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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

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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
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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