leela.
Time: 1 Hour
1) ABC Ltd is a new company and currently it is listed with BSE. As per the requirements of Listing Guidelines, the company has to declare and publish quarterly results in prescribed news papers. After analyzing the positions, it is understood that the following are the transactions of ABC Ltd. for the quarter ending 30th June 2007. You are requested to enter the transactions in Journal Book, Cash Book and post them into ledger and also prepare the Trial Balance. Further it is requested to prepare Trading, P/L A/c and Balance Sheet after taking into account some additional information given below.
2007
April 1: Business commenced with Cash in hand Rs.15700, Cash at Bank Rs. 25400. 8: Bought Goods for cash Rs.4100. 14: Purchased goods form Mahesh and Co. for Rs.5800 less 10% trade discount. 25: Sold Goods to Bindla and Co. for Rs.8900 less 20% trade discount. 30: Withdrew Rs. 500 from Bank for Private use. 30: Sold Goods to Amjad for Rs.6400.
May 6: Rs. 5000 Paid to Mahesh and Co. in full settlement of their account 8: Goods worth Rs.400 returned from Amjad. 20: Received Rs.4000 from Amjad. 21: Purchased goods from Shiv and Co. Rs.8700. 23: Rs.6000 paid to Shiv and Co, by cheque and discount allowed Rs.300. 24: Purchased furniture of Rs.1200 from Surjeet Furniture House on credit. 29: Paid into Bank Rs.2200.
June 6: Amjad was declared insolvent and a first and final dividend of 50 Paise in a rupee are received from him. 7: Good worth Rs.400 taken by the proprietor. 18: Paid Rs.500 for advertisement by cheque. 15: Cash salaries to staff Rs.1800 20: Paid into Bank Rs.2000. 22: Cash Sales Rs.21800 27: Bought 100 shares in Hind Mills Ltd. at Rs.11 per share, brokerage
1) ABC Ltd is a new company and currently it is listed with BSE. As per the requirements of Listing Guidelines, the company has to declare and publish quarterly results in prescribed news papers. After analyzing the positions, it is understood that the following are the transactions of ABC Ltd. for the quarter ending 30th June 2007. You are requested to enter the transactions in Journal Book, Cash Book and post them into ledger and also prepare the Trial Balance. Further it is requested to prepare Trading, P/L A/c and Balance Sheet after taking into account some additional information given below.
2007
April 1: Business commenced with Cash in hand Rs.15700, Cash at Bank Rs. 25400. 8: Bought Goods for cash Rs.4100. 14: Purchased goods form Mahesh and Co. for Rs.5800 less 10% trade discount. 25: Sold Goods to Bindla and Co. for Rs.8900 less 20% trade discount. 30: Withdrew Rs. 500 from Bank for Private use. 30: Sold Goods to Amjad for Rs.6400.
May 6: Rs. 5000 Paid to Mahesh and Co. in full settlement of their account 8: Goods worth Rs.400 returned from Amjad. 20: Received Rs.4000 from Amjad. 21: Purchased goods from Shiv and Co. Rs.8700. 23: Rs.6000 paid to Shiv and Co, by cheque and discount allowed Rs.300. 24: Purchased furniture of Rs.1200 from Surjeet Furniture House on credit. 29: Paid into Bank Rs.2200.
June 6: Amjad was declared insolvent and a first and final dividend of 50 Paise in a rupee are received from him. 7: Good worth Rs.400 taken by the proprietor. 18: Paid Rs.500 for advertisement by cheque. 15: Cash salaries to staff Rs.1800 20: Paid into Bank Rs.2000. 22: Cash Sales Rs.21800 27: Bought 100 shares in Hind Mills Ltd. at Rs.11 per share, brokerage