Scribd
Upload
10 views2 pages

Accounts Transactions

Aarav, after graduating in finance and psychology, started a gun factory named 'Jain Defense co.' in India with significant savings from his previous job at Goldman Sachs. The document details various transactions including purchases, sales, and expenses related to the factory, highlighting both income and losses, such as a fire incident and dishonored cheques. Overall, it provides a comprehensive overview of Aarav's financial activities within the first month of his business operations.

Uploaded by

rishiishaan132465
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
10 views2 pages

Accounts Transactions

Aarav, after graduating in finance and psychology, started a gun factory named 'Jain Defense co.' in India with significant savings from his previous job at Goldman Sachs. The document details various transactions including purchases, sales, and expenses related to the factory, highlighting both income and losses, such as a fire incident and dishonored cheques. Overall, it provides a comprehensive overview of Aarav's financial activities within the first month of his business operations.

Uploaded by

rishiishaan132465
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
You are on page 1/ 2

Accountancy Project work

Aarav completed his graduation in finance and psychology, then got


into investment banking and started working with ‘Goldman Sachs’ as
an analyst he earned around $200,000 (1.5 Cr. Rupees.) After working
for 2 years he wanted to come back to India. He worked a part-time
job during college, so he also had around $80,000 as he graduated.
When he thought of coming back to India, he had around $200,000
(₹1.5Cr) in savings from past. He came back to India and started a
Gun Factory named ‘Jain Defense co.’

Transactions:
1. Apr 1- Started business with cash ₹30,00,000, factory
₹70,00,000, Machinery ₹20,00,000, vehicles ₹10,00,000 and
raw material of ₹10,00,000.
2. Apr 2- Purchased 1000 gun barrels for ₹600 each from Swami
& co at 10% trade discount.
3. Apr 10- Sold 200 guns to Rahul for ₹10,000 each, at 10% trade
discount.
4. Apr 12- Purchased goods from Karan of ₹70,000.
5. Apr 13- Defected goods returned to Karan of ₹15,000
6. Apr 20- Sold goods of ₹500000 to Rakshit at 10% trade
discount.
7. Apr 22- Aarav drew ₹300,000 to pay his son’s school fees.
8. April 25- Received ₹100000 from Rakshit.
9. Bought furniture worth ₹50,000 from Mahendra on credit.
10. Issued a cheque of ₹70,000 to Karan for full settlement.
11. Cheque issued to Karan was dishonored and dishonor
charges charged ₹500.
12. Rakshit issued a cheque of ₹200,000 in order of his
payment.
13. Purchased goods of ₹72,000 on cash.
14. Rakshit died in an encounter and his property was seized,
money on his account was not recovered.
15. ₹50,000 paid to Mahendra in cash.
16. Bought a new machine of ₹600,000 in cash.
17. Cheque issued to Karan of ₹35,000 of his account.
18. Life insurance premium paid ₹100,000.
19. Goods of ₹100,000 were destroyed in fire due to employee
smoking, no insurance was present.
20. Owner bought a car, and made payment of ₹350,000 from
current A/c.
21. Spent ₹20,000 for repair of machinery.
22. Sold goods of ₹360,000 to Lawrence on Cash discount of
5%.
23. Bought Fire insurance for 3 months and paid premium
₹20,000.
24. Lawrence made payment of ₹ 160,000 on his account.
25. Bought 3 computers for office use of ₹90,000 each from
Ravi computers and co.
26. Paid salary to manager for 12 months ₹360,000.
27. Paid wages to labour in factory ₹800,000.
28. Issues cheque to Swami and co for ₹540,000.
29. Rahul made payment of ₹18,00,000 in full settlement of
his account.

You might also like