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The Following Are The Transactions of M/s Rajesh Traders. Date Particulars

Rajesh Traders engaged in 16 business transactions from April 2014 to February 2013. Some of the key transactions included Rajesh starting the business with Rs. 100,000 cash, purchasing goods worth Rs. 40,000 from Mohan Singh on credit plus Rs. 2,000 for carriage, selling goods to Rajeev and Ayesha, paying rent and purchasing furniture, and recovering payment from Ayesha with a discount. In February 2013, Rajeev became insolvent and only Rs. 16,000 of the Rs. 20,000 debt was recovered.

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402 views

The Following Are The Transactions of M/s Rajesh Traders. Date Particulars

Rajesh Traders engaged in 16 business transactions from April 2014 to February 2013. Some of the key transactions included Rajesh starting the business with Rs. 100,000 cash, purchasing goods worth Rs. 40,000 from Mohan Singh on credit plus Rs. 2,000 for carriage, selling goods to Rajeev and Ayesha, paying rent and purchasing furniture, and recovering payment from Ayesha with a discount. In February 2013, Rajeev became insolvent and only Rs. 16,000 of the Rs. 20,000 debt was recovered.

Uploaded by

manit kakkar
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Journalizing transaction

Q. 3
Following are a few transactions of M/s. Rajesh Traders consisting of 16
transactions along with Journal entries, Ledgers, Trial Balance, Financial
Statements along with some of the ledgers and similarly, you can prepare the
remaining ledgers.
The following are the transactions
of M/s Rajesh Traders.
Date Particulars
2014  
April 1 Rajesh started his business
with cash Rs 1,00,000
Cash A/c Dr. 1,00,000
To Capital A/c 1,00,000

April 10 Rajesh opened an account in


a bank with cash Rs 30,000
Bank A/c Dr. 30,000
To Cash A/c 30,000

May 10 Purchased goods from


Mohan Singh on credit Rs
40,000 and also paid
carriage of Rs 2,000
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 Sold goods to Rajeev Rs


20,000
Rajeev Dr. 20,000
To Sales A/c 20,000

May 25 Due to some quality defect


goods of Rs. 10000 was
returned to Mohan Singh
Mohan Singh Dr. 10,000
To Purchase Return A/c 10,000
June 15 Sold goods to Ayesha for Rs
70,000
Ayesha Dr. 70,000
To Sales A/c 70,000

June 30 Paid rent of Rs 10,000


Rent A/c Dr. 10,000
To Cash A/c 10,000

Aug.31 Purchased Furniture for cash


of Rs 8,000
Furniture A/c Dr. 8,000
To Cash A/c 8,000

Sept.10 Paid through a cheque of Rs


5,000 for advertisement
Advertisement A/c Dr. 5,000
To Bank A/c 5,000

Oct.05 Withdrawn Rs 6,000 from


Bank for personal use
Drawing A/c Dr. 6,000
To Bank 6,000

Nov.30 Recovered Rs 65,000 from


Ayesha in full settlement of
his account
Cash A/c Dr. 65,000
Discount Allowed A/c Dr. 5,000
To Ayesha 70,000

Dec.31 Salaries paid to employees


Rs 15,000
Donation A/c Dr. 1,000
To Purchases A/c 1,000

2013  
Jan.15 Interest received from Bank
Rs 2,000
Bank A/c Dr. 2,000
To Interest A/c 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
Cash A/c Dr. 16,000
Bad debt A/c Dr. 4,000
To Rajeev A/c 20,000

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