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    Assignment Journal and Ledgers

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    Adil Khan Lodhi
    The document lists multiple transactions from October 1-20 for Neel's business including starting the business with capital, purchases and sales of goods, returns, loans taken and repaid, expenses paid, and interest received. Similarly, it provides transactions from July 1-20 for Ramu's business including starting capital, purchases and sales, returns, fixed asset purchases, payments made and received. Finally, it lists transactions from August 10-30 for Moon's business including starting capital, bank transactions, purchases and sales, expenses paid, loans taken and repaid, salary paid, and equipment sold.

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    Assignment Journal and Ledgers

    Uploaded by

    Adil Khan Lodhi
    352 views5 pages
    The document lists multiple transactions from October 1-20 for Neel's business including starting the business with capital, purchases and sales of goods, returns, loans taken and repaid, expenses paid, and interest received. Similarly, it provides transactions from July 1-20 for Ramu's business including starting capital, purchases and sales, returns, fixed asset purchases, payments made and received. Finally, it lists transactions from August 10-30 for Moon's business including starting capital, bank transactions, purchases and sales, expenses paid, loans taken and repaid, salary paid, and equipment sold.

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    Assignment Journal and ledgers

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    The document lists multiple transactions from October 1-20 for Neel's business including starting the business with capital, purchases and sales of goods, returns, loans taken and repaid, expenses paid, and interest received. Similarly, it provides transactions from July 1-20 for Ramu's business including starting capital, purchases and sales, returns, fixed asset purchases, payments made and received. Finally, it lists transactions from August 10-30 for Moon's business including starting capital, bank transactions, purchases and sales, expenses paid, loans taken and repaid, salary paid, and equipment sold.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    352 views5 pages

    Assignment Journal and Ledgers

    Uploaded by

    Adil Khan Lodhi
    The document lists multiple transactions from October 1-20 for Neel's business including starting the business with capital, purchases and sales of goods, returns, loans taken and repaid, expenses paid, and interest received. Similarly, it provides transactions from July 1-20 for Ramu's business including starting capital, purchases and sales, returns, fixed asset purchases, payments made and received. Finally, it lists transactions from August 10-30 for Moon's business including starting capital, bank transactions, purchases and sales, expenses paid, loans taken and repaid, salary paid, and equipment sold.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 5
    At a glance
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    The passages provide examples of business transactions that are recorded in journals and posted to ledgers. This helps track the financial activities and position of a business over time.

    Page 1 records transactions for Neel's business from Oct 1-20. Page 2 records transactions for Ramu's business in July. Page 3 records Moon's transactions from Aug 10-30. Page 4 continues the transactions for Problem 4.

    Recording transactions in journals and ledgers allows a business to keep an organized record of financial activities. This helps monitor cash flows, calculate profits and losses, and determine assets and liabilities over time.

    Problem : 1

    Record the following transactions in the Journal and post them into ledgers.
    Oct 1st : Neel started business with a capital of 80,000
    3rd : Bought goods from Karl on credit 20,000
    4th : Sold goods to Tarl 25,000
    5th : Cash purchases 25,000
    7th : Cash sales 15,000
    9th : Goods retuned to Karl 2,000
    10th : Bought furniture for 15,000
    11th : Cash paid to Karl 12,000
    12th : Goods returned by Tarl 3,000
    14th : Goods taken by Neel for personal use 3,000
    15th : Cash received from Tarl 12,000
    16th : Took loan from Parl 30,000
    17th : Salary paid 5,000
    18th : Bought stationery for 1,000
    19th : Amount paid to Parl on loan account 18,000
    20th : Interest received 4,000
    Problem : 2
    Mr. Ramu has the following transactions in the month of July.

    Record them into the journal and post in the ledger and balance the accounts.

    July 1st : Ramu started business with a capital of 75,000


    1st : Purchased goods from Manu on credit 25,000
    2nd : Sold goods to Sonu 20,000
    3rd : Purchased goods from Meenu for cash 15,000
    4th : Sold goods to Tanu for cash 16,000
    5th : Goods retuned to Manu 2,000
    6th : Bought furniture for 15,000
    7th : Bought goods from Zenu 12,000
    8th : Cash paid to Manu 10,000
    9th : Sold goods to Jane 13,500
    10th : Goods returned from Sonu 3,000
    11th : Cash received from Jane 5,500
    12th : Goods taken by Ramu for domestic use 3,000
    13th : Returned Goods to Zenu 1,000
    14th : Cash received from Sonu 12,000
    15th : Bought machinery for 18,000
    16th : Sold part of the furniture for 1,000
    17th : Cash paid for the purchase of bicycle for Ramu's son 1,500
    19th : Cash sales 15,000
    20th : Cash purchases 13,500
    Problem : 3
    Journalise the following transactions in the books of Moon and post them into the ledger for the
    month of August

    Aug 10th : Moon commenced business with a capital of 1,50,000


    11th : Cash deposited into bank 50,000
    12th : Bought equipment for 15,000
    13th : Bought goods worth 20,000 from Star and payment made by cheque
    14th : Sold goods to Sun for 15,000 and payment received through cheque
    16th : Paid rent by cheque 5,000
    17th : Took loan from Mr. Storm 25,000
    18th : Received commission from Mr. Air by cheque 5,000
    19th : Wages paid 15,000
    20th : Withdrew from bank for personal use 3,000
    21st : Withdrew from bank for office use 10,000
    22nd : Bought goods for 25,000
    23rd : Cash paid into bank 30,000
    24th : Interest paid through cheque 2,000
    25th : Gave loan to Mr.Wind 10,000
    26th : Amount paid to Mr. Storm on loan account 15,000
    27th : Salary paid to Manager Mr. Liquid 5,000
    28th : Postage paid 1,000
    29th : Received cheque from Mr. Wind on loan account 3,000
    30th : Sold part of the equipment for 2,000
    Problem : 4
    Enter the following transactions in the Journal and post them into ledgers.
    Nov 10th : Mr. Roy started business with 60,000
    11th : Bought furniture from Modern Furniture for 10,000
    12th : Purchased goods for cash 15,000
    13th : Purchased goods from B. Sen & Co for 30,000
    14th : Opened a bank account by depositing 16,000
    16th : Sold goods for cash 15,000
    17th : Purchased stationery for 1000 from Bharat Stationery Mart
    18th : Sold goods to Zahir Khan for 10,000
    19th : Bought machinery for 6,000 and payment made by cheque
    20th : Goods returned by Zahir Khan for 2,000
    21st : Payment to B.Sen & Co by cheque 5,000
    22nd : Withdrew from bank for personal use 3,000
    23rd : Interest paid through cheque 2,000
    24th : Withdrew from bank for office expenses 10,000
    26th : Cheque received from Zahir Khan 5,000
    27th : Paid electricity bill for 100
    29th : Cash sales for 6,000
    30th : Commission received by cheque 5,000

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