Enter the following transactions in subsidiary books, post them into Ledge, prepare a Trial Balance and with the help of trial balance prepare trading A/c, profit & loss A/c and Balance sheet.
The following balances existed in Sunil Bros. books on April 1, 2017:
Assets : Cash in hand ₹ 27,500; Bank Balance ₹ 40,000; Debtors : Ashok ₹ 18,000, Bahadur ₹ 25,000, Charu ₹ 30,000; Stock ₹ 1,60,000 and Furniture ₹ 40,000.
Liabilities : Creditors : Dinesh ₹ 20,000 and Ekta ₹ 15,000.
2017
April 1
Cash Sales ₹ 18,000.
2
Deposited into Bank ₹ 20,000.
3
Purchased from Dinesh :
300 metres Cotton @ ₹ 60 per metre
200 metres Silk @ ₹ 100 per metre
5
Cheque issued to Dinesh for ₹ 25,000.
6
Accepted a bill at one month for ₹ 15,000 drawn by Dinesh.
8
Sold to Ashok :
400 metres Cotton @ ₹ 80 per metre
250 metres Silk @ ₹ 140 per metre
10
Returned by Ashok 50 metres Silk.
12
Received Cash ₹ 8,000 and a Cheque for ₹ 40,000 from Ashok. Cheque was immediately sent to Bank.
13
Received a B/R from Bahadur for ₹ 20,000 at one month.
15
Accepted a bill at two months drawn by Ekta for the amount due to her.
16
Purchased a Computer for office use from Shiva Ltd. for ₹ 45,000 on Credit.
18
Cash purchases ₹ 10,000.
19
Received full payment from Charu by cheque, sent it to Bank. Discount allowed 2%.
20
Issued a cheque to Dinesh in full payment of his account after deducting 1% discount.
22
Settled the account of Shiva Ltd. by a cheque.
24
Proprietor took away goods worth ₹ 5,000 and Cash ₹ 6,000.
25
Purchased from Ganesh 200 metres Cotton @ ₹ 70 per metre subject to trade discount of 5%.
27
Paid Rent ₹ 3,000 and Salaries ₹ 8,000.
30
Interest allowed by bank ₹ 600.
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