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MB20104 Financial Reporting Statement and Analysis 1. Journal Entries 1.2 Journalise The Following Transactions of Y LTD

The document provides journal entries for transactions of Y Ltd. from September 1-16. Key transactions include: 1) Y Ltd commenced business with Rs. 1,60,000 cash, Rs. 80,000 in goods, and Rs. 30,000 in furniture. 2) Goods and services were purchased from and sold to various customers and vendors. 3) Various expenses were recorded including purchases of a typewriter, stationery, and cash box. 4) Personal withdrawals were made by the owner through purchases of a motorcycle and cash.

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Svijayakanthan Selvaraj
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804 views2 pages

MB20104 Financial Reporting Statement and Analysis 1. Journal Entries 1.2 Journalise The Following Transactions of Y LTD

The document provides journal entries for transactions of Y Ltd. from September 1-16. Key transactions include: 1) Y Ltd commenced business with Rs. 1,60,000 cash, Rs. 80,000 in goods, and Rs. 30,000 in furniture. 2) Goods and services were purchased from and sold to various customers and vendors. 3) Various expenses were recorded including purchases of a typewriter, stationery, and cash box. 4) Personal withdrawals were made by the owner through purchases of a motorcycle and cash.

Uploaded by

Svijayakanthan Selvaraj
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOC, PDF, TXT or read online on Scribd
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MB20104 Financial Reporting Statement and Analysis

1. JOURNAL ENTRIES

1.2 Journalise the following transactions of Y Ltd.


1-9-21 Y commenced business with cash Rs.1,60,000; Goods worth Rs.80,000 and furniture
Rs.30,000
2-9-21 Opened a current account in Indian bank Rs.40,000
3-9-21 Bought goods from santhanam Rs.20,000
4-9-21 Goods sold to Radha Rs.16,000
5-9- 21 Swamy sold goods to us Rs.10,000
6-9- 21 Kannan bought goods from us Rs.6,000
7-9-21 Typewriter purchased Rs.12,000
8-9-21 Received goods returned by Radha Rs.1,400
9-9-21 Returned goods to santhanam Rs.1,000
10-9-21 Received cash from Radha Rs.14,000
11-9-21 Sold goods to sankar and cash received Rs.2,000
12-9- 21 Paid into bank Rs.2,000
13-9-21 Purchased a motor cycle for personal use Rs.60,000
14-9-21 Stationery purchased and paid by cheque Rs.500
15-9-21 Bought a steel cash box through cheque Rs.4,000
16-9- 21 Drew cheque for personal use Rs.3,000

Journal entries in the books of Y Ltd.


Date Particulars L. F. Dr. Cr. [Rs.]
No [Rs.]
1-9-21 Cash A/c Dr. 1,60,000
Stock A/c Dr. 80,000
Furniture A/c Dr 30,000
To Capital A/c. ------ 2,70,000
[Being Y commenced business with cash, stock and
furniture]
2-9-21 Bank A/c Dr. 40,000 ----
Cash A/c ---- 40,000
[Being current account opened in Indian Bank
3-9-21 Purchases A/c Dr. 20,000 ----
To Santhanam A/c. ---- 20,000
[Being goods purchased form santhanam]
4-9-21 Radha A/c Dr. 16,000 ----
To Sales A/c ---- 16,000
[Being goods sold to Radha for credit]
5-9-21 Purchases A/c Dr. 10,000 ----
To Swamy A/C ---- 10,000
[Being goods purchased from Swamy for credit]
6-9-21 Kannan A/c Dr. 6,000 ----
To Sales A/c ---- 6,000
[Being goods sold to Kannan]
7-9-21 Typewriter A/c dr. 12,000 ----
To Cash A/c. ---- 12,000
[Being typewriter purchased for cash]
8-9-21 Sales Return A/c Dr. 1,400 ----
To Radha A/c. ---- 1,400
[Being sold goods returned by Radha]
9-9-21 Santhanam A/c dr. 1,000 ----
To Purchase Return A/c ---- 1,000
[Being purchased goods returned to santhanam]
10-9-21 Cash A/c Dr. 14,000 ----
To Radha A/c ---- 14,000
[Being cash received from Radha]
11-9-21 Cash A/c Dr. 2,000 ----
To Sales A/c. ---- 2,000
[Being goods sold for cash to Sankar]
12-9-21 Bank A/c Dr. 2,000 ----
To Cash A/c ---- 2,000
[Being cash paid into Bank]
13-9-21 Drawings A/c Dr. 60,000 ----
To Cash A/c ---- 60,000
[Being motor cycle purchased for personal use]
14-9-21 Stationery A/c Dr. 500 ----
To Bank A/c ---- 500
[Being stationery purchased and paid by cheque]
15-9-21 Steel cash box A/c Dr. 4,000 ----
To Bank A/c ---- 4,000
[Being steel cash box purchased and paid through
cheque]
16-9-21 Drawings A/c Dr. 3,000 ----
To Bank A/c ---- 3,000
[Being cheque withdrawn for personal use through
cheque]
30-9-21 Total 4,59,900 4,59,900

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