fma session 3 assignment
TRANSCRIPT
Session 3 – Assignment on Journal, Ledger and Trial Balance
Directions for the Assignment
• This is the exercise which we had started doing in class in groups
• Each one is required to now individually make a submission as discussed
• No submissions will be accepted beyond Sunday 29 August, 2010
• The assignment is in the subsequent pages
Our exercise for today – Creating a journal, ledger and trial balance
IncreaseDecreaseL, R
DecreaseIncreaseA, E
CrDr
Step 1: Post these transactions into a journal
1 Siyaram commenced business with cash 200000
2 Purchased office furniture for cash 20000
3 Purchased goods for cash 50000
4 Purchased goods on credit - Vishal trading company 25000Mohan garments 16000
5 Returned goods to Vishal trading company 5000
6 Paid cash to VTC in full settlement with 5% cash discount Please compute
7 Sold goods for cash 40000
Our exercise for today – Creating a journal, ledger and trial balance
IncreaseDecreaseL, R
DecreaseIncreaseA, E
CrDr
8 Sold goods to Hero Ltd. Less 10% trade discount 30000
9 Siya ram withdraws from business for personal useCash 10000Goods 4000
10 Paid to Mohan garments 7800Discount received 200
11 Received from Hero Ltd. 8850Discount allowed 150
12 Sold goods to Hansraj for cash 12000
13 Purchased goods from Pawan brothers 24000
14 Paid rent 2000 and salaries 4000
Step 1: Post these transactions into a journal
Our exercise for today – Creating a journal, ledger and trial balance
Step 2: Create a ledger and a trial balance for these entries