Question

Prepare the ledger accounts on the basis of following transactions in the books of a trader. Debit Balances on January 1, 2015: Cash in Hand INR. 8,000, Cash at Bank INR. 25,000, inventory of Goods INR. 20,000, Building INR. 10,000. Trade receivables: Vijay INR. 2,000 and Madhu INR. 2,000. Credit Balances on January 1, 2015: Trade payables: Anand INR 5,000, Capital `INR 55,000 Following were further transactions in the month of January, 2015: (all figures in INR.) Jan. 1 Purchased goods worth 5,000 (payable at later date) for cash less 20% trade discount and 5% cash discount. Jan. 4 Received 1,980 from Vijay and allowed him 20 as discount. Jan. 8 Purchased plant from Mukesh for 5,000 and paid 100 as cartage for bringing the plant to the factory and another 200 as installation charges. Jan. 12 Sold goods to Rahim on credit `600. Jan. 15 Rahim became insolvent and could pay only 50 paise in a rupee. Jan. 18 Sold goods to Ram for cash `1,000.

Answer 1

Answer:

Explanation:

 CASH ACCOUNT

To balance b/d  8000

To Vijay                1980

To Rahim               300

To Sales A/c      1000

Total                 11280

To balance b/d    7180

By purchase A/c   3800

By  Plant A/c 300

By Balance 7180

Total          11230

Answer 2

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