MAGNET COMPUTER CLASSES

I. Record the following transactions in the books of “M/s Albert & Brothers”.
1.      Albert starts business with Rs. 50,000.
2.      He opens a SBI saving bank account and deposits Rs. 20,000.
3.      Bought furniture for Rs. 5,000, machinery for Rs. 10,000.
4.      Purchased goods for Rs. 14,000.
5.      Sold goods for Rs.8, 000.
6.      Purchased goods from Malhotra & Company for Rs. 11,000.
7.      Paid telephone rent for the year by Cheque Rs. 500
8.      Bought one typewriter for Rs. 2,100 from ‘Universal Typewriter Co’. on credit.
9.      Sold goods to Keshav Ram for Rs. 12,000.
10.  Sold goods to Rajesh Kumar for Rs. 2000 cash.
11.  Amount withdrawn from bank for personal use Rs. 1,500.
12.  Received cash from Keshav Ram Rs. 11,900 and discount allowed Rs. 100.
13.  Paid into bank Rs. 5,800.
14.  Bought 50 shares in X Y & Co. Ltd. At Rs.60 per share, brokerage paid Rs. 20.
15.  Goods worth Rs. 1,000 found defective were returned to Malhotra & Co. and balance of the amount due to them settled by issuing a cheque in their favour.
16.  Sold 20 shares of X Y & Co. Ltd. at Rs. 65 per share, brokerage paid Rs. 20.
17.  Bought goods worth Rs. 2,100 from Ramesh and supplied them to Suresh at Rs. 3,000.
18.  Suresh returned goods worth Rs. 100, which in turn were sent to Ramesh.
19.  Issued a cheque for Rs. 1,000 in favour of landlord for rent for April.
20.  Paid salaries to staff Rs. 1,500.
21.  Received from travelling salesman Rs. 2000 for goods sold by him, travelling expenses Rs. 100.
Journal entries

1.      Cash a/c ……… Dr.
To Capital a/c
2.      SBI saving bank a/c ………… Dr.
To cash A/c
3.      Machinery a/c ……… Dr.
Furniture a/c ……… Dr.
              To cash a/c
4.      Purchase a/c ……… Dr.
To cash a/c
5.      Cash a/c ……… Dr.
To Sales a/c
6.      Purchase a/c ……… Dr.
To Malhotra & Co. a/c
7.      Telephone rent a/c ……… Dr.
To SBI bank a/c
8.      Typewriter a/c ……… Dr.
Universal Typewriter Co. a/c
9.      Kashav Ram ……… Dr.
To Sales a/c

10.  Cash a/c ……… Dr.
To sales a/c
11.  Drawings a/c ……… Dr.
SBI bank a/c
12.  Cash a/c ……… Dr.
Discount allowed a/c
              To Keshav Ram a/c
13.  SBI bank a/c ……… Dr.
To cash a/c
14.  Investment in shares A/c ……… Dr.
Brokerage a/c ……… Dr.
              To Cash a/c
15.  Malhotra’s a/c ……… Dr.
Return Outward a/c ……… Dr.
              To Bank a/c
16.  Cash a/c ……… Dr.
To Investment in shares a/c
Investment in shares a/c ……… Dr.
              To Profit & Loss a/c
[ selling share is not the core business so whatever profit realized will be entered in profit & loss a/c]
Brokerage a/c ……… Dr.
To cash a/c
17.  Purchase a/c ……… Dr.
To Ramesh a/c
Suresh a/c ……… Dr.
              To Sales a/c
18.  Return Inward A/c ……… Dr.
Suresh a/c
Ramesh a/c ……… Dr.
              To Return outward a/c
19.  Rent a/c ……… Dr.
To Bank a/c
20.  Salary a/c ……… Dr.
Cash a/c
21.  Cash a/c ……… Dr.
Travelling expenses a/c

To sales a/c




Company Name               :               MAGNET COMPANY
Address:                              :               No. 31, S.S.K. Chawl, Dharavi Cross Road, Dharavi, Mumbai – 17.
LEDGER NAME
UNDER GROUP
OPENING BALANCE
SHARE CAPITAL
CAPITAL ACCOUNT
10,00,000
LOAN FROM SBI BANK
SECURED LOAN
4,00,000
PROVISION FOR DEPRECIATION
PROVISION
32,500
O/S RENT
CURRENT LIABILITY
3,600
O/S SALARIES
CURRENT LIABILITY
19,000
DEPOSIT FOR PREMISES
DEPOSITS (ASSETS)
1,55,000
INVESTMENT IN SHARES
INVESTMENT
18,550
FURNITURE
FIXED ASSETS
15,000
COMPUTERS
FIXED ASSETS
80,000
CASH IN BANK
BANK ACCOUNT
1,93,000
CASH IN HAND
CASH IN HAND
25,000
CLOSING STOCK
STOCK IN HAND
67,000

To maintain Stock Statement
Group
Categories
Stock item
Purchase price
Quantity
Godown
ECONOMICS
MARSHAL
V.1
300
60
DHARAVI
V.2
325
80
GLOBAL
C.1
450
120
C.2
500
160
MANAGEMENT
HENRY
BASIC
125
300
SION
INTERMEDIATE
225
325
FINAL
600
350
INDIAN
SIMPLE
75
400
ADVANCE
325
600
Goods are purchased from these parties. (VAT @12.5%)
Date
Bill no.
Party name
Stock item
Godown
Qty
1ST MAY
OM 001
BABAJI STORE
V.2
DHARAVI
45
5TH  MAY
OM 002
AMUL STORE
C.1
SION
50
6TH  MAY
OM 003
ANAND STORE
V.2
SION
60
8TH  MAY
OM 004
ABINAYA STORE
BASIC
DHARAVI
31
10TH  MAY
OM 005
AZIM’S STORE
FINAL
DHARAVI
90
17TH JUNE
OM 006
SARASWATI STORE
INTERMEDIATE
SION
15
19TH JULY
OM 006
ANAND STORE
ADVANCE
SION
45
23RD JULY
OM 007
ABINAYA STORE
SIMPLE
DHARAVI
75
29TH AUGUST
OM 008
BABAJI STORE
C.2
SION
52



Goods are sold to these parties. (VAT @12.5%)
Date
Bill no.
Party name
Stock item
Godown
Qty
Selling price
1ST MAY
OM P001
Reliance store
V.2
DHARAVI
15
650
5TH  MAY
OM P002
TATA store
C.1
SION
40
675
6TH  MAY
OM P003
Omtex store
V.2
SION
53
685
8TH  MAY
OM P004
Vishwas store
BASIC
DHARAVI
31
695
10TH  MAY
OM P005
Philips store
FINAL
DHARAVI
100
902
17TH JUNE
OM P006
Omtex store
INTERMEDIATE
SION
20
625
19TH JULY
OM P006
IPL store
ADVANCE
SION
36
635
23RD JULY
OM P007
Reliance
SIMPLE
DHARAVI
90
644
29TH AUGUST
OM P008
Philips store
C.2
SION
42
702

When amount received from parties use Receipt voucher (F6)
Date
Party name
MODE OF PAYMENT
CHEQUE NUMBER
AMOUNT
2nd  MAY
Reliance store
CASH
---------------------
70000
2nd  MAY
TATA store
CASH
---------------------
25000
2nd  MAY
Omtex store
CHEQUE
0229892
42000
2nd  MAY
Vishwas store
CHEQUE
C/B 654258
18000
2nd  MAY
Philips store
CHEQUE
S/B 7139852
120000
2nd  MAY
IPL store
CASH
---------------------
15500

When amount paid to parties use payment voucher (F6)
Date
Party name
MODE OF PAYMENT
CHEQUE NUMBER
AMOUNT
2nd  MAY
BABAJI STORE
CASH
---------------------
30000
2nd  MAY
AMUL STORE
CASH
---------------------
20000
2nd  MAY
ANAND STORE
CHEQUE
8459625
18000
2nd  MAY
ABINAYA STORE
CHEQUE
6548721
6000
2nd  MAY
AZIM’S STORE
CHEQUE
9685721
22000
2nd  MAY
SARASWATI STORE
CASH
---------------------
3000









Purchase and Sales Return
On 1st June, goods purchased from Babaji store has been returned. Details are
Stock item
Godown
Quantity
Bill no.
V.2
Dharavi
2
OM 001
On 1st August, goods purchased from Saraswati store has been returned. Details are
Bill no.
Godown
Quantity
Stock item
Om 006
Sion
1
Intermediate
On 1st October, goods purchased from Anand store has been returned. Details are
Bill no.
Godown
Quantity
Stock item
Om 003
Sion
5
V.2

On 1st July, goods sold to Philips Store were returned. Details are
Bill no.
Godown
Quantity
Stock item
Om p005
Dharavi
5
Final
On 31st December, goods sold to Reliance company were returned. Details are
Bill no.
Godown
Quantity
Stock item
Om p007
Sion
2
Simple
On 31st January, 2011 goods sold to IPL store were returned. Details are
Bill no.
Godown
Quantity
Stock item
Om p006
Dharavi
2
Advance

Contra Entries
1.       On 1st September, Withdraw Rs. 50000 from Abhyudaya bank for business purpose.
2.       On 30th November, With drawn Rs. 25000 from Cash in bank for business purpose.
3.       On 28th February, Deposit Rs. 25000 in Abhyudaya bank.

Charging Depreciation

On 31 – 3 – 2011 Charge depreciation @ 10% on furniture, 20% on computer, 12.5% on Machinery, 7.5% on Building

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