Assignment 1

Financial Accounting and Control

Name: Sandesh Soni

Roll No: 2016PGP380
Section: H

Problem Statement Record 20 transactions in a journal, post them

Solution:
Serial no. Transactions
1 Capital invested in the business
2 Property purchased
3 Loan taken from the bank
4 Machinery Purchased
5 Inventory Purchased
6 Dividends Received from Investment
7 Investment in an entity
8 Salary paid to Employees
9 Rent Received from customers
10 Interest Paid to the Bank
11 Income from the Investment
12 Taxes Paid
13 Commision paid to a broker
14 Donation to the society
15 Incentive Received from Clients
16 Furniture purchased
17 Income from Sales
18 Depreciation of Property
19 Depreciation of Machinery
20 Depreciation of Furniture
and Control

ns in a journal, post them in ledgers, prepare a Trial Balance, Balance sheet and Income statement

Amount
100000
20000
250000
5000
7000
6500
130000
15000
27000
25000
17000
30000
3000
6000
80000
9000
20000
500
50
70
Serial no. Date
1 1-Dec-00

2 3-Dec-00

3 7-Dec-00

4 10-Dec-00

5 11-Dec-00

6 17-Dec-00

7 23-Dec-00

8 30-Dec-00

9 1-Jan-01

10 2-Jan-01

11 15-Jan-01

12 22-Jan-01

13 25-Jan-01
14 30-Jan-01

15 8-Feb-01

16 9-Feb-01

17 25-Mar-01

18 28-Mar-01

19 29-Mar-01

20 30-Mar-01
 Journal

Accounts Debit Credit

Cash 100000
Capital 100000
Capital Invested in the Business
Cash 20000
Property 20000
Property Purchased
Cash 250000
Loan Taken 250000
Loan taken from the bank
Cash 5000
Machinery 5000
Machinery Purchased
Cash 7000
Inventory 7000
Inventory Purchased
Cash 6500
Dividend Received 6500
Dividend Received from Investment
Cash 130000
Investment 130000
Investment in an entity
Cash 15000
Salary paid 15000
Salary Paid to Employees
Cash 27000
Rent Received 27000
Rent Received from customers
Cash 25000
Interest Paid 25000
Interest Paid to the bank
Cash 17000
Investment Income 17000
Income from the Investment
Cash 30000
Tax paid 30000
Taxes paid
Cash 3000
Commision Paid 3000
Commission paid to a broker
Cash 6000
Donation 6000
Donation to the society
Cash 80000
Incentive Received 80000
Incentive Received from Clients
Cash 9000
Furniture 9000
Furniture purchased
Cash 20000
Sales 20000
Income from Sales
Depreciation 500
Property 500
Depreciation of Property
Depreciation 50
Machinery 50
Depreciation of Machinery
Depreciation 70
Furniture 70
Depreciation of Furniture
 Ledger

Account 1 Cash on Hand

Debit Credit
1-Dec-00 Capital 100000
3-Dec-00 Property 20000
7-Dec-00 Loan taken 250000
10-Dec-00 Machinery 5000
11-Dec-00 Inventory 7000
17-Dec-00 Dividend Received 6500
23-Dec-00 Investment 130000
30-Dec-00 Salary 15000
1-Jan-01 Rent Received 27000
2-Jan-01 Interest Paid 25000
15-Jan-01 Investment Income 17000
22-Jan-01 Tax Paid 30000
25-Jan-01 Commision Paid 3000
30-Jan-01 Donation 6000
8-Feb-01 Incentive Received 80000
9-Feb-01 Furniture 9000
25-Mar-01 Sales 20000

Account 2 Capital
Debit Credit
1-Dec-00 Cash 100000

Account 3 Property
Debit Credit
3-Dec-00 Cash 20000
29-Mar-01 Depreciation 500

Account 4 Loan Taken

Debit Credit
5-Dec-00 Cash 250000

Account 5 Machinery
Debit Credit
10-Dec-00 Cash 5000
 29-Mar-01 Depreciation 50

Account 6 Inventory
Debit Credit
11-Dec-00 Cash 7000

Account 7 Dividend Received

Debit Credit
17-Dec-00 Cash 6500

Account 8 Investment
Debit Credit
17-Dec-00 Cash 130000

Account 9 Salary Paid

Debit Credit
30-Dec-00 Cash 15000

Account 10 Rent Received

Debit Credit
1-Jan-01 Cash 27000

Account 11 Interest Paid

Debit Credit
2-Jan-01 Cash 25000

Account 12 Investment Income

Debit Credit
15-Jan-01 Cash 17000

Account 13 Tax Paid

Debit Credit
22-Jan-01 Cash 30000
Account 14 Commision Paid
Debit Credit
25-Jan-01 Cash 3000

Account 15 Donation
Debit Credit
30-Jan-01 Cash 6000

Account 16 Incentive Received

Debit Credit
8-Feb-01 Cash 80000

Account 17 Furniture
Debit Credit
9-Feb-01 Cash 9000
29-Mar-01 Depreciation 70

Account 18 Sales
Debit Credit
25-Mar-01 Cash 20000

Account 19 Depreciation
Debit Credit
29-Mar-01 Property 500
29-Mar-01 Machinery 50
29-Mar-01 Furniture 70
Debit Balance

100000
80000
330000
325000
318000
324500
194500
179500
206500
181500
198500
168500
165500
159500
239500
230500
250500

Debit Balance

-100000

Debit Balance

20000
19500

Debit Balance

-250000

Debit Balance

5000
 4950

Debit Balance

7000

Debit Balance

-6500

Debit Balance

130000

Debit Balance

15000

Debit Balance

-27000

Debit Balance

25000

Debit Balance

-17000

Debit Balance

30000
Debit Balance

3000

Debit Balance

6000

Debit Balance

-80000

Debit Balance

9000
8930

Debit Balance

-20000

Debit Balance

500
550
620
 Trial Balance

Serial no. Name of Account Debit Credit

1 Cash 250500
2 Capital 100000
3 Property 19500
4 Loan taken 250000
5 Machinery 4950
6 Inventory 7000
7 Dividend Received 6500
8 Investment 130000
9 Salary Paid 15000
10 Rent Received 27000
11 Interest Paid 25000
12 Investment Income 17000
13 Tax Paid 30000
14 Commision Paid 3000
15 Donation 6000
16 Incentive Received 80000
17 Furniture 8930
18 Sales 20000
19 Depreciation 620
Total 500500 500500
 Balance Sheet
as on 31st March 2001

Assets Liabilities
Cash 250500 Capital 100000
Property 20000 Loan Taken 250000
Depreciation -500 Surplus 70880
19500
Machinery 5000
Depreciation -50
4950
Furniture 9000
Depreciation -70
8930
Inventory 7000
Investment 130000
Total 420880 Total 420880
 Income Statement
as on 31st March 2001

Expenses Income
Salary Paid 15000 Dividend Received
Interest paid 25000 Rent Received
Tax Paid 30000 Investment Income
Commision Paid 3000 Incentive Received
Donation 6000 Sales
Depreciation 620
Total 79620 Total
Income
6500
27000
17000
80000
20000

150500