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Home/Questions/Q 60795
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Maneet Kaur
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Can you show 30 transactions of journal, ledger, trial balance, and financial statements?

30 transactionsfinancial statementsjournalledgertrial balance
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    1. This answer was edited.

      Yes.

      Let’s take a set of transactions and prepare all the requisite information asked.

      Following are the transactions for the period April 20×1 to March 20×2 in the books of Michael Traders

      1-AprMichael started business with cash 600,000, cash at Bank of America 700,000, furniture 200,000.
      1-AprPurchased Plant & Machinery worth 250,000 by cheque.
      25-AprPurchased goods from ABC Ltd worth 800,000 @10% trade discount.
      5-MayCash Sales 1,000,000 @5% trade discount to XYZ Traders
      15-MayDeposited cash with Bank of America 500,000.
      5-JunPaid ABC Ltd 300,000 in cash.
      10-JunReceived commission 75,000 by cheque.
      25-JunCash Purchases 250,000.
      5-JulSold goods to XYZ Traders 475,000.
      15-JulReceived 275,000 by cheque from XYZ Traders.
      5-AugLoan taken from Bank of America 200,000
      25-AugPurchased goods from ABC Ltd 50,000.
      27-AugWithdrew cash from bank 10,000.
      5-SepReceived commission 55,000 in cash.
      10-SepPaid ABC Ltd 70,000 by cheque.
      20-SepReceived 90,000 in cash from XYZ Traders.
      1-OctBank loan repaid 50,000.
      25-OctCash Purchases 25,000.
      5-NovSold goods to XYZ Traders 47,000.
      15-NovWithdrew cash from bank 15,000.
      5-DecReceived interest from bank 5,000.
      25-DecPurchased goods from ABC Ltd 75,000.
      5-JanCash Sales 100,000.
      15-JanDeposited cash with Bank of America 35,000.
      25-FebCash Purchases 450,000.
      28-FebOffice was taken on rent in the month of Feb. Office rent paid in cash 50,000.
      28-FebEmployees were hired in the month of Feb. Paid salary by cheque 30,000 & cash 30,000 for the month of Feb 20×2.
      5-MarSold goods to XYZ Traders 675,000.
      31-MarPaid office rent by cheque 50,000.
      31-MarPaid salary in cash 30,000 for the month of March 20×2.

      You are required to:
      (i) Journalize the above transactions and post them in Ledgers and prepare a Trial Balance.

      (ii) Prepare Trading A/c, Profit & Loss A/c and Balance Sheet taking into consideration:
      1. Closing Stock as on 31st March 20×2 is 200,000.
      2. Salary outstanding for the month of March 20×2 is 30,000.
      3. [email protected]% to be charged on Furniture & Fixtures and @15% on Plant & Machinery.

      1. Journal Entries

      April & May Journal

      June-Aug Journal

      Sep-Nov Journal

      Dec-Jan Journal

      Feb-March Journal

      2. Ledgers

      Ledger-Micheal Capital A/c

      Ledger-Purchases & Sales A/c

      Ledger-Furniture A/c & Plant & Machinery A/c

      Ledger-Creditor & Debtor A/c

      Ledger-Bank Loan A/c

      Ledger-Salary & Office Rent A/c

      Ledger-Interest & Commission received A/c

      Ledger-Cash A/c

      Ledger-Bank of America A/c

      3. Trial Balance

      Trial Balance

      4. Trading A/c & Profit and Loss A/c

      Trading A/c and Profit & Loss A/c

      5. Balance Sheet

      Balance Sheet

      An excel sheet of the entire transactions along with the requisite information asked has been attached for your reference.

      30-transactions-of-Journal-Ledger-Trial-Balance-Financial-Statements

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