Header Ads

Journal, Ledger and Trial Balance Problems and Solutions


Journal, Ledger and Trial Balance Problems and Solutions
Journal, Ledger and Trial Balance Problems and Solutions
Problem-1
Record the following transactions in General Journal and post them into ledger.

March.1          Anwar invested Rs.60000/- in the business.
8                   Bought furniture Rs.5000/- on credit.
10.       Purchased Supplies for Rs.1000/-
18.       Purchased Equipment Rs.1700/-
25.       Invested additional cash into business.20000/-
28.       Paid an account payable Rs.4000/-
31.       Bought Supplies on credit Rs.100



SOLUTION:
                                                General Journal
Date
Particulars
J.F
Debit
Rs.
Credit
Rs.
March.1
Cash
              Anwar Capital
Anwar Started business.
1
2
60000

60000
8
Furniture
                Creditors (A/P)
Bought furniture on account.
3
4
5000

5000
10
Supplies
                 Cash
Purchased supplies for cash.
5
1
1000


1000
18
Equipment
                   Cash
Bought equipment for cash.
6
1
1700


1700
25
Cash
                  Anwar Capital
Anwar invested additional cash
1
2
20000

20000
28
Creditors
                   Cash
Paid for furniture purchased on credit
4
1
4000

4000
31
Supplies
                Creditors
Bought supplies on credit.
5
4
100

100



General Ledger
Cash                                                                                                          Account No.1
Date
Description
P.R
Debit
Credit
      Balance
Dr.               Cr.
March.1
10
18         25
 28
Capital
Supplies
Equipment
Capital
Creditors(A/P)
2
5
6
2
4
60000


20000

1000
1700

4000
60000
59000
57300
77300
73300



Capital                                                                                               Account No.2

Date

Description
P.R
Debit
Credit
           Balance
Debit      Credit
Mar.1
25
Cash
Cash
1
1

60000
20000
60000
80000


Furniture                                                                                           Account No.3
Date
Description
P.R
Debit
Credit
           Balance
Debit       Credit
 8
Creditors (A/P)
4
5000

5000

Creditors                                                                                                      A/C No.4
Date
Description
P.R
Debit
Credit
           Balance
Debit        Credit
 8
28
31
Furniture
Cash
Supplies
3
1
5

4000
5000

  100

5000
1000
1100
Supplies                                                                                                       A/C No. 5
Date
Description
P.R
Debit
Credit
           Balance
Debit      Credit
 10
31
Cash
Creditors
1
4
1000
  100


1000
1100

Equipment                                                                                           A/C No.6
Date
Description
P.R
Debit
Credit
           Balance
Debit        Credit
 18
 Cash
1
 1700


 1700


Problem-2

Following are the transactions of  M. Khubaib.
July-   1          Mr. Khubaib started business with Cash Rs.50000
2          Purchased Land for 140000. Adown payment of Rs.28000 was made And signed a note for the balance.
            5          Purchased Merchandise for Rs.4000
            12        Purchased Equipment on account for Rs.3000
            28        Paid Rs.2000 of the amount owed for the equipment.
You are required to record the above transactions in General Journal, post them into
Ledgers and also prepare a trial balance.



SOLUTION:
                                                         General Journal
Date
Particulars
L.F
Dr.
Rs.
Cr.
Rs.
July.1
Cash
                Khubaib Capital
Mr. Khubaib started business by investing Cash.
1
2
50000`

50000
2
Land
               Cash
                Notes Payable
Purchased Land .made a patial payment and signed
A note for the balance.
3
1
4
140000

  28000
112000
5
Purchases
                  Cash
Merchandise purchased for cash
5
1
4000

4000

12
Equipment
                   Creditors
Purchased equipment on account
6
7
3000

3000
28
Creditors
                 Cash
Made a partial payment for Equipment
7
1
2000

2000
                       

General Ledger

Cash A/C                                                                                          Account No.1
Date

Description
P.R
Debit
Credit
           Balance
Debit         Credit
Jul.1
2
5
12
Capital
Land
Purchases
Creditors
1
3
5
7
50000

28000
  4000
  2000
50000
22000
18000
16000









Capital A/C                                                                                       AccountNo.2
Date
Description
P.R
Debit
Credit
           Balance
Debit      Credit
  1
Cash
2

50000

50000
  
Land                                                                                                  Account No.3
Date
Description
P.R
Debit
Credit
           Balance
Debit      Credit
  2
 
Cash
Notes Payable
1
4
  28000
112000


   28000
 112000

  
Notes Payable                                                                                 Account No.4
Date
Description
P.R
Debit
Credit
           Balance
Debit     Credit
  2
Land
3

112000

112000

Purchases A/C                                                                                Account No.5
Date

Description
P.R
Debit
Credit
           Balance
Debit       Credit
  5
Cash
1
40000


4000


Equipment A/C                                                                                Account No.6
Date

Description
P.R
Debit
Credit
           Balance
Debit        Credit
 12
 Creditors
7
 3000


 3000


Creditors
Date

Description
P.R
Debit
Credit
           Balance
Debit     Credit
 12
 28
Equipment
Cash
6
1

2000
3000

3000
1000

TRIAL BALANCE (Account Form)

Mr. Khubaib
Trial Balance
As on 31st July,2000

Name of Accounts
Dr.
Rs.
Name of Accounts
Cr.
Rs.
Cash
Land
Purchase
Equipment

  16000
140000
    4000
    3000

Capital
Notes payable
Creditors
  50000
112000
    1000


Total
163000
Total
163000

No comments

Thanks for Your Precious Words :)