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Project Work (Accountany)

Mr. Anil Sharma operated an unregistered sole proprietorship business in 2023. The case study provides extensive transaction information for the business throughout 2023 relating to purchases, sales, expenses, payments, and adjustments. The assistant is tasked with preparing opening entries, relevant accounts including purchase, sales, cash, and inventory ledgers, a trial balance, and final financial statements for the year including a trading account, profit and loss statement, and balance sheet based on the given information.

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surinnikita2
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20 views

Project Work (Accountany)

Mr. Anil Sharma operated an unregistered sole proprietorship business in 2023. The case study provides extensive transaction information for the business throughout 2023 relating to purchases, sales, expenses, payments, and adjustments. The assistant is tasked with preparing opening entries, relevant accounts including purchase, sales, cash, and inventory ledgers, a trial balance, and final financial statements for the year including a trading account, profit and loss statement, and balance sheet based on the given information.

Uploaded by

surinnikita2
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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CASE STUDY

Mr. Anil Sharma started a sole trading business in 2021. He is an unregister dealer as per GST Act.
The following information were provided for the year 2023 relating to his business.

January 1 Cash in hand ₹ 1,20,000, Cash at Bank ₹ 1,00,000, machinery 1,70,000, Provision
for bad debt ₹ 10,000, bank loan ₹ 80,000
January 10 Bought goods for cash ₹ 60,000
January 20 Purchased goods from M/s Arun & company for ₹ 60,000, trade discount 10%,
GST 10%
January 30 Sold goods to M/s Tarun & company for ₹ 1,00,000, trade discount 10%, GST 10%
February 1 Withdrew ₹ 10,000 from bank for personal use
February 10 Sold goods to M/s Barun & company for ₹ 70,000
February 18 ₹ 59,000 paid to Arun & company in full settlement of their account
February 28 Goods valued ₹ 6,000 return by M/s Barun & company
March 7 Received ₹ 40,000 from M/s Barun & company
March 31 Purchased goods from M/s Shankar & company for ₹ 90,000
April 15 ₹ 60,000 paid to M/s Shankar & company by cheque, discount allowed by them
₹ 2,000
June 20 Purchased furniture for ₹ 40,000 from M/s Furniture House on credit
July 7 Paid into bank ₹ 30,000
August 9 Goods valued ₹ 6,000 return to M/s Shankar & company
September 11 Paid ₹ 8,000 for advertisement by cheque
October 13 Paid into bank ₹ 40,000
November 17 Cash sales ₹ 2,00,000
December 3 Received ₹ 65,000 from M/s Tarun & Company, discount allowed ₹ 5,000
December 31 Paid salary to Staff ₹ 50,000
December 31 Paid rent ₹ 20,000

Adjustments
1. Outstanding salary ₹ 5,000
2. Rent paid in advance ₹ 5,000
3. Depreciate machinery ₹ 5,000
4. Make a provision on debtors ₹ 10,000
You are required to pass opening entry, prepare Purchase Book, Sales Book, Purchase Return Book,
Sales Return Book, Triple Column Cash Book, all relevant ledgers, trial balance, trading account,
profit and loss account and balance sheet on the basis of above information for the year 2023.

****
INSTRUCTIONS
1. Use A4 paper
2. Cover page as per given earlier
3. After cover page, write the case study as it is
4. Then solve the problem
5. All are hand written form except cover page
6. Date of submission 11th March, 2024
7. Any query contact 7002837177

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