Recording, Posting and Balancing
Prepare proper subsidiary books and post them to the ledger from the following transactions for the month of February 2017:
2017 February
| Date | Particulars | ₹ |
|---|---|---|
| 01 | Goods sold to Sachin | 5,000 |
| 04 | Purchase from Kushal Traders | 2,480 |
| 06 | Sold goods to Manish Traders | 2,100 |
| 07 | Sachin returned goods | 600 |
| 08 | Returns to Kushal Traders | 280 |
| 10 | Sold to Mukesh | 3,300 |
| 14 | Purchased from Kunal Traders | 5,200 |
| 15 | Furniture purchased from Tarun | 3,200 |
| 17 | Bought of Naresh | 4,060 |
| 20 | Return to Kunal Traders | 200 |
| 22 | Return inwards from Mukesh | 250 |
| 24 | Purchased goods from Kirit & Co. for list price of ... less 10% trade discount | 5,700 |
| 25 | Sold to Shri Chand goods ... less 5% trade discount | 6600 |
| 26 | Sold to Ramesh Brothers | 4,000 |
| 28 | Return outwards to Kirit and Co. ... less 10% trade discount | 1,000 |
| 28 | Ramesh Brothers returned goods ₹500. | — |
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Start your 14-day free trial to unlock the full solution →Sort the transactions into the four subsidiary books (furniture goes to the Journal Proper); trade-discount items are entered net. Book totals: Sales ₹20,670, Purchases ₹16,870, Purchases Return ₹1,380, Sales Return ₹1,350, each posted to its nominal account.
Concept & treatment. Credit sales of goods → Sales Book (Sales A/c Cr.); credit purchases of goods → Purchases Book (Purchases A/c Dr.); returns to suppliers → Purchases Return Book (Cr.); returns from customers → Sales Return Book (Dr.). Trade discount is deducted before entry. Furniture bought on credit is a fixed asset — recorded in the Journal Proper.
1. Sales (Journal) Book
| Date | Particulars | L.F. | Amount (₹) |
|---|---|---|---|
| Feb 01 | Sachin | 5,000 | |
| Feb 06 | Manish Traders | 2,100 | |
| Feb 10 | Mukesh | 3,300 | |
| Feb 25 | Shri Chand (₹6,600 less 5% T.D.) | 6,270 | |
| Feb 26 | Ramesh Brothers | 4,000 | |
| Total (Sales A/c Cr.) | 20,670 |
2. Purchases (Journal) Book
| Date | Particulars | L.F. | Amount (₹) |
|---|---|---|---|
| Feb 04 | Kushal Traders | 2,480 | |
| Feb 14 | Kunal Traders | 5,200 | |
| Feb 17 | Naresh | 4,060 | |
| Feb 24 | Kirit & Co. (₹5,700 less 10% T.D.) | 5,130 | |
| Total (Purchases A/c Dr.) | 16,870 |
3. Purchases Return (Return Outward) Book
| Date | Particulars | L.F. | Amount (₹) |
|---|---|---|---|
| Feb 08 | Kushal Traders | 280 | |
| Feb 20 | Kunal Traders | 200 | |
| Feb 28 | Kirit & Co. (₹1,000 less 10% T.D.) | 900 | |
| Total (Purchases Return A/c Cr.) | 1,380 |
4. Sales Return (Return Inward) Book
| Date | Particulars | L.F. | Amount (₹) |
|---|---|---|---|
| Feb 07 | Sachin | 600 | |
| Feb 22 | Mukesh | 250 | |
| Feb 28 | Ramesh Brothers | 500 | |
| Total (Sales Return A/c Dr.) | 1,350 |
Journal Proper — Feb 15 furniture purchased from Tarun (fixed asset):
| Date | Particulars | L.F. | Debit (₹) | Credit (₹) |
|---|---|---|---|---|
| Feb 15 | Furniture A/c … Dr. | 3,200 | ||
| To Tarun | 3,200 | |||
| (Being furniture purchased on credit) |
Posting to the Ledger (principal accounts)
Purchases Account
| Particulars | Amount (₹) | Particulars | Amount (₹) |
|---|---|---|---|
| To Sundries (Purchases Book) | 16,870 |
Sales Account
| Particulars | Amount (₹) | Particulars | Amount (₹) |
|---|---|---|---|
| By Sundries (Sales Book) | 20,670 |
Purchases Return Account
| Particulars | Amount (₹) | Particulars | Amount (₹) |
|---|---|---|---|
| By Sundries (P. Return Book) | 1,380 |
Sales Return Account
| Particulars | Amount (₹) | Particulars | Amount (₹) |
|---|---|---|---|
| To Sundries (S. Return Book) | 1,350 |
Personal accounts (individual postings) — customers are debited with their sales and credited with their returns/receipts; suppliers are credited with purchases and debited with returns: …
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