Financial Accounting Page No.
14
Problem
Req: Enter the following transactions in Journal and post them into the
Ledger and prepare a trial balance.
2015
March. 1. Mr. Anwar started business with cash Rs. 40,000 and furniture Rs. 10,000.
March 2. Purchased goods on credit (on account) worth Rs. 15,000 from Ahsan.
March 3. Sold goods for cash Rs. 8,000.
March 4. Sold goods on credit to Shakeel for Rs. 5,000.
March 8. Cash received from Shakeel Rs. 4,900 in full settlement of his account.
Mr. Anwer
Journal
For the month of March 2015
Dr. Cr.
Date Details L.F Amount (Rs.) Amount Rs.
2015 Cash A/c……………Dr. 01 40,000
Mar 01 Furniture A/c………Dr. 02 10,000
Capital A/c………… 03 50,000
(owner invested cash and furniture)
Mar 02 Purchases A/c…………Dr. 04 15,000
Ahsan A/c………… 05 15,000
(Bought goods on credit)
Mar 03 Cash A/c……………Dr. 01 8,000
Sales A/c……… 06 8,000
(Sold goods for cash)
Mar 04 Shakeel A/c………….Dr. 07 5,000
Sales A/c……… 06 5,000
(sold goods on credit)
Mar 08 Cash A/c…………..Dr. 01 4,900
Discount A/c……….Dr. 08 100
Shakeel A/c……. 07 5,000
(Cash Received and discount allowed)
Ledger
Dr. Cash A/c (01) Cr.
Date Reference J.R Amount Date Reference J.R Amount
(Rs.) (Rs.)
2015 Capital A/c 14 40,000 2015 Balance c/d 52,900
Debit
Mar 1 Mar
Balance
31
Rs. 52,900 Mar 3 Sales A/c 14 8,000
Mar 8 Shakeel A/c 14 4,900
52,900 52,900
Dr. Furniture A/c (02) Cr.
Date Reference J.R Amount Date Reference J.R Amount
(Rs.) (Rs.)
Debit 2015 Capital A/c 14 10,000 2015 Balance c/d 10,000
Balance Mar 1 Mar
Rs. 10,000 31
10,000 10,000
Dr. Capital A/c (03) Cr.
Date Reference J.R Amount Date Reference J.R Amount
Credit (Rs.) (Rs.)
Balance 2015 Balance c/d 50,000 2015 Cash A/c 14 40,000
Rs. 50,000
Mar Mar 01 Furniture A/c 14 10,000
31
50,000 50,000
Dr. Purchase A/c (04) Cr.
Date Reference J.R Amount Date Reference J.R Amount
Debit (Rs.) (Rs.)
Balance 2015 Ahsan A/c 14 15,000 2015 Balance c/d 15,000
Rs. 15,000
Mar 2 Mar
31
15,000 15,000
Dr. Ahsan A/c (05) Cr.
Date Reference J.R Amount Date Reference J.R Amount
Credit (Rs.) (Rs.)
Balance 2015 Balance c/d 15,000 2015 Purchase 14 15,000
Mar Mar A/c
Rs. 15,000 31 2
15,000 15,000
Dr. Sales A/c (06) Cr.
Date Reference J.R Amount Date Reference J.R Amount
(Rs.) (Rs.)
2015 Balance c/d 13,000 2015 Cash A/c 14 8,000
Credit
Mar Mar
Balance
31 3
Rs. 13,000 Mar Shakeel A/c 14 5,000
4
13,000 13,000
Dr. Shakeel A/c (07) Cr.
Date Reference J.R Amount Date Reference J.R Amount
Nill (Rs.) (Rs.)
Balance 2015 Sales A/c 14 5,000 2015 Cash A/c 14 4900
Mar 1 Mar 8 Disc. A/c 14 100
5,000 5,000
Dr. Discount A/c (08) Cr.
Date Reference J.R Amount Date Reference J.R Amount
Debit (Rs.) (Rs.)
Balance 2015 Shakeel A/c 14 100 2015 Balance c/d 100
Rs. 100 Mar 8 Mar
31
100 100
Mr. Anwer
Trial Balance
March 31, 2015
Sr. No Account Names A/c No. Debit Credit
01 Cash A/c 01 52,900
02 Furniture A/c 02 10,000
03 Capital A/c 03 50,000
04 Purchases A/c 04 15,000
05 Ahsan A/c 05 15,000
06 Sales A/c 06 13,000
07 Shakeel A/c 07 ------ ------
08 Discount A/c 08 100
78,000 78,000
Note:
If an account shows zero balance. It is not necessary to record in trial balance.