The following balances of ledger of M/s Marble Traders on April 01, 2017
2017 April
| Particulars | ₹ |
|---|---|
| Cash in hand | 6,000 |
| Cash at bank | 12,000 |
| Bills receivable | 7,000 |
| Ramesh (Cr.) | 3,000 |
| Stock (Goods) | 5,400 |
| Bills payable | 2,000 |
| Rahul (Dr.) | 9,700 |
| Himanshu (Dr.) | 10,000 |
Transactions during the month were:
| Date | Particulars | ₹ |
|---|---|---|
| 01 | Goods sold to Manish | 3,000 |
| 02 | Purchased goods from Ramesh | 8,000 |
| 03 | Received cash from Rahul in full settlement | 9,200 |
| 05 | Cash received from Himanshu on account | 4,000 |
| 06 | paid to Remesh by cheque | 6,000 |
| 08 | Rent paid by cheque | 1,200 |
| 10 | Cash received from manish | 3,000 |
| 12 | Cash sales | 6,000 |
| 14 | Goods returned to Ramesh | 1,000 |
| 15 | Cash paid to Ramesh in full settlement | 3,700 |
| 15 | Discount received | 300 |
| 18 | Goods sold to Kushal | 10,000 |
| 20 | Paid trade expenses | 200 |
| 21 | Drew for personal use | 1,000 |
| 22 | Goods return from Kushal | 1,200 |
| 24 | Cash received from Kushal | 6,000 |
| 26 | Paid for stationery | 100 |
| 27 | Postage charges | 60 |
| 28 | Salary Paid | 2,500 |
| 29 | Goods purchased from Sheetal Traders | 7,000 |
| 30 | Sold goods to Kirit | 6000 |
| 30 | Goods purchased from Handa Traders | 5,000 |
Journlise the above transactions and post them to the ledger.
You're viewing a preview — the full solution, concept, methods & PYQ mapping are locked.
Start your 14-day free trial to unlock the full solution →Open the books with all assets (Dr.) and liabilities + capital (Cr.) — capital works out to ₹45,100. Journalise every transaction (with discount allowed/received on the Rahul and Ramesh settlements) and post; closing Cash ₹26,640 and Bank ₹4,800.
Concept & treatment. The opening entry brings forward last period's balances: assets are debited, liabilities and capital credited. "Full settlement" for less than the amount due creates Discount Allowed (an expense, debited) when we receive, and Discount Received (an income, credited) when we pay. Credit sales/purchases go to the personal accounts; cash/cheque movements to Cash/Bank.
Journal of M/s Marble Traders — April 2017
| Date | Particulars | L.F. | Debit (₹) | Credit (₹) |
|---|---|---|---|---|
| Apr 01 | Cash A/c … Dr. | 6,000 | ||
| Bank A/c … Dr. | 12,000 | |||
| Bills Receivable A/c … Dr. | 7,000 | |||
| Stock A/c … Dr. | 5,400 | |||
| Rahul … Dr. | 9,700 | |||
| Himanshu … Dr. | 10,000 | |||
| To Ramesh | 3,000 | |||
| To Bills Payable A/c | 2,000 | |||
| To Capital A/c | 45,100 | |||
| (Being opening balances brought forward) | ||||
| Apr 01 | Manish … Dr. | 3,000 | ||
| To Sales A/c | 3,000 | |||
| Apr 02 | Purchases A/c … Dr. | 8,000 | ||
| To Ramesh | 8,000 | |||
| Apr 03 | Cash A/c … Dr. | 9,200 | ||
| Discount Allowed A/c … Dr. | 500 | |||
| To Rahul | 9,700 | |||
| (Full settlement of Rahul) | ||||
| Apr 05 | Cash A/c … Dr. | 4,000 | ||
| To Himanshu | 4,000 | |||
| Apr 06 | Ramesh … Dr. | 6,000 | ||
| To Bank A/c | 6,000 | |||
| Apr 08 | Rent A/c … Dr. | 1,200 | ||
| To Bank A/c | 1,200 | |||
| Apr 10 | Cash A/c … Dr. | 3,000 | ||
| To Manish | 3,000 | |||
| Apr 12 | Cash A/c … Dr. | 6,000 | ||
| To Sales A/c | 6,000 | |||
| Apr 14 | Ramesh … Dr. | 1,000 | ||
| To Purchases Return A/c | 1,000 | |||
| Apr 15 | Ramesh … Dr. | 4,000 | ||
| To Cash A/c | 3,700 | |||
| To Discount Received A/c | 300 | |||
| (Full settlement of Ramesh) | ||||
| Apr 18 | Kushal … Dr. | 10,000 | ||
| To Sales A/c | 10,000 | |||
| Apr 20 | Trade Expenses A/c … Dr. | 200 | ||
| To Cash A/c | 200 | |||
| Apr 21 | Drawings A/c … Dr. | 1,000 | ||
| To Cash A/c | 1,000 | |||
| Apr 22 | Sales Return A/c … Dr. | 1,200 | ||
| To Kushal | 1,200 | |||
| Apr 24 | Cash A/c … Dr. | 6,000 | ||
| To Kushal | 6,000 | |||
| Apr 26 | Stationery A/c … Dr. | 100 | ||
| To Cash A/c | 100 | |||
| Apr 27 | Postage A/c … Dr. | 60 | ||
| To Cash A/c | 60 | |||
| Apr 28 | Salary A/c … Dr. | 2,500 | ||
| To Cash A/c | 2,500 | |||
| Apr 29 | Purchases A/c … Dr. | 7,000 | ||
| To Sheetal Traders | 7,000 | |||
| Apr 30 | Kirit … Dr. | 6,000 | ||
| To Sales A/c | 6,000 | |||
| Apr 30 | Purchases A/c … Dr. | 5,000 | ||
| To Handa Traders | 5,000 |
Ledger (principal accounts)
Cash Account
| Particulars | Amount (₹) | Particulars | Amount (₹) |
|---|---|---|---|
| To Balance b/d | 6,000 | By Ramesh | 3,700 |
| To Rahul | 9,200 | By Trade Expenses | 200 |
| To Himanshu | 4,000 | By Drawings | 1,000 |
| To Manish | 3,000 | By Stationery | 100 |
| To Sales | 6,000 | By Postage | 60 |
| To Kushal | 6,000 | By Salary | 2,500 |
| By Balance c/d | 26,640 | ||
| Total | 34,200 | Total | 34,200 |
Bank Account
| Particulars | Amount (₹) | Particulars | Amount (₹) |
|---|---|---|---|
| To Balance b/d | 12,000 | By Ramesh | 6,000 |
| By Rent | 1,200 | ||
| By Balance c/d | 4,800 | ||
| Total | 12,000 | Total | 12,000 |
Ramesh's Account
| Particulars | Amount (₹) | Particulars | Amount (₹) |
|---|---|---|---|
| To Bank | 6,000 | By Balance b/d | 3,000 |
| To Purchases Return | 1,000 | By Purchases | 8,000 |
| To Cash | 3,700 | ||
| To Discount Received | 300 | ||
| Total | 11,000 | Total | 11,000 |
Rahul's Account
| Particulars | Amount (₹) | Particulars | Amount (₹) |
|---|---|---|---|
| To Balance b/d | 9,700 | By Cash | 9,200 |
| By Discount Allowed | 500 | ||
| Total | 9,700 | Total | 9,700 |
Himanshu's Account …
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