Question

Journalise the following transactions in the books of Shri Manoj and prepare Ledger Accounts.
Opening Debit Balances:
Cash in Hand ₹ 15,000; Cash at Bank ₹ 55,000; Stock ₹ 28,000; Debtors ₹ 25,000(Sunil ₹ 5,000; Abhay ₹ 10,000 and Alok ​₹ 10,00); Fixed Assets : Computer and Printer ₹ 50,000; Furniture ₹ 10,000; Delivery Van ₹ 25,000.
Opening Credit Balances:
Bank Loan ₹ 90,000; Creditors ₹ 20,000; Bills Payable ₹ 10,000; Capital ₹ 88,000.
Transactions for the month of April, 2017 were :
(i) Purchased goods on credit from M/s Prabhat Electricals ₹ 10,000 less 10% Trade Discount.
Cheque was issued immediately and availed 2% Cash Discount.
(ii) Cheque was received from Abhay for the balance allowing him discount of 2%.
(iii) Cheque was received from Alok for the balance due .
(iv) Sunil was unable to pay the full dues and offered to pay 75%, which was accepted .
Cheque was duly received.
(v) Gave goods costing ₹ 1,000 as charity.
(vi) In a competition held by the RWA where the shop is located an electric iron costing ₹ 500 was given as an award .
(vii) Salaries amounting to ₹ 15,000 provided in the books for the month of March, 2017 were paid.
(viii) A debt of ₹ 5,000 that was written off as bad debt in the past was received.
(ix) Purchases for the month were: Cash Purchases ₹ 1,00,000 and Credit Purchases ₹ 9,00,000.
(x) Sales for the month were: Cash Sales ₹ 15,00,000 and Credit Sales ₹ 3,00,000.
(xi) Paid to creditors through cheques ₹ 8,90,000.
(xii) Bank Loan repaid during the month ₹ 20,000.

Answer 1

Journal
Date	Particulars		L.F.	Debit Amount (Rs)	Credit Amount (Rs)
	Cash A/c	Dr.		15,000
	Bank A/c	Dr.		55,000
	Stock A/c	Dr.		28,000
	Debtors A/c	Dr.		25,000
	Computer and Printer A/c	Dr.		50,000
	Furniture A/c	Dr.		10,000
	Delivery Van A/c	Dr.		25,000
	To Bank Loan A/c				90,000
	To Creditors A/c				20,000
	To Bills payable A/c				10,000
	To Capital A/c				88,000
	(Opening entry made)
(i)	Purchases A/c	Dr.		9,000
	To Bank A/c				8,820
	To Discount Received A/c				180
	(Goods purchased by cheque)
(ii)	Bank A/c	Dr.		9,800
	Discount Allowed A/c	Dr.		200
	To Debtors A/c				10,000
	(Payment received from Abhay)
(iii)	Bank A/c	Dr.		10,000
	To Debtors A/c				10,000
	(Payment received from Alok)
(iv)	Bank A/c	Dr.		3,750
	Bad Debts A/c	Dr.		1,250
	To Debtors A/c				5,000
	(Only 75% of the claim received from Sunil)
(v)	Charity A/c	Dr.		1,000
	To Purchases A/c				1,000
	(Goods given in charity)
(vi)	Drawings A/c	Dr.		500
	To Purchases A/c				500
	(Goods given in personal affairs)
(vii)	Salary A/c	Dr.		15,000
	To Cash A/c				15,000
	(Salaries paid for the month of March)
(viii)	Cash A/c	Dr.		5,000
	To Bad Debts Recovered A/c				5,000
	(Bad debts recovered)
(ix)	Purchases A/c	Dr.		10,00,000
	To Cash A/c				1,00,000
	To Creditors A/c				9,00,000
	(Goods purchased on cash and credit)
(x)	Cash A/c	Dr.		15,00,000
	Debtors A/c	Dr.		3,00,000
	To Sales A/c				18,00,000
	(Goods sold on cash and credit)
(xi)	Creditors A/c	Dr.		8,90,000
	To Bank A/c				8,90,000
	(Payment made to creditors through cheque)
(xii)	Bank Loan A/c	Dr.		20,000
	To Cash A/c				20,000
	(Loan repaid of Rs 20,000)

Ledger

Cash Account
Dr.									Cr.
Date		Particulars	J.F.	Amount (Rs)	Date	Particulars	J.F.	Amount (Rs)
		Balance b/d		15,000		Purchases		1,00,000
		Bad Debts Recovered		5,000		Bank Loan		20,000
		Sales A/c		15,00,000		Salary		15,000
						Balance c/d		13,85,000
				15,20,000				15,20,000
		Balance b/d		15,20,000

Bank Account
Dr.									Cr.
Date		Particulars	J.F.	Amount (Rs)	Date	Particulars	J.F.	Amount (Rs)
		Balance b/d		55,000		Purchases		8,820
		Debtors		9,800		Creditors		8,90,000
		Debtors		10,000
		Debtors		3,750
		Balance c/d		8,20,270
				8,98,820				8,98,820
						Balance b/d		8,20,270

Stock Account
Dr.									Cr.
Date		Particulars	J.F.	Amount (Rs)	Date	Particulars	J.F.	Amount (Rs)
		Balance b/d		28,000		Balance c/d		28,000
				28,000				28,000
		Balance b/d		28,000

Debtors Account
Dr.									Cr.
Date		Particulars	J.F.	Amount (Rs)	Date	Particulars	J.F.	Amount (Rs)
		Balance b/d		25,000		Bank		9,800
		Sales		3,00,000		Discount Allowed		200
						Bank		10,000
						Bank		3,750
						Bad debts		1,250
						Balance c/d		3,00,000
				3,25,000				3,25,000
		Balance b/d		3,00,000

Computer and Printer Account
Dr.									Cr.
Date		Particulars	J.F.	Amount (Rs)	Date	Particulars	J.F.	Amount (Rs)
		Balance b/d		50,000		Balance c/d		50,000
				50,000				50,000
		Balance b/d		50,000

Furniture Account
Dr.									Cr.
Date		Particulars	J.F.	Amount (Rs)	Date	Particulars	J.F.	Amount (Rs)
		Balance b/d		10,000		Balance c/d		10,000
				10,000				10,000
		Balance b/d		10,000

Delivery Van Account
Dr.									Cr.
Date		Particulars	J.F.	Amount (Rs)	Date	Particulars	J.F.	Amount (Rs)
		Balance b/d		25,000		Balance c/d		25,000
				25,000				25,000
		Balance b/d		25,000

Bank Loan Account
Dr.									Cr.
Date		Particulars	J.F.	Amount (Rs)	Date	Particulars	J.F.	Amount (Rs)
		Cash		20,000		Balance b/d		90,000
		Balance c/d		70,000
				90,000				90,000
						Balance b/d		20,000

Creditors Account
Dr.									Cr.
Date		Particulars	J.F.	Amount (Rs)	Date	Particulars	J.F.	Amount (Rs)
		Bank		8,90,000		Balance b/d		20,000
		Balance c/d		30,000		Purchases		9,00,000
				9,20,000				9,20,000
						Balance b/d		30,000

Bills Payable Account
Dr.									Cr.
Date		Particulars	J.F.	Amount (Rs)	Date	Particulars	J.F.	Amount (Rs)
		Balance c/d		10,000		Balance b/d		10,000
				10,000				10,000
						Balance b/d		10,000

Capital Account
Dr.									Cr.
Date		Particulars	J.F.	Amount (Rs)	Date	Particulars	J.F.	Amount (Rs)
		Balance c/d		88,000		Balance b/d		88,000
				88,000				88,000
						Balance b/d		88,000

Salary Account
Dr.									Cr.
Date		Particulars	J.F.	Amount (Rs)	Date	Particulars	J.F.	Amount (Rs)
		Cash A/c		15,000		Balance c/d		15,000
				15,000				15,000
		Balance b/d		15,000

Purchases Account
Dr.									Cr.
Date		Particulars	J.F.	Amount (Rs)	Date	Particulars	J.F.	Amount (Rs)
		Bank		8,820		Charity		1,000
		Discount Received		180		Drawings		500
		Cash		1,00,000		Balance c/d		10,07,500
		Creditors		9,00,000
				10,09,000				10,09,000
		Balance b/d		10,07,500

Discount Received Account
Dr.									Cr.
Date		Particulars	J.F.	Amount (Rs)	Date	Particulars	J.F.	Amount (Rs)
		Balance c/d		180		Purchases		180
				180				180
						Balance b/d

Discount Allowed Account
Dr.									Cr.
Date		Particulars	J.F.	Amount (Rs)	Date	Particulars	J.F.	Amount (Rs)
		Debtors		200		Balance c/d		200
				200				200
		Balance b/d		200

Bad Debts Account
Dr.									Cr.
Date		Particulars	J.F.	Amount (Rs)	Date	Particulars	J.F.	Amount (Rs)
		Debtors		1,250		Balance c/d		1,250
				1,250				1,250
		Balance b/d		1,250

Charity Account
Dr.									Cr.
Date		Particulars	J.F.	Amount (Rs)	Date	Particulars	J.F.	Amount (Rs)
		Purchases		1,000		Balance c/d		1,000
				1,000				1,000
		Balance b/d		1,000

Drawings Account
Dr.									Cr.
Date		Particulars	J.F.	Amount (Rs)	Date	Particulars	J.F.	Amount (Rs)
		Purchases		500		Balance c/d		500
				500				500
		Balance b/d		500
Bad Debts Recovered Account
Dr.									Cr.
Date		Particulars	J.F.	Amount (Rs)	Date	Particulars	J.F.	Amount (Rs)
		Balance c/d		5,000		Cash		5,000
				5,000				5,000
						Balance b/d		5,000
Sales Account
Dr.									Cr.
Date		Particulars	J.F.	Amount (Rs)	Date	Particulars	J.F.	Amount (Rs)
		Balance c/d		18,00,000		Cash		15,00,000
						Debtors		3,00,000
				18,00,000				18,00,000
						Balance b/d		18,00,000