Question

After doing MBA Mr.X commenced business of selling bicycles on 1.4.2016 with a capital of Rs.9,00,000. Entire capital deposited into SBI Siliguri Branch. He acquired the following assets through cheque.
Building Rs.3,00,000, Office equipments Rs.50,000
At the end of the year 31st March 2017 the results were:
Purchases of bicycles Rs.5,00,000
Sales of bicycles Rs.8,00,000
Wages Rs.50,000
Salaries Rs.10,000
Advertisement expenses Rs.10,000
Other indirect expenses Rs.20,000
You are required to:
1. Journalise the above transactions, post them into ledger and prepare a trial balance.
2. Prepare trading account, profit and loss account, and balance sheet.

Answer 1

you have to solve it self for better understanding asks for doubt in adjustments or in posting