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Financial Statements

The document outlines financial statements including journal entries, ledger accounts, and a trial balance. It details transactions affecting cash, bank, purchases, sales, and various expenses, culminating in a trial balance that summarizes the financial position. Key figures include total sales of 65,000 INR, total expenses of 30,500 INR, and a closing stock of 18,000 INR.

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ron425652
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11 views2 pages

Financial Statements

The document outlines financial statements including journal entries, ledger accounts, and a trial balance. It details transactions affecting cash, bank, purchases, sales, and various expenses, culminating in a trial balance that summarizes the financial position. Key figures include total sales of 65,000 INR, total expenses of 30,500 INR, and a closing stock of 18,000 INR.

Uploaded by

ron425652
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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Financial Statements

Journal Entries

Cash A/c Dr 100000 To Capital A/c 100000


Bank A/c Dr 50000 To Cash A/c 50000
Purchase A/c Dr 20000 To Cash A/c 20000
Purchase A/c Dr 30000 To XYZ Ltd. 30000
Cash A/c Dr 40000 To Sales A/c 40000
ABC Ltd. Dr 25000 To Sales A/c 25000
Rent A/c Dr 5000 To Cash A/c 5000
Salaries A/c Dr 10000 To Cash A/c 10000
Furniture A/c Dr 15000 To Cash A/c 15000
Transportation A/c Dr 2000 To Cash A/c 2000
Cash A/c Dr 3000 To Commission A/c 3000
Electricity A/c Dr 1200 To Cash A/c 1200
Drawings A/c Dr 5000 To Cash A/c 5000
XYZ Ltd. Dr 20000 To Cash A/c 20000
Cash A/c Dr 10000 To ABC Ltd. 10000
Bank Loan A/c Dr 50000 To Bank A/c 50000
Insurance A/c Dr 2500 To Cash A/c 2500
Stationery A/c Dr 800 To Cash A/c 800
Interest A/c Dr 3000 To Cash A/c 3000
Closing Stock A/c Dr 18000 To Trading A/c 18000

Ledger Accounts (Summarized)

Cash A/c: Opening: 100000, +Sales 40000, +Loan 50000, -Purchases 20000, -Expenses 30500, -Drawings 5000
Bank A/c: Opening: 50000, +Loan 50000, -Withdrawn 50000
Purchase A/c: Total Purchases: 50000
Sales A/c: Total Sales: 65000
XYZ Ltd.: Opening: 30000, Paid: 20000, Balance: 10000
ABC Ltd.: Opening: 25000, Received: 10000, Balance: 15000
Expenses: Total Expenses: 30500
Closing Stock: 18000

Trial Balance

Account Debit (INR) Credit (INR)


Cash A/c 49500
Bank A/c 50000
Purchases A/c 50000
Sales A/c 65000
XYZ Ltd. 10000
ABC Ltd. 15000
Expenses 30500
Closing Stock 18000
Capital 100000
Loan A/c 50000

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