Tutorial No: 04
Faculty of Technology - University of Ruhuna.
General Journal
01. The following information is provided to you related to the business SwiftTech Innovations.
Initial Balance as at 01.01.2024 are as follows:
Land & Buildings Rs. 500, 000
Inventory Rs. 25,000
Debtors Accounts (Trade Receivables) Rs. 75,000
Cash Rs. 175,000
Creditors Accounts (Trade Payables) Rs. 100,000
Bank loan Rs. 275,000
Capital Account Rs. 400,000
Following transactions occurred during the month.
12/01/2024: Purchased Furniture on credit from ABC Pvt. Ltd. for Rs. 75,000.
20/01/2024: A loan repayment of Rs. 50,000 was incorrectly recorded as sales revenue.
25/01/2024: Owner of the business took Rs. 8,000 for personal use.
31/01/2024: Balance of the utilities expense account Rs. 7,500 transferred to the profit and
loss account.
31/01/2024: Balance of the interest income account Rs. 9,000 transferred to the profit and
loss account.
Required:
• Prepare the General Journal and record the opening entries and other transactions in it.
Cash Receipt Journal & Cash Payment Journal
01. The following transactions in cash took place the month of September in Anura’s business
which commenced on the 1st of September 2024.
Date Transaction
1 01/09/2024 Invested capital Rs. 250,000 and starded the business
(Receipt no. 001)
2 03/09/2024 Obtained a Bank loan of Rs. 200,000 (Rec. No. 002)
3 05/09/2024 Purchased furniture of Rs. 65,000 (V. No. 11)
4 06/09/2024 Purchased stock of Rs. 100,000 (V. No. 12)
5 10/09/2024 Cash Sales of 75,000 (Rec. No. 003)
6 12/09/2024 Paid Building rental of Rs. 50,000 (V. No. 13)
7 15/09/2024 Withdrew cash for personal use Rs.5,000 (V. No. 14)
8 17/09/2024 Paid to Creditor Sanath Rs. 20,000 (V. No. 15)
9 18/09/2024 Received from Debtors Rs. 32,000 (Rec. No. 004)
10 20/09/2024 Repayment of bank loan Rs.60,000 (V. No. 16)
11 21/09/2024 Cash Sales Rs. 200,000 (Rec. No. 005)
12 23/09/2024 Investment Income Rs. 10,000 (Rec. No. 006)
13 25/09/2024 Paid Salaries of Rs. 45,000 (V. No. 17)
14 28/09/2024 Paid Electricity bills of Rs. 7,500 (V. No. 18)
15 30/09/2024 Received Commission income of Rs. 12,000. (Rec. No. 007)
Required:
1. Prepare the Cash Receipt Journal.
2. Prepare the Cash Payment Journal.
3. Record the transaction in relevant ledger Accounts.
02. Saman’s business recorded the following balances as at 01.09.2024
Rs.
Debtor's balances
A Rs. 40,000
B Rs. 30,000
Creditor's balances
Q Rs. 45,000
R Rs. 35,000
Capital Rs. 100,000
Cash in hand Rs. 50,000
The following transactions took place during the month of September.
03/09/2024- Saman brought additional capital to the business Rs.65,000 (Receipt No. 08)
05/09/2024- Cash received from Mr. A is Rs. 12,500 and discount allowed Rs.2,500 (Rec
No.09)
07.09/ 2024- Purchased goods on cash basis Rs.20,000 (Voucher No.001)
10/09/2024- 5% discount deducted when cash is received from Mr. B in respect of Rs.10,000
receivable from him. (Receipt No.10)
12/09/2024- Received commission income Rs.10,000. (Receipt No. 11)
15/09/2024 -Cash paid to Mr. Q Rs. 12,600 and discount received Rs.1,400 when the amount
settled. (Voucher No. 002)
18/09/2024- 5% discount deducted when paying Mr. R Rs. 20,000 (Voucher No.003)
20/09/2024- Cash received from sales Rs.50,000 (Receipt No. 12)
25/09/2024- Paid rent of the business Rs.3,000 (Voucher No.004)
Required:
• Prepare the Cash Receipt Journal and Cash Payment Journal with discount columns
and other relevant ledger accounts.