PLEASE DO AS FAST AS POSSIBLE! THE ONE WHO ANSWERS ALL OF THEM I WILL MARK BRAINLIEST
Prepare Journal, Ledger and Trial Balance
Comprehensive Project (Including GST)
Keshav, a boy from Jaipur District of Rajasthan belongs from farming background. While he was in his
high school, he realised that the quality of school bags, shoes and stationery etc. was not so good and
expensive too. He then completed his Graduation in commerce and decided to start a sole
proprietorship business of providing high quality school bags, shoes and stationery etc., as their need
is rising at a rapid pace.
He found some good wholesaler and retailers in this field. Keshav suggested his father to start a sole
proprietorship business of selling stationery (which includes low cost school uniforms, school bag,
school shoes, stationery and books etc.). For this purpose, he took Rs.15,00,000 from his father on 1
st
April 2018 and started the business on the same day. He opened a bank account with ICICI bank by
depositing Rs.40,000.
On 2nd April 2018 he took loan from ICICI Bank worth Rs.5,00,000 for business @ 8% p.a. interest.
Following transactions took place during process:
• Purchased goods in cash Rs.50,000 and on credit Rs.30,000 from Ramesh Traders plus GST
12% (within the state).
• Purchase stationery for office use Rs.1,000 plus GST 12%.
• Building purchased for office use Rs.8,00,000.
• Sold goods in cash Rs.40,000 (GST 12%).
• Sold goods on credit to Mr. Mohit Rs.10,000 (GST 12%).
• Transportation expenses paid Rs.800.
• Printing machinery purchased from Delhi for Rs.2,00,000 (IGST 18%).
• Cash paid to Ramesh Traders on account Rs.25,000.
• Cash received from Mr. Mohit Rs.8,000 on account.
• Additional capital introduced Rs.1,00,000.
• Purchased furniture for office use Rs.30,000 (GST 18%).
• Cheque received from Mr. Mohit for remaining amount.
• Goods purchased in cash Rs.40,000 (GST 12%).
• Cheque of Mr. Mohit was deposited into bank.
• Cash deposited into bank Rs.50,000.
• Remaining cash paid to Ramesh Traders by cheque.
• Cheque of Mr. Mohit was dishonoured.
• Interest allowed by bank Rs.5,000.
• Goods purchased on credit from Ramesh Traders Rs.60,000 (GST 12%).
• Goods purchased in cash Rs.50,000 (GST 12%).
• Withdrawn from bank for office use Rs.20,000.
• Bank charges Rs.200.
• Goods sold in cash Rs.25,000 (GST 12%).
• Goods sold on credit to Mahesh Traders Rs.20,000 (GST 12%).
• Cash received from Mr. Mohit Rs.2,000.
• Paid cash Rs.40,000 and cheque of Rs.16,000 to Ramesh Traders.
• Interest on bank loan paid Rs.40,000.
• Purchase return Rs.4,000 to Ramesh Traders (GST 12%).
• Sales return Rs.6,000 to Mahesh Traders (GST 12%).
• Computer purchased for office use Rs.20,000 (Plus GST 18%)
• Goods sold in cash Rs.2,00,000 (GST 12%)
• Opened a new office in nearby city and paid Rent Rs.15,000 (which includes advance rent
Rs.5,000).
• Salaries paid Rs.20,000.
Following expenses were made and cash paid by the business:
Personal Expenses: (i) Life insurance premium Rs.2,000
(ii) Income tax paid Rs.10,000
Direct Expenses: (i) Expenses on purchase Rs.5,000
(ii) Other direct expenses Rs.15,000
Indirect Expenses: (i) Selling expenses Rs.20,000 (including advertisement and electricity
expenses)
(ii) Office expenses Rs.10,000 (including Tea expenses, Telephone and internet expenses)
As an accountant you are required to prepare Journal entries, Ledger and Trial Balance.
Answers
Explanation:
PLEASE DO AS FAST AS POSSIBLE! THE ONE WHO ANSWERS ALL OF THEM I WILL MARK BRAINLIEST
Prepare Journal, Ledger and Trial Balance
Comprehensive Project (Including GST)
Keshav, a boy from Jaipur District of Rajasthan belongs from farming background. While he was in his
high school, he realised that the quality of school bags, shoes and stationery etc. was not so good and
expensive too. He then completed his Graduation in commerce and decided to start a sole
proprietorship business of providing high quality school bags, shoes and stationery etc., as their need
is rising at a rapid pace.
He found some good wholesaler and retailers in this field. Keshav suggested his father to start a sole
proprietorship business of selling stationery (which includes low cost school uniforms, school bag,
school shoes, stationery and books etc.). For this purpose, he took Rs.15,00,000 from his father on 1
st
April 2018 and started the business on the same day. He opened a bank account with ICICI bank by
depositing Rs.40,000.
On 2nd April 2018 he took loan from ICICI Bank worth Rs.5,00,000 for business @ 8% p.a. interest.
Following transactions took place during process:
• Purchased goods in cash Rs.50,000 and on credit Rs.30,000 from Ramesh Traders plus GST
12% (within the state).
• Purchase stationery for office use Rs.1,000 plus GST 12%.
• Building purchased for office use Rs.8,00,000.
• Sold goods in cash Rs.40,000 (GST 12%).
• Sold goods on credit to Mr. Mohit Rs.10,000 (GST 12%).
• Transportation expenses paid Rs.800.
• Printing machinery purchased from Delhi for Rs.2,00,000 (IGST 18%).
• Cash paid to Ramesh Traders on account Rs.25,000.
• Cash received from Mr. Mohit Rs.8,000 on account.
• Additional capital introduced Rs.1,00,000.
• Purchased furniture for office use Rs.30,000 (GST 18%).
• Cheque received from Mr. Mohit for remaining amount.
• Goods purchased in cash Rs.40,000 (GST 12%).
• Cheque of Mr. Mohit was deposited into bank.
• Cash deposited into bank Rs.50,000.
• Remaining cash paid to Ramesh Traders by cheque.
• Cheque of Mr. Mohit was dishonoured.
• Interest allowed by bank Rs.5,000.
• Goods purchased on credit from Ramesh Traders Rs.60,000 (GST 12%).
• Goods purchased in cash Rs.50,000 (GST 12%).
• Withdrawn from bank for office use Rs.20,000.
• Bank charges Rs.200.
• Goods sold in cash Rs.25,000 (GST 12%).
• Goods sold on credit to Mahesh Traders Rs.20,000 (GST 12%).
• Cash received from Mr. Mohit Rs.2,000.
• Paid cash Rs.40,000 and cheque of Rs.16,000 to Ramesh Traders.
• Interest on bank loan paid Rs.40,000.
• Purchase return Rs.4,000 to Ramesh Traders (GST 12%).
• Sales return Rs.6,000 to Mahesh Traders (GST 12%).
• Computer purchased for office use Rs.20,000 (Plus GST 18%)
• Goods sold in cash Rs.2,00,000 (GST 12%)
• Opened a new office in nearby city and paid Rent Rs.15,000 (which includes advance rent
Rs.5,000).
• Salaries paid Rs.20,000.
Following expenses were made and cash paid by the business:
Personal Expenses: (i) Life insurance premium Rs.2,000
(ii) Income tax paid Rs.10,000
Direct Expenses: (i) Expenses on purchase Rs.5,000
(ii) Other direct expenses Rs.15,000
Indirect Expenses: (i) Selling expenses Rs.20,000 (including advertisement and electricity
expenses)
(ii) Office expenses Rs.10,000 (including Tea expenses, Telephone and internet expenses)
As an accountant you are required to prepare Journal entries, Ledger and Trial Balance.
Answer:
Keshav, a boy from Jaipur District of Rajasthan belongs from farming background. While he was in his
high school, he realised that the quality of school bags, shoes and stationery etc. was not so good and
expensive too. He then completed his Graduation in commerce and decided to start a sole
proprietorship business of providing high quality school bags, shoes and stationery etc., as their need
is rising at a rapid pace.
He found some good wholesaler and retailers in this field. Keshav suggested his father to start a sole
proprietorship business of selling stationery (which includes low cost school uniforms, school bag,
school shoes, stationery and books etc.). For this purpose, he took Rs.15,00,000 from his father on 1
st
April 2018 and started the business on the same day. He opened a bank account with ICICI bank by
depositing Rs.40,000.
On 2nd April 2018 he took loan from ICICI Bank worth Rs.5,00,000 for business @ 8% p.a. interest.
Following transactions took place during process:
• Purchased goods in cash Rs.50,000 and on credit Rs.30,000 from Ramesh Traders plus GST
12% (within the state).
• Purchase stationery for office use Rs.1,000 plus GST 12%.
• Building purchased for office use Rs.8,00,000.
• Sold goods in cash Rs.40,000 (GST 12%).
• Sold goods on credit to Mr. Mohit Rs.10,000 (GST 12%).
• Transportation expenses paid Rs.800.
• Printing machinery purchased from Delhi for Rs.2,00,000 (IGST 18%).
• Cash paid to Ramesh Traders on account Rs.25,000.
• Cash received from Mr. Mohit Rs.8,000 on account.
• Additional capital introduced Rs.1,00,000.
• Purchased furniture for office use Rs.30,000 (GST 18%).
• Cheque received from Mr. Mohit for remaining amount.
• Goods purchased in cash Rs.40,000 (GST 12%).
• Cheque of Mr. Mohit was deposited into bank.
• Cash deposited into bank Rs.50,000.
• Remaining cash paid to Ramesh Traders by cheque.
• Cheque of Mr. Mohit was dishonoured.
• Interest allowed by bank Rs.5,000.
• Goods purchased on credit from Ramesh Traders Rs.60,000 (GST 12%).
• Goods purchased in cash Rs.50,000 (GST 12%).
• Withdrawn from bank for office use Rs.20,000.
• Bank charges Rs.200.
• Goods sold in cash Rs.25,000 (GST 12%).
• Goods sold on credit to Mahesh Traders Rs.20,000 (GST 12%).
• Cash received from Mr. Mohit Rs.2,000.
• Paid cash Rs.40,000 and cheque of Rs.16,000 to Ramesh Traders.
• Interest on bank loan paid Rs.40,000.
• Purchase return Rs.4,000 to Ramesh Traders (GST 12%).
• Sales return Rs.6,000 to Mahesh Traders (GST 12%).
• Computer purchased for office use Rs.20,000 (Plus GST 18%)
• Goods sold in cash Rs.2,00,000 (GST 12%)
• Opened a new office in nearby city and paid Rent Rs.15,000 (which includes advance rent
Rs.5,000).
• Salaries paid Rs.20,000.
Following expenses were made and cash paid by the business:
Personal Expenses: (i) Life insurance premium Rs.2,000
(ii) Income tax paid Rs.10,000
Direct Expenses: (i) Expenses on purchase Rs.5,000
(ii) Other direct expenses Rs.15,000
Indirect Expenses: (i) Selling expenses Rs.20,000 (including advertisement and electricity
expenses)
(ii) Office expenses Rs.10,000 (including Tea expenses, Telephone and internet expenses)
As an accountant you are required to prepare Journal entries, Ledger and Trial Balance.
Explanation: