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Financial Accounting

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Financial Accounting (Mgt-101)
VU
Lesson-10
Transactions of Ali Traders for the month of January
No.
Date
Particulars
01
Jan 01
Started business with Rs. 200,000 in cash.
02
Jan 01
Opened a bank account and deposited Rs. 195,000 in it.
03
Jan 02
Paid for furniture Rs. 15,000 through cheque.
04
Jan 03
Paid for vehicle Rs. 50,000 through cheque.
05
Jan 05
Bought goods on credit from Mr. A for Rs. 50,000.
06
Jan 06
Sold goods for cash Rs. 60,000.
07
Jan 08
Purchased goods for cash Rs. 20,000.
08
Jan 10
Returned goods of Rs. 10,000 to Mr. A.
09
Jan 12
Sold goods on credit to Mr. B for Rs. 40,000.
10
Jan 18
Mr. B returned goods of Rs. 5,000.
11
Jan 21
Paid through cheque to Mr. A Rs. 25,000.
12
Jan 25
Mr. B Paid through cheque Rs. 20,000.
13
Jan 31
Paid Salaries through cheque Rs. 5,000.
14
Jan 31
Accrued expenses for the month Rs. 20,000.
15
Jan 31
Deposited in bank Rs. 10,000.
01 ­ Started business with Rs. 200,000 in cash.
01  Started business with Rs. 200,000 in cash.
Cash Account Code 01
Date
No.
Narration
Dr. Rs.
Date
No.
Narration
Cr. Rs.
01-01---
01 Capital Introd.
200,000
Capital Account Code 03
No.
Narration
Cr. Rs.
Date
No.
Narration
Dr. Rs.
Date
01-01---
01 Capital Introd.
200,000
41
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Financial Accounting (Mgt-101)
VU
02 ­ Deposited Rs. 195,000 in bank.
Bank Account Code 02
Date
No.
Narration
Dr. Rs.
Date
No.
Narration
Cr. Rs.
01-01---
02 Cash deposited
195,000
Cash Account Code 01
Date
No.
Narration
Dr. Rs.
Date
No.
Narration
Cr. Rs.
01-01---
02 Cash deposited
195,000
03 ­ Paid for furniture Rs. 15,000 through cheque.
Bank Account Code 02
Date
No.
Narration
Dr. Rs.
Date
No.
Narration
Cr. Rs.
02-01---
03 Furniture purch.
15,000
Furniture
Account Code 04
No.
Narration
Cr. Rs.
Date
No.
Narration
Dr. Rs.
Date
02-01---
03 Furniture purch.
15,000
42
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Financial Accounting (Mgt-101)
VU
04 ­ Paid for vehicle Rs. 50,000 through cheque.
Vehicle
Account Code 05
No.
Narration
Cr. Rs.
Date
No.
Narration
Dr. Rs.
Date
03-01---
04 Vehicle purch.
50,000
Bank Account Code 02
No.
Narration
Cr. Rs.
Date
No.
Narration
Dr. Rs.
Date
03-01---
04 Vehicle purch.
50,000
05 ­ Bought goods on credit from Mr. A Rs. 50,000.
Purchases
Account Code 06
No.
Narration
Cr. Rs.
Date
No.
Narration
Dr. Rs.
Date
05-01---
05 Goods purch.
50,000
Mr. A (Creditor)
Account Code 07
Date
No.
Narration
Dr. Rs.
Date
No.
Narration
Cr. Rs.
05-01---
05 Goods purch.
50,000
Creditor
A person or organization to whom money is payable by the business.
43
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Financial Accounting (Mgt-101)
VU
06 ­ Sold goods for cash Rs. 60,000.
Cash Account Code 01
No.
Narration
Cr. Rs.
Date
No.
Narration
Dr. Rs.
Date
06-01---
06 Goods sold
60,000
Sales Account Code 08
No.
Narration
Cr. Rs.
Date
No.
Narration
Dr. Rs.
Date
06-01---
06 Goods sold
60,000
07 ­ Purchased goods for cash Rs. 20,000.
Purchases
Account Code 06
No.
Narration
Cr. Rs.
Date
No.
Narration
Dr. Rs.
Date
08-01---
07 Goods purch.
20,000
Cash Account Code 01
Date
No.
Narration
Dr. Rs.
Date
No.
Narration
Cr. Rs.
08-01---
07 Goods purch.
20,000
44
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Financial Accounting (Mgt-101)
VU
08 ­ Returned goods of Rs. 10,000 to Mr. A.
Mr. A (Creditor)
Account Code 07
No.
Narration
Cr. Rs.
Date
No.
Narration
Dr. Rs.
Date
10-01---
08 Purchase return
10,000
Purchases
Account Code 06
No.
Narration
Cr. Rs.
Date
No.
Narration
Dr. Rs.
Date
10-01---
08 Purchase return
10,000
09 ­ Sold goods on credit to Mr. B for Rs. 40,000.
Sales Account Code 08
Date
No.
Narration
Dr. Rs.
Date
No.
Narration
Cr. Rs.
12-01---
09 Goods sold
40,000
Mr. B (Debtor) Account Code 09
Date
No.
Narration
Dr. Rs.
Date
No.
Narration
Cr. Rs.
12-01---
09 Goods sold
40,000
Debtor
A person or organization from whom money is receivable by the business.
45
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Financial Accounting (Mgt-101)
VU
10 ­ Mr. B returned goods of Rs. 5,000.
Sales Account Code 08
Date
No.
Narration
Dr. Rs.
Date
No.
Narration
Cr. Rs.
18-01---
10 Sales return
5,000
Mr. B (Debtor)
Account Code 09
Date
No.
Narration
Dr. Rs.
Date
No.
Narration
Cr. Rs.
18-01---
10 Sales return
5,000
11 ­ Paid through cheque to Mr. A Rs. 25,000.
Mr. A (Creditor)
Account Code 07
Date
No.
Narration
Dr. Rs.
Date
No.
Narration
Cr. Rs.
21-01---
11 Paid to Mr. A
25,000
Bank Account Code 02
Date
No.
Narration
Dr. Rs.
Date
No.
Narration
Cr. Rs.
21-01---
11 Paid to Mr. A
25,000
46
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Financial Accounting (Mgt-101)
VU
12 ­ Mr. B Paid through cheque Rs. 20,000.
Bank Account Code 02
No.
Narration
Cr. Rs.
Date
No.
Narration
Dr. Rs.
Date
25-01---
12 Received from B
20,000
Mr. B (Debtor) Account Code 09
No.
Narration
Cr. Rs.
Date
No.
Narration
Dr. Rs.
Date
25-01---
12 Received from B
20,000
13 ­ Paid Salaries through cheque Rs. 5,000.
Salaries
Account Code 10
No.
Narration
Cr. Rs.
Date
No.
Narration
Dr. Rs.
Date
31-01---
13 Salaries paid
5,000
Bank Account Code 02
Date
No.
Narration
Dr. Rs.
Date
No.
Narration
Cr. Rs.
31-01---
13 Salaries paid
5,000
47
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Financial Accounting (Mgt-101)
VU
14 ­ Accrued expenses for the month Rs. 20,000.
Expenses
Account Code 11
No.
Narration
Cr. Rs.
Date
No.
Narration
Dr. Rs.
Date
31-01---
14 Exp. accrued
20,000
Accrued Expenses / Expenses Payable
Account Code 12
No.
Narration
Cr. Rs.
Date
No.
Narration
Dr. Rs.
Date
31-01---
14 Exp. accrued
20,000
15 ­ Deposited in bank Rs. 10,000.
Bank Account Code 02
No.
Narration
Cr. Rs.
Date
No.
Narration
Dr. Rs.
Date
31-01---
15 Cash deposited
50,000
Cash Account Code 01
Date
No.
Narration
Dr. Rs.
Date
No.
Narration
Cr. Rs.
31-01---
15 Cash deposited
10,000
48
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Financial Accounting (Mgt-101)
VU
Bank Account
Bank Account Code 02
No.
Narration
Cr. Rs.
Date
No.
Narration
Dr. Rs.
Date
195,000 02-01---
03 Furniture purch.
15,000
01-01---
02 Cash deposited
20,000 03-01---
25-01---
12 Received from B
50,000
04 Vehicle purch.
10,000 21-01---
31-01---
15 Cash deposited
11 Paid to Mr. A
25,000
5,000
31-01---
13 Salaries paid
49
Table of Contents:
  1. Introduction to Financial Accounting
  2. Basic Concepts of Business: capital, profit, budget
  3. Cash Accounting and Accrual Accounting
  4. Business entity, Single and double entry book-keeping, Debit and Credit
  5. Rules of Debit and Credit for Assets, Liabilities, Income and Expenses
  6. flow of transactions, books of accounts, General Ledger balance
  7. Cash book and bank book, Accounting Period, Trial Balance and its limitations
  8. Profit & Loss account from trial balance, Receipt & Payment, Income & Expenditure and Profit & Loss account
  9. Assets and Liabilities, Balance Sheet from trial balance
  10. Sample Transactions of a Company
  11. Sample Accounts of a Company
  12. THE ACCOUNTING EQUATION
  13. types of vouchers, Carrying forward the balance of an account
  14. ILLUSTRATIONS: Ccarrying Forward of Balances
  15. Opening Stock, Closing Stock
  16. COST OF GOODS SOLD STATEMENT
  17. DEPRECIATION
  18. GROUPINGS OF FIXED ASSETS
  19. CAPITAL WORK IN PROGRESS 1
  20. CAPITAL WORK IN PROGRESS 2
  21. REVALUATION OF FIXED ASSETS
  22. Banking transactions, Bank reconciliation statements
  23. RECAP
  24. Accounting Examples with Solutions
  25. RECORDING OF PROVISION FOR BAD DEBTS
  26. SUBSIDIARY BOOKS
  27. A PERSON IS BOTH DEBTOR AND CREDITOR
  28. RECTIFICATION OF ERROR
  29. STANDARD FORMAT OF PROFIT & LOSS ACCOUNT
  30. STANDARD FORMAT OF BALANCE SHEET
  31. DIFFERENT BUSINESS ENTITIES: Commercial, Non-commercial organizations
  32. SOLE PROPRIETORSHIP
  33. Financial Statements Of Manufacturing Concern
  34. Financial Statements of Partnership firms
  35. INTEREST ON CAPITAL AND DRAWINGS
  36. DISADVANTAGES OF A PARTNERSHIP FIRM
  37. SHARE CAPITAL
  38. STATEMENT OF CHANGES IN EQUITY
  39. Financial Statements of Limited Companies
  40. Financial Statements of Limited Companies
  41. CASH FLOW STATEMENT 1
  42. CASH FLOW STATEMENT 2
  43. FINANCIAL STATEMENTS OF LISTED, QUOTED COMPANIES
  44. FINANCIAL STATEMENTS OF LISTED COMPANIES
  45. FINANCIAL STATEMENTS OF LISTED COMPANIES