Krishna, and Anand - between March/April/May 2009. It includes details of purchases and sales of goods and services, receipts and payments, returns, discounts, and other financial activities to be recorded in their books of accounts. 2. Students are to journalize the transactions, post them to the appropriate ledger accounts, and balance the ledger accounts. Accounts include cash, bank, capital, creditors, debtors, expenses, purchases, sales and others depending on the transactions. 3. Detailed transactions dates and amounts are provided

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
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    of 3

    Assignment

    1. Journalise the following transactions in the books of Dev. Post them in the ledger and
    balance the various accounts opened in the ledger.

    2009
    Mar 1 Ramkumar commenced business with cash Rs 1,00,000.
    Mar 2 Paid into the Bank Rs 60,000.
    Mar 5 Purchased goods for cash Rs 70,000.
    Mar 7 Sold goods for cash Rs 1,00,000.
    Mar 9 Purchased goods from Tiwari Rs 60,000.
    Mar 10 Sold goods to Diraj Rs 90,000.
    Mar 15 Withdraw cash for personal use Rs 2,000.
    Mar 17 Paid travelling charges Rs 1,800.
    Mar 20 Paid electric charges Rs 700.
    Mar 23 Draw cash from Bank for office purpose Rs 10,000.
    Mar 30 Paid salaries to staff Rs 9,000.

    2. Journalise the following transaction in the books of Govind. Post them in the ledger
    and balance the various accounts opened in the ledger.

    2009 April 1: Govind commenced business with the following assets and liabilities
    Cash: Rs. 1,00,000
    Stock: Rs. 75,000
    Machinery: Rs. 90,000
    Furniture: Rs. 5000
    Creditors: Rs. 1,00,000

    Apr 4: Sold goods to Kamal Rs 1,15,000.


    Apr 7: Bought goods from Ajay Rs 75,000.
    Apr 9: Paid to Ajay Rs 50,000 on account.
    Apr 11: Withdraw cash for personal use Rs 3,500.
    Apr 13: Received Commission Rs 6,000.
    Apr 15: Furniture purchased Rs 9,000.
    Apr 17: Brought in additional capital Rs 25,000.
    Apr 18: Issued a cheque for rent Rs 6,000.
    Apr 19: Drew from bank for personal use Rs 4,000.
    Apr 21: Paid life insurance premium Rs 1,327.
    3. On 1, Apr 2009, the following were the ledger balance of Vasant.
    Cash-in-hand – Rs 5,000.
    Cash at Bank – Rs 60,000.
    Bills-Payable – Rs 7,000.
    Stock – Rs 30,000.
    Mr. A – Rs 7,000 (Dr.).
    Mr. B – Rs 15,000; (Cr).
    Mr. C. – Rs 9,000 (Dr.).
    Mr. D – Rs 4,300 (Cr).
    Other Transactions:

    Apr 2 Bought goods from Mr. B – Rs 7,500.


    Apr 4 Sold goods to Mr. B – Rs 6,000.
    Apr 6 Bought goods from Mr. D – Rs 7,000.
    Apr 8 Sold to Mr. A – Rs 4,000.
    Apr 10 Paid to Mr. by cheque – Rs 9,000.
    Apr 12 Received from Mr. C – Rs 10,000. Allowed him discount – Rs 100.
    Apr 14 Accepted Mr. D’s bills at 2 months Rs. 5000
    Apr 15 Sold goods to Mr. C Rs. 6500
    Apr 17 Paid rent by cheque Rs. 2300
    Apr 20 Sold to Mr. A Rs. 8000
    Apr 22 Paid salaries by cheque Rs. 4800
    Make Journal Entries and post them to ledger and balance them

    4. Prepare Ajay’s account as it would appear in the books of Vijay.


    2009
    May 1: Sold good to Ajay Rs. 25,000
    May 2: Received from Ajay Rs. 10,000
    May 7: Purchased goods from Ajay Rs. 9000
    May 9: Paid to Ajay R.s 5000
    May 12: Sold goods to Ajay Rs. 15,000. Allowed him discount Rs. 1000
    May 15: Ajay returned goods Rs. 2500
    May 16: Received cash from Ajay Rs. 7500
    May 19: Sold goods for cash to Ajay Rs. 4000
    May 24: Purchased goods from Ajay Rs. 15000. Discount received from him Rs.
    1500
    May 27: Paid to Ajay Rs. 10,000

    5. Prepare Krishna’s account in the books of Venkat and Venkat’s account in the ledger
    of Krishna. Rs
    2009
    May 1 Venkat sold goods to Krishna Rs. 50,000
    May 3 Krishna paid cash to Venkat Rs. 30,000
    May 7 Krishna returned goods to Venkat Rs. 2,000
    May 10 Venkat bought goods from Krishna Rs. 15,000
    May 15 Venkat paid cash to Krishna Rs. 10,000
    May 18 Venkat returned goods to Krishna Rs. 1000
    6. Record the following transactions in the journal of Anand and open only personal
    account in the ledger and balance them.
    2009,
    May 1: Anand started business with Rs. 1,00,000
    May 2: Purchased goods from Sachin Rs. 25,000
    May 7: Purchased furniture Rs. 12,000 from King Enterprises
    May 9: Goods returned to Sachin Rs. 650
    May 13: Goods sold to Gopi for Rs. 9000
    May 15: Paid to Sachin Rs. 19,500 and discount received Rs. 500
    May 17: Goods returned by Gopi Rs. 350
    May 25: Cash retuned from Gopi Rs. 7000
    May 27: Paid rent by cheque to the landlord Rs. 5000
    May 30: Paid to Sachin Rs. 2000

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