Record the following transactions in the books Chitmani - Company for the month April- 2010 - Balance on 1st April 2010-Rs 25-000- Creditors Gauri- Rs 6-000- Hema- Rs 8-000- Bank Loan Rs 30-000 -Transactions during the month of April were as follows-Purchased goods of the list price Rs 30-000 at 10 - Trade Discount on 2010 April 10 credit from Mr- Kavare-Received Rs 8-800 cash from Mr- Dilip in full - Final settlement of his account- Rent paid to landlord Rs 5-000 - Sold goods to Mr- Eknath on credit Rs 15-000 - Goods costing Rs 250 distributed as free samples- cash withdrawn by proprietor for private purpose Rs 5-000 - 15 Mr- Eknath pays Rs 14-250 after getting 5 - discount for prompt payment- Interest on Bank loan Rs 1-000 debited to the current account of the20 23 proprietor- Paid Rs 7-900 to Mrs- Hema in full - final settlement of her account-25Cash Purchases at list price Rs 10-000 Trade Discount allowed Rs 500 - 28 Purchased Maruti Van for Business Rs 1-75-000- amount paid by cheque- 30 Commission paid by cheque Rs 7-000 -

In the Books of Chitmani amp; Company Journal nbsp; Date Particulars L.F. Debit Amo ...

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Question

Record the following transactions in the books Chitmani & Company for the month April, 2010.

Balance on 1st April 2010.

Cash in hand Rs 21,000; Cash at bank Rs 3,00,000. Furniture Rs 1,00,000; Laptop & Printer Rs 90,000; Debtors Chetan- Rs 7,000, Dilip- Rs 9,000, Stock Rs 25,000, Creditors Gauri- Rs 6,000, Hema- Rs 8,000, Bank Loan Rs 30,000.

Transactions during the month of April were as follows:-

2010 April

1

Purchased goods of the list price Rs 30,000 at 10% Trade Discount on credit from Mr. Kavare.

3

Received Rs 8,800 cash from Mr. Dilip in full & Final settlement of his account.

5

Rent paid to landlord Rs 5,000.

7

Sold goods to Mr. Eknath on credit Rs 15,000.

9

Goods costing Rs 250 distributed as free samples.

12

cash withdrawn by proprietor for private purpose Rs 5,000.

15

Mr. Eknath pays Rs 14,250 after getting 5% discount for prompt payment.

20

Interest on Bank loan Rs 1,000 debited to the current account of the proprietor.

23

Paid Rs 7,900 to Mrs. Hema in full & final settlement of her account.

25

Cash Purchases at list price Rs 10,000 Trade Discount allowed Rs 500.

28

Purchased Maruti Van for Business Rs 1,75,000, amount paid by cheque.

30

Commission paid by cheque Rs 7,000.

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Solution

In the Books of Chitmani & Company

Journal

Date

Particulars

L.F.

Debit

Amount

(Rs)

Credit

Amount

(Rs)

April 2010

1

Cash in Hand A/c

Dr.

21,000

Cash at Bank A/c

Dr.

3,00,000

Furniture A/c

Dr.

1,00,000

Laptop and Printer A/c

Dr.

90,000

Chetan

Dr.

7,000

Dilip

Dr.

9,000

Stock A/c

Dr.

25,000

To Gauri

6,000

To Hema

8,000

To Bank Loan A/c

30,000

To Capital A/c

5,08,000

(Balances brought forward from last year)

1

Purchases A/c [30,000 – 3,000]

Dr.

27,000

To Mr. Kavare

27,000

(Goods purchased fromMr. Kavare on Credit at Trade Discount of 10%)

3

CashA/c

Dr.

8,800

Discount Allowed A/c

Dr.

200

To Dilip

9,000

(Amount received in full and final settlement from Dilip)

5

Rent A/c

Dr.

5,000

To Cash A/c

5,000

(Rent paid to land lord)

7

Eknath

Dr.

15,000

To Sales A/c

15,000

(Goods sold to Eknath on credit)

9

Advertisement A/c

Dr.

250

To Purchases A/c

250

(Goods distributed as Free Samples)

12

Drawings A/c

Dr.

5,000

To Cash A/c

5,000

(Cash withdrawn for personal use)

15

Cash A/c

Dr.

14,250

Discount allowed A/c

750

To Eknath

15,000

(Cash received from Mr. Eknath after getting 5% discount)

20

Proprietor’s Current A/c

1,000

To Interest on Loan A/c

1,000

(Interest on loan debited to current account of proprietor)

23

Hema

Dr.

8,000

To Bank A/c

7,900

To Discount Received A/c

100

(Amount paid to Hema in full and final settlement of her account)

25

Purchases A/c (10,000-500)

Dr.

9,500

To Cash A/c

9,500

(Cash purchases)

28

Maruti Van A/c

Dr.

1,75,000

To Bank A/c

1,75,000

(Maruti Van Purchased, amount paid through cheque)

30

Commission A/c

Dr.

7,000

To Bank A/c

7,000

(Commission paid through cheque)

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Debit balances on 1st April 2012:-

Cash in hand Rs 5,000; Cash at Bank Rs 95,000' Land & Building Rs 2,10,000; Furniture Rs 15,000; Debtors Rs 10,000.

Credit Balances on April 1, 2012:- Creditors Rs 10,000; Bank Loan Rs 28,000.

Transactions during the month of April 2012:-

2012 April	1	Purchased goods worth Rs 30,000 for cash less Trade Discount.
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Journalise the following transaction in the books of Sethi and Brothers for the month of April, 2012.

Balance on 1st April 2012

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Transactions during the month of April were as follows:-

2012 April	1	Purchased goods from Meeta worth Rs 40,000 at 10% trade discount and paid 1/4 amount in cash and 1/4 amount by cheque, for which 5% cash discount is allowed.
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	20	Received goods as free samples Rs 2,000.
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	23	Paid carriage Rs 300 on the above furniture.
	25	Goods worth Rs 6,000 were destroyed by fire and Insurance company admitted a claim to the extent of Rs 4,000.
	27	Paid income tax Rs 6,000.
	28	Paid for printing and stationery Rs 2,000.
	29	Transferred Rs 20,000 from private bank of proprietor to business Bank of Maharashtra A/c.
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Q. Journalise the following transactions in the books of Mr. Akshay.

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Journalise the following transactions in the books of Mr. Bipin.

2011 July	1	Started business with Cash Rs 3,25,000 Goods worth Rs 50,000 and Laptop Rs 45, 000.
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	20	Drew from bank Rs 4,000 for his personal purpose.
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From the following transactions prepare necessary ledger accounts and balance them.

2011 Jan.	1	Sachin started Business with Cash Rs 10,000 and Machinery Rs 15,000
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	3	Sold goods for cash Rs 4,000.
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	10	Sold goods on credit to Mr. Mahendra Rs 8,000 at 12.5% T.D.
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2010 April	1	Purchased goods of the list price Rs 30,000 at 10% Trade Discount on credit from Mr. Kavare.
	3	Received Rs 8,800 cash from Mr. Dilip in full & Final settlement of his account.
	5	Rent paid to landlord Rs 5,000.
	7	Sold goods to Mr. Eknath on credit Rs 15,000.
	9	Goods costing Rs 250 distributed as free samples.
	12	cash withdrawn by proprietor for private purpose Rs 5,000.
	15	Mr. Eknath pays Rs 14,250 after getting 5% discount for prompt payment.
	20	Interest on Bank loan Rs 1,000 debited to the current account of the proprietor.
	23	Paid Rs 7,900 to Mrs. Hema in full & final settlement of her account.
	25	Cash Purchases at list price Rs 10,000 Trade Discount allowed Rs 500.
	28	Purchased Maruti Van for Business Rs 1,75,000, amount paid by cheque.
	30	Commission paid by cheque Rs 7,000.

Journal
Date	Particulars		L.F.	Debit Amount (Rs)	Credit Amount (Rs)
April 2010
1	Cash in Hand A/c	Dr.		21,000
	Cash at Bank A/c	Dr.		3,00,000
	Furniture A/c	Dr.		1,00,000
	Laptop and Printer A/c	Dr.		90,000
	Chetan	Dr.		7,000
	Dilip	Dr.		9,000
	Stock A/c	Dr.		25,000
	To Gauri				6,000
	To Hema				8,000
	To Bank Loan A/c				30,000
	To Capital A/c				5,08,000
	(Balances brought forward from last year)

1	Purchases A/c [30,000 – 3,000]	Dr.		27,000
	To Mr. Kavare				27,000
	(Goods purchased fromMr. Kavare on Credit at Trade Discount of 10%)

3	CashA/c	Dr.		8,800
	Discount Allowed A/c	Dr.		200
	To Dilip				9,000
	(Amount received in full and final settlement from Dilip)

5	Rent A/c	Dr.		5,000
	To Cash A/c				5,000
	(Rent paid to land lord)

7	Eknath	Dr.		15,000
	To Sales A/c				15,000
	(Goods sold to Eknath on credit)

9	Advertisement A/c	Dr.		250
	To Purchases A/c				250
	(Goods distributed as Free Samples)

12	Drawings A/c	Dr.		5,000
	To Cash A/c				5,000
	(Cash withdrawn for personal use)

15	Cash A/c	Dr.		14,250
	Discount allowed A/c			750
	To Eknath				15,000
	(Cash received from Mr. Eknath after getting 5% discount)

20	Proprietor’s Current A/c			1,000
	To Interest on Loan A/c				1,000
	(Interest on loan debited to current account of proprietor)

23	Hema	Dr.		8,000
	To Bank A/c				7,900
	To Discount Received A/c				100
	(Amount paid to Hema in full and final settlement of her account)

25	Purchases A/c (10,000-500)	Dr.		9,500
	To Cash A/c				9,500
	(Cash purchases)

28	Maruti Van A/c	Dr.		1,75,000
	To Bank A/c				1,75,000
	(Maruti Van Purchased, amount paid through cheque)

30	Commission A/c	Dr.		7,000
	To Bank A/c				7,000
	(Commission paid through cheque)