Question

ILLUSTRATION 25.
Journalise the following transactions in the books of Ganesh & Co. :
2017
March 5 Purchased furniture worth 20,000 and tools worth 35,000.
March 10 Opened bank account with Dena Bank 35,000.
March 12 Banked (Cash sent to Bank) 1,00,000.
March 16 Withdrawn from bank by Ganesh for personal use 710,000.
March 18 Withdrawn from bank 340,000.
March 22 Bought shares in ‘Colgate Ltd.' for 350,000 and brokerage paid @ 2%. All the
payment is made by cheque.
March 24 Purchased postage 100.
March 25 Paid to Ashok out of business funds for the repair of Ganesh's residential house
34,000.
March 28 Paid electricity bill 31,800 and miscellaneous expenses $120.
March 31 Salaries unpaid 15,000 and rent due to landlord 3,000.
March 31 Provide interest on Capital (2,00,000) @ 8% p.a. from 1st April 2016 to 31st March
2017

Answer 1

(2) Prepare a production budget for the month of March.