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Business Transaction Ledger Setup

M/s Arjun ltd. Co. started a business in October 2010 with Rs. 10,00,000 cash and took a Rs. 5,00,000 loan from HDFC Bank. It purchased furniture, machinery, goods from various suppliers and incurred expenses like advertisement, printing, telephone charges throughout the month while also making some cash sales, receiving payment from customers, and returning goods. At the end of the month, the company paid off its loan of Rs. 1,00,000 to HDFC Bank and some outstanding bills through cheques from Bank SBT and withdrew Rs. 5,000 cash for personal use, paying a total salary of Rs. 12,000.

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Govindaraj Subramani
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6K views2 pages

Business Transaction Ledger Setup

M/s Arjun ltd. Co. started a business in October 2010 with Rs. 10,00,000 cash and took a Rs. 5,00,000 loan from HDFC Bank. It purchased furniture, machinery, goods from various suppliers and incurred expenses like advertisement, printing, telephone charges throughout the month while also making some cash sales, receiving payment from customers, and returning goods. At the end of the month, the company paid off its loan of Rs. 1,00,000 to HDFC Bank and some outstanding bills through cheques from Bank SBT and withdrew Rs. 5,000 cash for personal use, paying a total salary of Rs. 12,000.

Uploaded by

Govindaraj Subramani
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
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M/s Arjun ltd. Co.

2010 Oct:1 Arjun started a business with cash Rs. 10,00,000


Oct: 2 Received a bank loan from HDFC Bank Rs. 5,00,000
Opened a bank account with Bank SBT Rs. 2,00,000
Oct: 3 Bought Furniture from Furniture Mart Rs. Rs. 1,00,000
Advertisement payable to Media Advertiser Rs. 1,00,000
(Inv. No. 1284, due days 10 days)
Oct: 4 Paid printing charge Rs. 500
Bought Machinery Rs. 1,20,000
Oct: 5 Purchased goods from Aroma Traders Rs. 85,000 (bill
No: 108)
Purchased goods for cash Rs. 10,000
Oct: 6 Telephone charge paid by SBT cheque Rs. 1800 (Ch
No:123456789)
Oct: 7 Cash sales Rs. 50,000
Oct: 8 Goods returned to Aroma traders Rs. 5,000 (agst Bill No:
108)
Oct:10Cash paid to Aroma Traders Rs. 25,000 (Bill 108)
Oct: 11Sold goods to Kishore Rs. 40,000 ( Bill No: 2)
Oct: 12Cash received from Kishore Rs. 25,000 (Bill No: 2)
Oct: 13Goods returned from Kishore Rs. 5,000 (Bill No: 2)
Oct:15Cash withdrawn from SBT Bank Rs. 10,000
Oct: 16 Paid loan of HDFC Rs. 1,00,000
Oct: 17 Cheque of Bank SBT issued to Furniture Mart Rs.
50,000
Oct: 18 SBT Cheque issued to Media Advertiser Rs. 50,000
Oct: 25 Cash withdrawn from SBT Bank for personal use Rs.
5,000
Oct: 30 Paid salary Rs. 12,000
Like this create the following Ledgers
Ledgers Group
Loan HDFC A/c Loans Liability

Bank SBT A/c Bank Account

Furniture A/c Fixed asset

Furniture Mart A/c Sundry Creditors

Advertisement A/c Indirect Expense

Media Advertiser A/c Sundry Creditors

Printing charge A/c Indirect Expense

Machinery A/c Fixed asset

Purchase A/c Purchase Accounts

Aroma traders A/c Sundry Creditors

Telephone charge A/c Indirect Expense

Sales A/c Sales Account

Purchase Return A/c Purchase Accounts

Kishore A/c Sundry Debtor

Sales Return A/c Sales Account

Drawings A/c Capital Account

Salary A/c Indirect Expense

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