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Assignment On Journal

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126 views1 page

Assignment On Journal

Uploaded by

casapna
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
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Assignment on Journal

Following balances appeared in the books of Radhika Traders as on 1st January, 2007:Assets: - Cash Rs. 8,000; Cash at Bank Rs. 7,000; Stock Rs. 30,000; Furniture Rs. 5,000; Buildings Rs. 25,000. Debtors: - Mohan Rs. 10,000; Sohan Rs. 12,000; Dinesh Rs. 14,000. Liabilities: - Creditors X Rs. 5,000; Y Rs. 6,000. 2007 Jan. 2 Bought goods of the list price of Rs. 26,000 from Khanna Brothers less 15% trade discount and 2% cash discount and paid 40% price at the same time. Jan. 3 Sold goods to Bhushan of the list price of Rs. 10,000 at trade discount of 10%. Jan. 4 Bhushan returned goods worth Rs. 1,000. Jan. 4 Received from Bhushan Rs. 8,000 in full settlement of his account. Jan. 5 returned goods to Khanna Brothers of the list price of Rs. 2,000. Jan. 6 Cleared the account of Khanna Brothers by paying cash, under a discount of 5%. Jan. 8 Paid for the proprietors Life Insurance Premium Rs. 1,200 which related to next year. Jan. 8 Sold goods to Shiv Parshad of the list price of Rs. 10,000 at a trade discount of 15%. Jan. 9 Shiv Parshad returned goods of the list price of Rs 1,000. and gave a cheque for the balance after deducting 4% cash discount. Jan. 10 The above cheque has been deposited in to the bank. Jan. 11 Received a cheque from Sohan for Rs. 7,800 and allowed him a discount of Rs. 200 Jan. 12 Withdrew from bank For office Rs. 2,000 For private use Rs. 4,000 Jan. 13 Cheque of Sohan returned by the bank as dishonoured. Jan. 15 Dinesh has declared insolvent and a payment of 60 paise in a rupee received from his estate. Jan. 15 paid Income Tax Rs. 2,000 and sales tax Rs. 6,000. Jan. 16 Provide 9% interest on Capital. Jan. 17 Charge interest on drawings Rs. 1,000. Jan. 18 Purchased a machinery for Rs. 1,00,000 and spent Rs. 5,000 on its installation. Payment for machinery was made by cheque and installation expenses were paid in cash. Jan. 19 Paid Rs. 500 for repairing some other machinery. Jan. 20 Purchased land for Rs. 2,00,000 and paid 1% as brokerage and Rs. 15,000 as registration charges on it. Jan. 22 Wages due to labourers Rs. 2,000 and salary due to the clerk Rs. 3,000. Jan. 23 Goods worth Rs. 5,000 were destroyed by fire. Jan. 24 Received Rs. 100 from sale of old news paper and Rs. 50 from sale of old chairs. Jan. 25 Received cash from a debtor written off as bad-bebts last year Rs. 2000. Jan. 26 Paid rent of building Rs. 600. Half the building is used by the proprietor for residential purposes. Jan. 27 Goods destroyed by fire : Cost Price Rs. 4,000, Sale price Rs. 5,000. Jan. 29 provide 20% depreciation on machinery purchased on 18th Jan. Compiled By:CA Sapna Jain M.No. 9873255704

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