Q1. Given below is a list of transactions relating to the stationery business of Aryan & Co. for the year ending March 31, 2020. You are required to journalize the transactions, create the ledger accounts and prepare the trial balance. Date Particulars 1 Apr, 19 3rd Apr,19 5th Apr, 19 7th Apr, 19 10th Apr, 19 15th Apr, 19 20 Apr, 19 22nd Apr, 19 30 Apr, 19 5th May, 19 25th May, 19 31 May, 19 5th June, 19 15th June, 19 20 June, 19 25 June, 19 27th June, 19 30th June, 19 5th August, 19 Capital contributed by Aryan Purchases from Kabir & Co. 200 pens of Rs. 80 each 100 copies of Rs. 40 each Purchased Furniture Deposited in Bank Paid Salaries Cash purchases made Sold goods to Mr. Rohit & Co. 500 pens of Rs. 125 each; 250 copies of Rs 110 each Returned to Kabir & Co. 20 pens 15 copies Issued a cheque to Kabir & Co. in full settlement of their account Received cash Rs 5,000 and cheque for Rs 10,000 from Rohit & Co. The cheque was deposited in bank immediately. Sold to Gaurav & Co., 80 pens at Rs 130 each less 10% trade discount Gaurav & Co., returned 10 pens Purchased from Meera Ltd, 300 pens at Rs 90 each, and 200 pens at Rs 50 each Received from Gaurav & Co. Depreciate furniture at 10% Withdrew from bank Cash sales made Paid rent by cheque Paid interest 15 August, 19 Aryan withdrew cash for personal use Amount 1,00,000 30,000 50,000 15,000 20,000 7,000 10,000 1,50,000 4,000 1,200 6.500
Q1. Given below is a list of transactions relating to the stationery business of Aryan & Co. for the year ending March 31, 2020. You are required to journalize the transactions, create the ledger accounts and prepare the trial balance. Date Particulars 1 Apr, 19 3rd Apr,19 5th Apr, 19 7th Apr, 19 10th Apr, 19 15th Apr, 19 20 Apr, 19 22nd Apr, 19 30 Apr, 19 5th May, 19 25th May, 19 31 May, 19 5th June, 19 15th June, 19 20 June, 19 25 June, 19 27th June, 19 30th June, 19 5th August, 19 Capital contributed by Aryan Purchases from Kabir & Co. 200 pens of Rs. 80 each 100 copies of Rs. 40 each Purchased Furniture Deposited in Bank Paid Salaries Cash purchases made Sold goods to Mr. Rohit & Co. 500 pens of Rs. 125 each; 250 copies of Rs 110 each Returned to Kabir & Co. 20 pens 15 copies Issued a cheque to Kabir & Co. in full settlement of their account Received cash Rs 5,000 and cheque for Rs 10,000 from Rohit & Co. The cheque was deposited in bank immediately. Sold to Gaurav & Co., 80 pens at Rs 130 each less 10% trade discount Gaurav & Co., returned 10 pens Purchased from Meera Ltd, 300 pens at Rs 90 each, and 200 pens at Rs 50 each Received from Gaurav & Co. Depreciate furniture at 10% Withdrew from bank Cash sales made Paid rent by cheque Paid interest 15 August, 19 Aryan withdrew cash for personal use Amount 1,00,000 30,000 50,000 15,000 20,000 7,000 10,000 1,50,000 4,000 1,200 6.500
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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At the end of the accounting period, a financial statement is prepared by every company, then at that time while preparing the financial statement, the company determines among its total receivable amount how much portion of receivables is collected by the company during that accounting period.
Accounts Receivable
The word “account receivable” means the payment is yet to be made for the work that is already done. Generally, each and every business sells its goods and services either in cash or in credit. So, when the goods are sold on credit account receivable arise which means the company is going to get the payment from its customer to whom the goods are sold on credit. Usually, the credit period may be for a very short period of time and in some rare cases it takes a year.
Question
Transcribed Image Text:Q1. Given below is a list of transactions relating to the stationery business of Aryan & Co. for
the year ending March 31, 2020. You are required to journalize the transactions, create the ledger
accounts and prepare the trial balance.
Date
Particulars
Amount
1t Apr, 19
Capital contributed by Aryan
1,00,000
3rd Apr,19
Purchases from Kabir & Co.
200 pens of Rs. 80 each
100 copies of Rs. 40 each
5th Apr, 19
Purchased Furniture
30,000
7ih Apr, 19
Deposited in Bank
50,000
10h Apr, 19
Paid Salaries
15,000
15 Apr, 19
Cash purchases made
20,000
|20 Apr, 19
Sold goods to Mr. Rohit & Co.
500 pens of Rs. 125 each; 250 copies of Rs 110 each
22nd Apr, 19
Returned to Kabir & Co.
20 pens
15 copies
30 Apr, 19
Issued a cheque to Kabir & Co. in full settlement of their
ассount
5th May, 19
Received cash Rs 5,000 and cheque for Rs 10,000 from
Rohit & Co. The cheque was deposited in bank
immediately.
25 May, 19
Sold to Gaurav & Co., 80 pens at Rs 130 each less 10%
trade discount
31t May, 19
Gaurav & Co., returned 10 pens
5th June, 19
Purchased from Meera Ltd, 300 pens at Rs 90 each , and
200 pens at Rs 50 each
15 June, 19
Received from Gaurav & Co.
7,000
20 June, 19
Depreciate furniture at 10%
25 June, 19
Withdrew from bank
10,000
27 June, 19
Cash sales made
1,50,000
30 June, 19
Paid rent by cheque
4,000
5th August, 19
Paid interest
1,200
15 August, 19 Aryan withdrew cash for personal use
6,500
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