TOPIC: Based on the case study given to you, identify the financial transactions, Journalise them, open Ledger accounts, post these transactions into respective ledgers and prepare Trial Balance (Ensure the Trial Balance Tallies) Case Study 3 Pretty decided to start a computer spare parts business. For this purpose on Aug 01st,2020 she invested ₹1,00,000 in this business. She paid ₹40,000 into the bank on Aug 2nd. On Aug 4th goods was purchased from Laasya for ₹ 20,000 Furniture was purchased on Aug 6th – ₹ 2,000 On Aug 10th , a computer was purchased through cheque ₹ 13,000. Pretty sold goods for cash ₹4,000 on Aug 12th. On Aug 20th , goods were sold to Vishnu for ₹ 10000 and received a cheque of ₹9,750 on Aug 23rd in full settlement. Aug 22nd, ₹ 5000 rent was paid for the building by cheque and half of the building was used by the proprietor for residential purpose Electricity charges was paid on Aug 24th ₹ 1000 An amount of ₹6000 was paid to Laasya on Aug 26th and a commission of ₹ 3000 was received on Aug 28th . Goods were sold for ₹ 7000 on Aug 29th ,₹ 1500 wages were paid to workers and goods were taken worth ₹ 2000 for personal use on Aug 31st . You are required to journalise the transactions, post them to ledger and prepare a Trial Balance.
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A ledger (general ledger) is the complete collection of all the accounts and transactions of a company. The ledger may be in loose-leaf form, in a bound volume, or in computer memory. The chart of accounts is a listing of the titles and numbers of all the accounts in the ledger. The chart of accounts can be compared to a table of contents. The groups of accounts usually appear in this order: assets, liabilities, equity, dividends, revenues, and expenses. Think of the chart of accounts as a table of contents of a textbook. It provides direction as to what exactly will be found in the financial statement preparation
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