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illustration vikas sharma was carrying on business of hosiery goods on ist january 1 667708

ILLUSTRATION

Vikas Sharma was carrying on business of hosiery goods. On ist January 1978 his assets and liabilities were as follows:

Assets: plant and Machinary Rs 6000, Furniture Rs 2000, Stock of goods Rs 8000, Cash in hand Rs 1100, Cash at bank Rs 5000, Amount due from Sonnu Rs 2010, Amount due from Raunak Singh Rs 777.

Liabilities: Amount due to Batra & Co. Rs 400, Bhuller & Co Rs 308, and Bhatia & sons Rs 1616.

The following transactions took place during the month of January 1978:

1. Purchased goods from Batra & co. Rs 1800

2. Cash sales Rs 1350

3. Deposited in Bank Rs 400

4. Sold goods to sonnu Rs 750

5. Cash received from raunak Singh Rs 760

Discount allowed Rs 17

6. Paid cheque to Batra & co on account Rs 1000

7. Hoseiry goods taken for domestic use Rs 250

8. Bought Postage stamps rs 25

Bought National Plan certificates(by cheque) rs 3000

Paid for advertising expenses rs 275

9. Withdrawn from Bank for office use Rs 175

10. Withdrwan from Bank for domestic use Rs 211

11. Paid cheque to Bhuller & co. in full settlement rs 300

12. The above cheque is dishonoured because of wrong stamping, Cheque withdrawn and cash paid to Bhuller & co.

13. Purchased goods from Bhatia & sons rs 2600

14. Cash received from Sonnu on account Rs 1400

15. Goods destroyed by fire Rs 240

16. Old Furniture(Cost Rs 400) sold rs 280

17. Sonnu declared insolvent: Only 30% is received against amount due from him

18. Repairs to machinery Rs 155

19. Returned defective goods to Bhatia & sons rs 200

Received from Durga Dutt whose account was written off earlier

20. Provide for:

a. Interest on capital: rs 70

b. Rent due to landlord:rs 300

21. Paid Income tax( personal) rs 160

ILLUSTRATION

Journalise the following transactions in the books of sh V.K rao, post them into ledger and prepare a trial balance as at 30th june 2003.

1. Commenced business with a capital of Rs 10,000

2. Purchased office furniture for Rs 1500

3. Purchased goods from Mr Anil for Rs 3000

4. Sold goods to Mr Azad for Rs 2500

5. Received cash from Mr Azad Rs 2400 in full settlement

6. Paid to Mr Anil in cash Rs 2800 and he allowed discount Rs 200

7. Sold goods for cash Rs 800

8. Opened a bank account with Rs 1100

9. Paid salary to Mr Gokul Rs 400

10. Withdrew cash from bank for personal use Rs 300

JOURNALISE THE FOLLOWING TRANSACTIONS, POST THEM INTO LEDGER AND PREPARE A TRIAL BALANCE AS ON 30TH SEPTEMBER 2003.

1. SMITH COMMENCED BUSINESS WITH CASH RS 30,000

2. PURCHASED GOODS FOR CASH RS 1250

3. DEPOSITED INTO BANK RS 22,500

4. BOUGHT FURNITURE FOR OFFICE USE RS 3500

5. SOLD GOODS TO STEPHENS RS 1500

6. DREW FROM BANK FOR OFFICE USE RS 2500

7. BOUGHT GOODS FROM ROBERT RS 1025

8. RECEIVED CASH FROM STEPHENS RS RS 1475

ALLOWED HIM DISCOUNT RS 25

9. PAID FOR MISCELLANEOUS EXPENSES RS 250

10. PAID ROBERT IN FULL SETTLEMENT RS 1000

11. PAID SALARY TO KEITH RS 125

12. PAID RENT TO LANDLORD RS 250

13. ALLOW INTEREST ON CAPITAL RS 250

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