16 transactions with their journal entries, ledger, trial

balance
Hedayatullah Mangal, 2nd Semester student, Brains Institute, 12/2/2021
For this assignment I have collected the data of NRC India Company, where I am working for, a firm for a particular
financial year which is humanitarian origination. With those transactions, I proceed for my assignment o1. Begin with
journalizing those transactions, posted them to Ledger Accounts, and prepared a Trial Balance, Trading & Profit &
Loss Account and the company's Balance Sheet. For your convenience, I provide you with an extract.

Following are a 16 transactions of NRC India consisting of 16 transactions along with Journal entries, Ledgers, Trial
Balance, Financial Statements along with some of the ledgers.

Note: This data is confidential and should not be shared with any other third partner, and based on policy I am only
subject to receive 16 transaction no more, this transaction is also for NRC India, if shared will be audit finding for
me.

The following are the transactions of NRC.

Date Particulars

2020

April 1 Rajesh started his business with cash Rs 1,00,000

April 10 Rajesh opened an account in a bank with cash Rs 30,000

May 10 Purchased goods from Mohan Singh on credit Rs 40,000 and also paid carriage of Rs 2,000

May 20 Sold goods to Rajeev Rs 20,000

May 25 Due to some quality defect Mohan Singh returned goods of Rs 10,000

June 15 Sold goods to Ayesha for Rs 70,000

June 30 Paid rent of Rs 10,000

Aug.31 Purchased Furniture for cash of Rs 8,000

 Sept.10 Paid through a cheque of Rs 5,000 for advertisement

Oct.05 Withdrawn Rs 6,000 from Bank for personal use

Nov.30 Recovered Rs 65,000 from Ayesha in full settlement of his account

Dec.12 Goods costing Rs 1,000 donated to NGO

Dec.31 Salaries paid to employees Rs 15,000

2020

Jan.15 Interest received from Bank Rs 2,000

Feb.10 Rajeev has become insolvent Rs 80 paisa in the rupees on a debt of Rs 20,000 was recovered as
a compensation

Feb. 12 Stock of good at end of the year is Rs 32,000

Journalize above transaction, post them in ledgers, and prepare Trial Balance and Financial Statements for year ending
February 12, 2022

Books of NRC

Journal

Debit Credit

Date Particulars L.F. Amount Amount

(Rs) (Rs)

2020

April 01 Cash A/c Dr. 1,00,000

To Capital A/c 1,00,000

(Business started with cash of Rs 1,00,000)

April 10 Bank A/c Dr. 30,000

To Cash A/c 30,000

(Opened a Bank Account)

May 10 Purchase A/c Dr. 40,000

To Mohan Singh 40,000

(Goods Purchased on credit)

May 10 Carriage A/c Dr. 2,000

To Cash A/c 2,000

(Carriage paid on purchase of goods)

May 20 Rajeev Dr. 20,000

To Sales A/c 20,000

(Goods sold to Rajeev)

May 25 Mohan Singh Dr. 10,000

To Purchase Return A/c 10,000

 (Goods returned by Mohan Singh)

June 15 Ayesha Dr. 70,000

To Sales A/c 70,000

(Goods Sold to Ayesha)

June 30 Rent A/c Dr. 10,000

To Cash A/c 10,000

(Rent Paid)

Aug.31 Furniture A/c Dr. 8,000

To Cash A/c 8,000

(Furniture purchased)

Sept.10 Advertisement A/c Dr. 5,000

To Bank A/c 5,000

(Advertisement expenses paid through

cheque)

Oct.05 Drawing A/c Dr. 6,000

 To Bank 6,000

(Withdrawn from bank for personal use)

Nov.30 Cash A/c Dr. 65,000

Discount Allowed A/c Dr. 5,000

To Ayesha 70,000

(Recovered from Ayesha in full settlement of his

account)

Dec.12 Donation A/c Dr. 1,000

To Purchases A/c 1,000

(Goods of Rs 1,000 donated to NGO)

Dec.31 Salaries A/c Dr. 15,000

To Cash A/c 15,000

(Salaries Paid to employees)

2021

Jan.15 Bank A/c Dr. 2,000

To Interest A/c 2,000

 (Interest received)

Feb.10 Cash A/c Dr. 16,000

Bad debt A/c Dr. 4,000

To Rajeev A/c 20,000

(Cash compensation of 80 paise in the

rupees received from Rajeev)

Mar 31 Closing Stock A/c Dr. 32,000

To Trading A/c 32,000

(Closing stock transferred in account)

Cash Account

Dr. Cr.

Amount Amount
Date Particulars J.F. Date Particulars J.F.
(Rs) (Rs)

2020 2020

April.01 Capital A/c 1,00,000 April 10 Bank A/c 30,000

Nov.30 Ayesha 65,000 May 10 Carriage A/c 2,000

 2021 June 30 Rent A/c 10,000

Feb.10 Noor 16,000 Aug.31 Furniture A/c 8,000

Dec.31 Salaries A/c 15,000

2021

Mar.31 Balance c/d 1,16,000

1,81,000 1,81,000

Bank A/c

Dr. Cr.

Amount Amount
Date Particulars J.F. Date Particulars J.F.
(Rs) (Rs)

2020 2020

April 10 Cash A/c 30,000 Sept.10 Advertisement A/c 5,000

Oct.05 Drawings A/c 6,000

2021 2021

Jan.15 Interest A/c 2,000 Mar.31 Balance c/d 21,000

32,000 32,000
 Mohan Singh

Dr. Cr.

Amount Amount
Date Particulars J.F. Date Particulars J.F.
(Rs) (Rs)

2020 2020

May 25 Purchase Return 10,000 May 10 Purchases A/c 40,000

2020

Mar 31 Balance c/d 30,000

40,000 40,000

Purchases A/c

Dr. Cr.

Amount Amount
Date Particulars J.F. Date Particulars J.F.
(Rs) (Rs)

2020 2020

May 10 Mohan Singh 40,000 Dec.12 Donation A/c 1,000

2021

Mar.31 Balance c/d 39,000

 40,000 40,000

Bad Debts A/c

Dr. Cr.

Amount Amount
Date Particulars J.F. Date Particulars J.F.
(Rs) (Rs)

2021 2021

Feb.10 Rajeev 4,000 Mar.31 Balance c/d 4,000

4,000 4,000

Trial Balance as at March 31, 2021

Debit Credit

S.No. Name of Accounts L.F. Amount Amount

(Rs) (Rs)

1 Cash A/c 1,16,000

2 Capital A/c 1,00,000

3 Bank A/c 21,000

4 Purchases A/c 39,000

 5 Sales A/c 90,000

6 Purchases Return A/c 10,000

7 Mohan Singh 30,000

8 Carriage A/c 2,000

9 Rent A/c 10,000

10 Furniture A/c 8,000

11 Advertisement A/c 5,000

12 Drawings A/c 6,000

13 Discount Allowed A/c 5,000

14 Donation A/c 1,000

15 Salaries A/c 15,000

16 Interest A/c 2,000

17 Bad Debts A/c 4,000

2,32,000 2,32,000

Financial Statements for the year ended March 31, 2021

Trading Account

Dr. Cr.
 Amount Amount
Particulars Particulars
(Rs) (Rs)

Purchases 39,000 Sales 90,000

Less: Purchases Return (10,000) 29,000 Closing Stock 32,000

Carriage 2,000

Gross Profit (Balancing Figure) 91,000

1,22,000 1,22,000

Profit and Loss Account

Dr. Cr.

Amount Amount
Particulars Particulars
(Rs) (Rs)

Rent 10,000 Gross Profit 91,000

Advertisement 5,000 Interest 2,000

Discount Allowed 5,000

Donations 1,000

Salaries 15,000

Bad Debts 4,000

Net Profit (Balancing Figure) 53,000

93,000 93,000

Balance Sheet

as on March 31, 2021

Amount Amount

Liabilities (Rs) Assets (Rs)

Capital 1,00,000 Fixed Assets :

Less: Drawings (6,000) Furniture 8,000

Add: Net Profit 53,000 1,47,000

Current Assets :

Current Liabilities : Cash 1,16,000

Creditors: Bank 21,000

Mohan Singh 30,000 Closing Stock 32,000

1,77,000 1,77,000