1.
On January 1, 2018 the balance of Tanali Traders stood as follows:
Cash in hand Rs. 2,000; Cash at bank Rs. 12,300; Stock in trade Rs.51,700;
Furniture Rs. 8,200; Debtors Rs. 6,600 (Shyam Rs. 3,500, Shanker Rs. 2,600,
Laxman Rs. 500); Creditors Rs. 7,100 (Reddy & Co. Rs. 3,020, Kishore Rs.
4,080); Capital Rs. 73,700.
Their transactions during the month of January were as follows:
2018
Rs.
Jan. 1 Borrowed from Globe Finance Co
10,000
2
Bought goods for cash
2,300 C
.2 Purchased from Reddy & Co
5,500
3
Paid into bank
9,000
co
5 Received cheque from Shyam
3,500
CG
6
Sold goods for cash
1,2000
co
7 Sold to Shanker
8,700
66
8 Paid Kishore by cheque
2,000
Discount received
100
co
9
Received cheque from Shanker on account
5,000
66
9
Received credit note from Reddy & Co. for goods
returned to them
380
66
10 Sold goods to Thomas
10,000
66
10 Drew cash from the bank
1,000
“. 12 Purchased postage stamps
300 €
64
14 Bought of Bose & Sons
9,300
16 Paid Globe Finance & Co. by cheque in part payment of loan 5,000
66
66
17 Received cash from Laxman
500 0
GG
21 Paid Reddy & Co. by cheque
6,000
66
23 Carriage paid
100
66
24 Withdrew cash for private expenses
1,500
28 Paid salaries in cash
800
500
30 Rent due to landlord
CG
600
31 Purchased furniture on credit from Joseph
66
100
26
31 Paid interest to Globe Finance Co.
Answers
Answer:
141Exercises1.On January 1, 2018 the balance of Tanali Traders stood as follows:Cash in hand Rs. 2,000; Cash at bank Rs. 12,300; Stock in trade Rs. 51,700;Furniture Rs. 8,200; Debtors Rs. 6,600 (Shyam Rs. 3,500, Shanker Rs. 2,600,Laxman Rs. 500); Creditors Rs. 7,100 (Reddy & Co. Rs. 3,020, Kishore Rs.4,080); Capital Rs. 73,700.Their transactions during the month of January were as follows:2018Rs.Jan.1Borrowed from Globe Finance Co10,000“2Bought goods for cash2,300“2Purchased from Reddy & Co5,500“3Paid into bank9,000“5Received cheque from Shyam3,500“6Sold goods for cash1,200“7Sold to Shanker8,700“8Paid Kishore by cheque2,000Discount received100“9Received cheque from Shanker on account5,000“9Received credit note from Reddy & Co. for goodsreturned to them380“10Sold goods to Thomas10,000“10Drew cash from the bank1,000“12Purchased postage stamps300“14Bought of Bose & Sons9,300“16Paid Globe Finance & Co. by cheque in part payment of loan5,000“17Received cash from Laxman500“21Paid Reddy & Co. by cheque6,000“23Carriage paid100“24Withdrew cash for private expenses1,500“28Paid salaries in cash800“30Rent due to landlord500“31Purchased furniture on credit from Joseph600“31Paid interest to Globe Finance Co.100