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.

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