Journalise the following transactions in the books of Virat traders, open necessary ledger accounts, balance
the accounts and prepare a Trial Balance as on 31st March 2019
2019 March
1 Virat started business with Cash Rs.50,000, Cash at Bank of India Rs.7,000, Furniture Rs.10,000.
3 Purchased goods from Rohit worth Rs.10,000 less 10% T.D.
7 Sold goods to Sunil Rs.5,000 less 5% T.D.
10 Deposited Cash with Bank of India Rs.5,000.
12 Purchased Furniture from Varma on credit worth Rs.20,000.
15 Paid to Varma by net banking Rs.8,000.
17 Paid Printing expenses Rs.200.
20 Received Commission Rs.200.
25 Withdrew Cash from Bank Rs.1,000 by ATM
28 Paid to Varma Rs.11,500 in full settlement of his account.
30 Paid Advertisement bill Rs.500.
Answers
JOURNAL ENTRIES IN THE BOOKS OF VIRAT TRADERS
1 March 2019
Cash A/C Dr 50,000
Cash at Bank A/C Dr 7,000
Furniture A/C Dr 10,000
To Capital A/C 67,000
( Being started business with cash , cash at bank, furniture )
3 March 2019
Purchase A/C Dr 9,000
To Cash A/C 9,000
( Being goods purchased and avail 10% trade discount and trade discount is not shown in the books of account)
7 March 2019
Cash A/C Dr 4,750
To Sales A/C 4,750
(Being goods sold and given 5% trade discount )
10 March 2019
Cash at Bank A/C Dr 5,000
To Cash A/C 5,000
( Being cash deposited in the bank )
12 March 2019
Furniture A/C Dr 20,000
To Verma A/C 20,000
( Being furniture purchased on credit )
15 March 2019
Verma A/C Dr 8,000
To Bank A/C Dr 8,000
( Being amount paid through bank)
17 March 2019
Printing Expenses A/C Dr 200
To Cash A/C 200
( Being printing expenses paid )
20 March 2019
Cash A/C Dr 200
To Commission A/C Dr 200
( Being commission received )
25 March 2019
Cash A/C Dr 1,000
To Bank A/C Dr 1,000
( Being cash withdrawn from bank account )
28 March 2019
Verma A/C Dr 12,000
To Discount A/C Dr 500
To Cash A/C Dr 11,500
( Being cash paid to Verma for full settlement of his account and discount received )
30 March 2019
Advertisement A/C Dr 500
To Cash A/C Dr 500
( Being advertisement expenses paid )
Answer:
janral entris and ledger