Question

Mr Amit Kapoor started his business under the name of Amit Groups & Sons, at Andheri Road, Mumbai, on April 1, 2010, to deal in stationery items. He introduced Rs. 5,00,000 as capital out of which Rs. 2,00,000 was in cash and balance by cheque. Enclosed herewith are the original papers relating to his business transactions for the month of April, 2010.
Transaction 1
Amit deposited Rs. 3 lacs in his Axis Bank account.
Transaction 2

Oberoi & Co.
Furniture, Mount Road, Mumbai M/s Amit Groups & Sons, Mumbai
Bill No. 750 2ndApril, 2010
S.No. Particulars Quantity Rate Amount
1.
2.
3.
4. Chairs Shelves Tables Show case 10
15
10
5 300
1,000
500
5,000 3,000
15,000
5,000
25,000

Less:10% Net Amt. 48,000
4,800
43,200
Rupees Forty Three Thousand Two Hundred Only
E. & O. EFor Oberoi & Co.

Transaction 3

Stationery Mart Navi Mumbai
Cash Memo (Original)
M/s Amit Groups & Sons, Mumbai 3rdApril, 2010
Particulars Amt.
100 Packets of Pencil @ Rs.10 each 1,000


100 Packets of Erasers @ Rs.20 each 2,000
50 Packets of Registers @ Rs.240 each 12,000
100 Packets of Stickers @ Rs.10 each 1,000
Rupees Sixteen Thousand Only 16,000
Received by cheque No. 12345 on Axis Bank, Chennai
For Stationery Mart
Transaction 4

R.Kumar & Bros.
Dealers in Office Equipment Central Mumbai
Cash Memo (Original)
M/s Amit Group & Sons, Mumbai


5thApril,2010
Particulars Amt.(Rs.)
One Computer & Printer 40,000
One Camera 15,000
Rupees Fifty Five Thousand Only 55,000
Received in full vide Cheque No. 12346 on Axis Bank, Mumbai
For R.Kumar & Bros.

Transaction 5

Naveen Trading Co.
134, Abid Road, Hyderabad
Invoice No. 231
M/s Amit Group & Sons, Mumbai 5thApril,2010
Particulars Amt. (Rs.)
50 files cover @ Rs.10 per piece 500
200 packets of stickers @ Rs.10 each 2,000
2,500
Less: 10% Discount 250
Rupees Two Thousand and Two Hundred Fifty Only 2,250
E.& O.E For Naveen Trading Co.

Transaction 6

Amit Group & Sons Andheri Road, Mumbai Cash Memo

6th April, 2010
Particulars Amt. (Rs.)
300 Pieces of chart paper @ Rs. 5/piece 1,500
Less: Cash discount 100
Rupees Fourteen Hundred only 1,400
Received vide Cheque No. 481325 on SBI









Transaction 7
On 7th April,2010
Name plates were purchased & engraving charges Rs. 1,250 paid in cash.


Transaction 8
On 8th April, 2010
Cash paid Rs. 2,500 for advertisement in newspaper.


Transaction 9

Amit Group Andheri Road, Mumbai
M/s Narayan & Sons, Chennai Invoice No.1
Order No.48 9th April, 2010
Particulars Amt. (Rs.)
400 Pieces of charts @Rs. 5/piece 200 Packets of pens @Rs 20/packet
50 Packets of scissors @ Rs. 30/packet
Rupees Seven Thousand Five Hundred Only 2,000
4,000
1,500
7,500
E. & O. E.For Amit Group & Sons

Transaction 10








Transaction 11

Amit Group & Sons Sayaji Road, Chennai
M/s Sawan Brothers, Mumbai
Series No. 72
Invoice No. 2
11th April 2010
Particulars Amt. (Rs.)
50 books of English @ Rs. 100 each 5,000
Less Trade Discount 500
Rupees Four Thousand Five Hundred only 4,500
Goods sent by Transport
For Amit Group & Sons

Transaction 12
Received Rs. 5000 as part payment against Bill no. 1, dated April 9, 2010, vide cheque no. 48257 on The Canara Bank, Mumbai


Transaction 13

Naveen Trading Co.
134, Abid Road, Hyderabad M/s Amit Group & Sons,Invoice no. 287
Andheri Road, Mumbai 13th April, 2010
Order No. 25
Particulars Amt. (Rs.)
80 books of Hindi @ Rs. 200 each
Rupees Sixteen Thousand only 16,000
16,000
E. & O. E.For Naveen Trading & Co.

Transaction 14
On April 14, 2010
Carriage Paid Rs. 150 for unloading goods at shed and transportation to godown and payment made in cash.







Transaction 15

Rama & Sons Santa Cruz, Mumbai
Cash Memo (Duplicate) 15thApril, 2010
Particulars Amt. (Rs.)
50 sets of Gel Pens @ Rs. 20 each
Rupees One Thousand only
Received Cash 1,000
1,000
For Rama& Sons

Transaction 16



In addition to the above, allowed M/s Sawan Brothers a discount of Rs. 100.


Transaction 17
On April 24, 2010
Mr Amit withdrew Rs. 2000 from bank account for personal uses vide cheque no. 12348.


Transaction 18
On April 25, 2010

Premium paid Rs. 1000 for fire insurance for the year by cheque no. 12349.




Transaction 19



Transaction 20
On 30th April, 2010
Amount paid by cheque no. 12350, Rs. 2500 for printing of receipt books, cash memos and letterheads.


Transaction 21
On 30th April 2010
Salary of Rs. 5000 paid to salesman for the month of April, by cheque numbered 12351.


Event as on 30th April, 2010
Inventory was counted and valued Rs. 50,000.


Prepare vouchers for each financial transaction and then enter the transactions in the journal, post them into ledger, balance the accounts, draw up a trial balance and prepare the final accounts.

Answer 1

Answer:

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