Worksheets for homework:

1: On April 01, 2016 Anees started business with Rs. 100,000 and other transactions for the month
are

2. Purchase Furniture for Cash Rs. 7,000

8. Purchase Goods for Cash Rs. 2,000 and for Credit Rs. 1,000 from Khalid Retail Store

14. Sold Goods to Khan Brothers Rs. 12,000 and Cash Sales Rs. 5,000

18. Owner withdrew of worth Rs. 2,000 for personal use

22. Paid Khalid Retail Store Rs. 500

26. Received Rs. 10,000 from Khan Brothers

30. Paid Salaries Expense Rs. 2,000

Aug. 1: Hashim Khan, the owner, invested Rs. 57,500 cash and Rs. 32,500 of photography equipment
in the business

04: Paid Rs. 3,000 cash for an insurance policy covering the next 24 months

07: Services are performed and clients are billed for Rs. 10,000

13: Purchased office supplies for Rs. 1,400. Cash paid Rs. 400 and remaining outstanding

20: Received Rs. 2,000 cash in photography fees earned previously

24: The client immediately pays Rs. 15,000 for services to be performed at a later date

29: The business acquires photography equipment. The purchase price is Rs. 100,000, pays Rs.
25,000 cash and signs a note for the balance.

On March 2017, Farhan Rahim, starts wholesaling business. Following transactions as follows

1. He started business with capital of Rs. 15,000 and Land worth Rs. 10,000

8. Bought goods from Bilal and Friends Rs. 1,000 and by cash from XYZ Co. Rs 2,000

13. Sold goods to Rehman & sons Rs. 1,500 and sale by cash Rs. 5,000

17. Gave away charity of cash Rs. 50 and merchandising worth Rs. 30

21. Paid Bilal and Friends cash Rs. 975; discount received Rs. 25 28. Received cash from Rehman &
Sons Rs. 1,450; allowed him discount of Rs. 50

1 st January, 2017, Saeed Ahmad started business other transactions for the month of June as
follows

02. Purchased from Kareem goods of list price of Rs. 6,000 subject to 10% trade discount by cash

04. Sold goods to Din Muhammad Rs. 800 and cash sales of Rs. 200
10. Distributed goods worth Rs. 200 as free samples and goods taken away by the proprietor for
personal use Rs. 100

12. Received discount Rs 20 and Commission Rs 500

17. Goods returned by Din Muhammad Rs. 200 and payment other outstanding amount

24. Furniture lost by fire of worth Rs. 500

30. Bad Debts during the period was Rs.100

Jeyaseeli is a sole proprietor having a provisions store. Following are the

transactions during the month of January, 2018. Journalise them.

Jan. Rs.

1 Commenced business with cash 80,000

2 Deposited cash with bank 40,000

3 Purchased goods by paying cash 5,000

4 Purchased goods from Lipton & Co. on credit 10,000

5 Sold goods to Joy and received cash 11,000

6 Paid salaries by cash 5,000

7 Paid Lipton & Co. by cheque for the purchases made on 4th Jan.

8 Bought furniture by cash 4,000

9 Paid electricity charges by cash 1,000

Ananth is a trader dealing in textiles. For the following transactions, pass

journal entries for the month of January, 2018.

Jan. Rs.

1 Commenced business with cash 70,000

2 Purchased goods from X and Co. on credit 30,000

3 Cash deposited into bank 40,000

4 Bought a building from L and Co. on credit 95,000

5 Cash withdrawn from bank for office use 5,000

6 Cash withdrawn from bank for personal use of Ananthu 4,000

7 Towels given as charities 3,000

8 Shirts taken over by Ananth for personal use 12,000

9 Sarees distributed as free samples 3,000

10 Goods (table clothes) used for office use 200

Arun is a trader dealing in automobiles. For the following transactions, pass

journal entries for the month of January, 2018

Jan. Rs.

1 Commenced business with cash 90,000

2 Purchased goods from X and Co. on credit 40,000

3 Accepted bill drawn by X and Co. 20,000

4 Sold goods to D and Co. on credit 10,000

5 Paid by cash the bill drawn by X and Co.

6 Received cheque from D and Co. in full settlement and deposited the same in
bank 9,000

7 Commission received in cash 5,000

8 Goods costing Rs. 40,000 was sold and cash received 50,000

9 Salaries paid in cash 4,000

10 Building purchased from Kumar and Co. for Rs. 1,00,000 and an advance of
Rs. 20,000 is given in cash
Bragathish is a trader dealing in electronic goods who commenced his business
in 2015. For the following transactions took place in the month of March 2018,
pass journal entries.

March Rs.

1. Purchased goods from Y and Co. on credit 60,000

2. Sold goods to D and Co. on credit 30,000

3. Paid Y and Co. through bank in full settlement 58,000

4. D and Co. accepted a bill drawn by Bragathish 30,000

5. Sold goods to L on credit 20,000

6. Sold goods to M on credit 40,000

7 Received a cheque from M in full settlement and deposited the same to the
bank 39,000

8. Goods returned to Y and Co. 4,000

9. L became insolvent and only 90 paise per rupee is received by cash in final
settlement

10. Goods returned by M 3,000

Valluvar is a sole trader dealing in textiles. From the following transactions,

pass journal entries for the month of March, 2018.

1 Commenced business with cash 90,000

with goods 60,000

2 Purchased 20 readymade shirts from X and Co. on credit 10,000

3 Cash deposited into bank through Cash Deposit Machine 30,000

4 Purchased 10 readymade sarees from Y and Co. by cash 6,000

5 Paid X and Co. through NEFT

6 Sold 5 sarees to A and Co. on credit 4,000

7 A and Co. deposited the amount due in Cash Deposit Machine

8 Purchased 20 sarees from Z & Co. and paid through debit card 12,000

9 Stationery purchased for and paid through net banking 6,000

10 Bank charges levied 200

Chandran is a sole trader dealing in sports items. From the following

transactions, pass journal entries for the month of March, 2018.

March Rs.

1 Commenced business with cash 4,00,000

2 Cash deposited into bank 3,00,000

3 Purchased goods from Ravi and payment made through net banking 90,000

4 Sales made to Kumar, who deposited the money through CDM 10,000

5 Sales made to Vivek, who made the payment by debit card 60,000

6 Sold goods to Keerthana, who made the payment through credit card 50,000

7 Dividend directly received by bank 2,000

8 Money withdrawn from ATM 3,000

9 Salaries paid through ECS 6,000

10 Cricket bats donated to a trust 10,000

Business started with cash ` 1,50,000. 01.4.2017 Goods purchased form Manisha ` 36,000.

01.4.2017 Stationery purchased for cash ` 2,200.

02.4.2017 Open a bank account with SBI for ` 35,000.

02.4.2017 Goods sold to Priya for ` 16,000.

03.4.2017 Received a cheque of ` 16,000 from Priya.

05.4.2017 Sold goods to Nidhi ` 14,000.

08.4.2017 Nidhi pays ` 14,000 cash.

10.4.2017 Purchased goods for ` 20,000 on credit from Ritu.

14.4.2017 Insurance paid by cheque ` 6,000. 18.4.2017 Paid rent ` 2,000.

20.4.2017 Goods costing ` 1,500 given as charity.

24.4.2017 Purchased office furniture for ` 11,200.

29.4.2017 Cash withdrawn for household purposes ` 5000.

30.4.2017 Interest received cash ` 1,200.

30.4.2017 Cash sales ` 2,300.

30.4.2017 Commission paid ` 3,000 by cheque.

30.4.2017 Telephone bill paid by cheque ` 2,000.

30.4.2017 Payment of salaries in cash ` 12,000.

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