Illustration 1. Enter the following transactions in the book of John, post them into the respective 'T' accounts.
2007
March 1 Started business by introducing Capital in Cash Rs.2,40,000
March 2 Opened bank account with ICICI Bank Rs.1,00,000
March 3 Purchased computer for office Rs. 40,000
March 4 Purchased office furniture Rs. 20,000
March 5 Purchased goods Rs. 50,000
March 7 Purchased goods of list price Rs. 20,000 at 10% trade Discount.
March 15 Sold Goods for Cash Rs. 30,000
March 18 Sold goods of the list price of Rs. 15,000 at 5% trade discount.
March 25 Paid wages Rs. 1,000
March 26 Sold goods Rs. 2,000
March 29 Sold goods Rs. 5,000
March 31 Paid- Rent Rs. 5,000
March 31 Salary Rs. 5,000
March 31 Withdrew Cash for office use Rs. 7,000
IIlustration 1. Journalise the following transactions in the books of Subash and post into respective 'T' accounts:
2007
April 1. Started business with Cash Rs. 7,00,000, Furniture worth Rs. 1,00,000 and Machinery
worth Rs. 2,00,000.
” 2. Deposited Rs. 3,00,000 in bank.
” 3. Purchased goods from Vikram for Rs. 15,000 and from Sharma for Rs. 7,500.
” 4. Goods returned to Sharma worth Rs. 1000 since the same were not as per the sample.
” 5. Sold goods for cash worth Rs. 8,000.
” 6. Sold goods to Kiran worth Rs. 8,900.
” 7. Damanged goods returned by Kiran worth Rs. 900.
” 8. Purchased goods at list price for Rs. 18,000 from Rao at a trade discount of 10%.
” 9. Sold goods at list price of Rs. 6,000 to Sunil at a trade discount of 5%.
” 10. Received Rs. 6,000 from Kiran on account.
” 11. Paid to Vikram by cheque Rs. 14,900 and he allowed discount of Rs. 100.
‘ 12. Paid to Sharma Rs. 6450 in full settlement of his account.
” 13. Paid for repair of furniture Rs. 700.
” 14. Paid for insurance of machinery Rs.1,000.
” 15. Sold goods for Cash worth Rs. 3,400.
” 16. Purchased goods from Hari for Rs. 13,500.
” 17. Received from Sunil the full amount due to him.
” 19. Paid wages Rs. 3,400.
” 20. Withdrew cash for personal use Rs. 5,000.
” 21. Depisited cash into bank Rs. 1,50,000.
” 22. Paid to Hari Rs. 10,000 on account.
” 23. Paid for petty expenses Rs. 200.
” 24. Paid trade expenses of Rs. 800.
” 25. Paid commission Rs. 1,200.
” 26. Withdrew goods of the cost price of Rs. 900 for personal use.
” 27. Withdrew cash from bank Rs. 5,000.
” 28. Purchased goods for cash Rs. 17,000.
” 29. Sold goods for cash Rs. 13,500.
” 30. Paid rent of Rs. 10,000 and salary, Rs. 28,000.
