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Journal Entries and Ledger Preparation Guide

Students are required to prepare journal entries, ledger accounts, and a trial balance for a series of specified transactions using Excel. The transactions include starting capital, purchases, sales, payments, and income. The completed assignment must be submitted on Moodle by 4 PM to receive attendance for the specified hours.

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gw67chinesewatch
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8 views1 page

Journal Entries and Ledger Preparation Guide

Students are required to prepare journal entries, ledger accounts, and a trial balance for a series of specified transactions using Excel. The transactions include starting capital, purchases, sales, payments, and income. The completed assignment must be submitted on Moodle by 4 PM to receive attendance for the specified hours.

Uploaded by

gw67chinesewatch
Copyright
© All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd

Dear students,

Prepare the Journal entries, Ledger accounts and Trail balance for the
below transactions in excel:

1. Started business with cash ₹1,00,000 and bank balance


₹50,000.
2. Purchased furniture for ₹10,000 in cash.
3. Bought goods worth ₹25,000 from XYZ Traders on credit.
4. Sold goods worth ₹15,000 for cash.
5. Sold goods worth ₹10,000 to ABC Ltd. on credit.
6. Paid rent ₹5,000 in cash.
7. Paid wages ₹3,000 in cash.
8. Received ₹8,000 from ABC Ltd. against the credit sale.
9. Purchased stationery for ₹1,500 in cash.
10. Paid ₹2,000 to XYZ Traders as part payment.
11. Deposited ₹5,000 into the bank.
12. Withdrew ₹3,000 from the bank for personal use.
13. Paid electricity bill ₹1,200 by cheque.
14. Received commission income ₹4,000 in cash.
15. Took a bank loan of ₹50,000 and credited to the bank
account.
16. Paid ₹5,000 interest on bank loan by cheque.
17. Owner withdrew goods worth ₹2,500 for personal use.
18. Paid salary ₹7,000 to employees in cash.
19. Paid ₹4,000 as advertising expenses through bank
transfer.
20. Accrued interest income ₹1,500 (not yet received)

Submit the assignment in the moodle LMS by 4PM today to get


attendance for the 1:45 to 2:45PM hour and the 2:45 to 3:45PM hour

The sample journal entries, ledger accounts and trial balance is uploaded
here for your reference.

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