Prepare journal entries, post them leger, and draft a trial balance. From this trial balance prepare Trading A/c , profit and loss account,
and a balance sheet. Also suggest two ways in which the firm can increase its profits.
2019 April
1. Irvin Jacob started business with cash ₹1,50,000, Macine ₹10,000 and Goods ₹1,20,000.
4. Sold goods to Partap of the list price of ₹20,000 at trade discount of 8%.
5. Partap returned goods of list price of ₹2,000.
10 Received from Partap 16,000 in full settlement of his account.
15 Purchased furniture for 12,000.
16 Purchased goods from Sahdev of the list price of ₹50,000 at 12% Trade Discount. .
17 Purchased building for ₹1,00,000, only half payment made in cash.
18 Returned goods to Sahdev of the list price of ₹4, 000.
20 Cleared the account of Sahdev by paying cash at a discount of 5%.
21: Sold goods to Aakriti ₹20,000 and Shikha ₹32,000.
24 Received cash from Aakriti ₹19,600 in full settlement of her account. Paid insurance premium ₹1,900.
25. Paid ₹2,400 for insurance premium for proprietor.
26 Purchased goods for ₹16,000 for cash at a trade discount of 10% and cash discount of 2%.
27 Received full payment from Shikha at a discount of 5% in full settlement of her account.
28 Paid for advertisement ₹2,000, salaries ₹8,000 and rent ₹1,600.
30 – Received Commission ₹21,000
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