Accounting Cycle Problems & Solutions

Problem : 1
Journalise the following transactions, post them into ledger and balance the
accounts.Also prepare a trial balance.
Oct. 1 Manohar commenced business
1,00,000
2 Purchased goods from Ravi
10,000
4 Sold goods to Gopi
20,000
5 Cash purchases
20,000
6 Cash paid into bank
10,000
7 Paid for salaries
5,000
8 Sold for cash
20,000
9 Bought furniture paid by cheque
2,000
10 Goods returned to Ravi
2,000
12 Bought goods from Sobhan
10,000
14 Cash paid to Ravi
7,800
Discount received
200
16 Goods returned from Gopi
3,000
17 Deposited cash into bank
10,000
18 Sold goods to Bhuvan
12,000
19 Paid advertisement by cheque
1,000
20 Paid cash to Sobhan
5,000
22 Cash received from Gopi
6,900
Discount allowed to him
100
25 Received interest through cheque
2,000
28 Goods taken by Manohar for own use 1,000
31 Paid for rent
2,000
Solution hide
Journal in the books of Mr. Manohar for the period from Oct. 1st, 2005 to Oct. 31st, 2005
Date
V/R
No.
Particulars
Oct.1st Cash a/c

Dr
To Capital a/c
[Being the amount of cash received from
Mr. Manohar, the proprietor as his capital
contribution vide receipt no:__ dated:__ ]
L/F
Amount
(Dr)
Amount
(Cr)
1,00,000
1,00,000
Date
V/R
No.
Particulars
2nd Purchases a/c

Dr
To Ravi a/c
[Being the value stock of goods purchased
from Mr. Ravi on credit vide bill no:__
dated:__ ]
th
4 Gopi a/c
Dr
To Sales a/c
[Being the value of stock sold to MR. Gopi
on credit vide bill no:___ dated:__ ]
th
5 Purchases a/c
Dr
To Cash a/c
[Being the value of stock purchased for
cash vide bill no:___ dated:__ ]
th
6 Bank a/c
Dr
To Cash a/c
[Being the amount of cash deposited into
bank vide bill no:___ dated:__ ]
th
7 Salaries a/c
Dr
To Cash a/c
[Being the amount of cash paid for salaries
vide voucher no:___ dated:__ ]
th
8 Cash a/c
Dr
To Sales a/c
[Being the value of stock sold for cash vide
bill no:___ dated:__ ]
th
9 Furniture a/c
Dr
To Bank a/c
[Being the value of furniture purchased
vide cheque no:___ dated:__ ]
th
10 Ravi a/c
Dr
To Purchase Returns a/c
[Being the value of stock returned to MR.
Ravi vide Debit note no:___ dated:__ ]
th
12 Purchases a/c
Dr
To Sobhan a/c
L/F
Amount
(Dr)
10,000
20,000
20,000
10,000
5,000
20,000
2,000
2,000
10,000
Amount
(Cr)
10,000
20,000
20,000
10,000
5,000
20,000
2,000
2,000
10,000
Date
V/R
No.
14th
16th
17th
18th
19th
20th
22nd
Particulars
[Being the value stock of goods purchased

from Mr. Sobhan vide bill no:___ dated:__
]
Ravi a/c
Dr
To Cash a/c
To Discount Received a/c
[Being the amount of cash paid to Mr. Ravi
after receiving a discount of 200 vide
Vocher no:___ dated:__ ]
Sales Returns a/c
Dr
To Gopi a/c
[Being the value of stock returned by Mr.
Gopi vide credit note no:___ dated:__ ]
Bank a/c
Dr
To Cash a/c
bank vide voucher no:___ dated:__ ]
Bhuvan a/c
Dr
To Sales a/c
[Being the value of stock sold to MR.
Bhuvan on credit vide bill no:___ dated:__
]
Advertisement a/c
Dr
To Bank a/c
[Being the amount paid for advertisement
vide cheque no:___ dated:__ ]
Shoban a/c
Dr
To Cash a/c
[Being the amount paid to shoban vide
voucher no:___ dated:__ ]
Cash a/c
Dr
Discount Allowed a/c
Dr
To Gopi a/c
Mr. Gopi after allowing a discount of 100
vide receipt no:___ dated:__ ]
L/F
Amount
(Dr)
8,000
3,000
10,000
12,000
1,000
5,000
6,900
100
Amount
(Cr)
7,800
200
3,000
10,000
12,000
1,000
5,000
7,000
Date
V/R
No.
Particulars
L/F
25th Bank a/c

Dr
To Interest a/c
[Being the amount of cheque no:___
dated:__ received as interest]
th
28 Drawings a/c
Dr
To Purchases a/c
[Being the value of stock taken form the
business for domestic use vide bill no:___
dated:__]
st
31 Rent a/c
Dr
To Cash a/c
[Being the amount of cash paid for rent
vide voucher no:___ dated:__]
Amount
(Dr)
2,000
1,000
2,000
Amount
(Cr)
2,000
1,000
2,000
General Ledger
[Books of Mr. Manohar]
Cash a/c
Dr Cr
Date
Particulars
01/10/05 To Capital a/c

08/10/05 To Sales a/c
20/10/05 To Gopi a/c
J/F Amount
Date
Particulars
1,00,000 05/10/05 By Purchases a/c

20,000 06/10/05 By Bank a/c
6,900 07/10/05 By Salaries a/c

14/10/05 By Ravi a/c
17/10/05 By Bank a/c
20/10/05 By Shoban a/c
31/10/05 By Rent a/c
31/10/05 By Balance c/d
1,26,900
01/11/05 To Balance b/d
67,100
Capital a/c
J/F Amount
20,000
10,000
5,000
7,800
10,000
5,000
2,000
67,100
1,26,900
Dr Cr
Date
Particulars
J/F Amount
Date
Particulars
J/F Amount
31/10/05 To Balance c/d 1,00,000 01/10/05 By Cash a/c
1,00,000
1,00,000
1,00,000
01/11/05 By Balance b/d 1,00,000
Purchases a/c
Dr Cr
Date
Particulars
02/10/05 To Ravi a/c

05/10/05 To Cash a/c
12/10/05 To Shoban a/c
J/F Amount
Date
Particulars
J/F Amount
10,000 28/10/05 By Drawings a/c 1,000

20,000 31/10/05 By Balance c/d 39,000
10,000
40,000
40,000
01/11/05 To Balance b/d 39,000

Ravi a/c
Dr Cr
Date
Particulars
J/F Amount
10/10/05 To Pur. Ret. a/c
14/10/05 To Dis. Received a/c
Date
Particulars
J/F Amount
2,000 02/10/05 By Purchases a/c 10,000

7,800
200
10,000
10,000
Gopi a/c
Dr Cr
Date
Particulars
J/F Amount
Date
20,000 16/10/05
20/10/05
20/10/05
31/10/05
Particulars
J/F Amount
By Sales Ret. a/c

By Cash a/c
By Dis. Allowed a/c
By Balance c/d
1,000
6,900
100
10,000
20,000
20,000
01/11/05 To Balance b/d 10,000

Salaries a/c
Dr Cr
Date
Particulars
J/F Amount
Date
Particulars
J/F Amount
5,000 31/10/05 By Balance c/d
5,000
5,000
5,000
5,000
Sales a/c
Dr Cr
Date
Particulars
J/F Amount
Date
Particulars
J/F Amount
31/10/05 To Balance c/d 52,000 04/10/05 By Gopi a/c

20,000
08/10/05 By Cash a/c
20,000
18/10/05 By Bhuwan a/c 12,000
52,000
52,000
01/11/05 By Balance b/d 52,000
Furniture a/c
Dr Cr
Date
Particulars
05/10/05 To Bank a/c
J/F Amount
Date
Particulars
J/F Amount
2,000 31/10/05 By Balance c/d
2,000
2,000
2,000
2,000
Bank a/c
Dr Cr
Date
Particulars
06/10/05 To cash a/c

20/10/05 To Interest a/c
J/F Amount
Date
Particulars
J/F Amount
10,000 09/10/05 By Furniture a/c 2,000

10,000 19/10/05 By Advt. a/c
1,000
2,000 31/10/05 By Balance c/d 19,000
22,000
22,000
01/11/05 To Balance b/d 19,000

Purchase Returns a/c
Dr Cr
Date
Particulars
J/F Amount
31/10/05 To Balance c/d
Date
Particulars
2,000 10/10/05 By Ravi a/c
J/F Amount
2,000
2,000
2,000
01/11/05 By Balance b/d
2,000
Shoban a/c
Dr Cr
Date
Particulars
J/F Amount
Date
Particulars
J/F Amount
5,000 12/10/05 By Purchases a/c 10,000

5,000
10,000
10,000
Shoban a/c
Dr Cr
Date
Particulars
J/F Amount
Date
Particulars
J/F Amount
5,000
Discount Received a/c

Dr Cr
Date
Particulars
J/F Amount
Date
Particulars
200 14/10/05 By Ravi a/c
J/F Amount
200
200
200
200
Sales Returns a/c

Dr Cr
Date
Particulars
J/F Amount
Date
Particulars
J/F Amount
3,000 31/10/05 By Balance c/d
3,000
3,000
3,000
3,000
Bhuwan a/c
Dr Cr
Date
Particulars
J/F Amount
Date
Particulars
J/F Amount
12,000 31/10/05 By Balance c/d 12,000

12,000
12,000
01/11/05 To Balance b/d 12,000

Advertisement a/c
Dr Cr
Date
Particulars
J/F Amount
Date
Particulars
J/F Amount
1,000 31/10/05 By Balance c/d
1,000
1,000
1,000
1,000

Dr Cr
Date
Particulars
J/F Amount
Date
Particulars
J/F Amount
100 31/10/05 By Balance c/d
100
100
100

Dr Cr
Date
Particulars
J/F Amount
Date
Particulars
J/F Amount
Particulars
J/F Amount
100
Interest a/c
Dr Cr
Date
Particulars
J/F Amount
Date
2,000 10/10/05 By Ravi a/c
2,000
2,000
2,000
2,000
Drawings a/c
Dr Cr
Date
Particulars
J/F Amount
28/10/05 To Purchases a/c

Date
Particulars
J/F Amount
1,000 31/10/05 By Balance c/d
1,000
1,000
1,000
1,000
Rent a/c
Dr Cr
Date
Particulars
J/F Amount
31/10/05 To cash a/c
Date
Particulars
2,000 31/10/05 By Balance c/d
2,000
2,000
2,000
2,000
Trial Balance
[Modern Method]
Trial Balance of Mr. Manohar as on 31/10/05

Particulars
Cash a/c
J/F Amount
L/F
Amount
(Dr)
Amount
(Cr)
67,100
Trial Balance of Mr. Manohar as on 31/10/05

Particulars
Capital a/c
Purchases a/c
Ravi a/c
Gopi a/c
Salaries a/c
Sales a/c
Furniture a/c
Bank a/c
Shoban a/c
Sales Returns a/c
Bhuvan a/c
Advertisement a/c
Interest a/c
Drawings a/c
Rent a/c
Total
L/F
Amount
(Dr)
Amount
(Cr)
1,00,000
39,000
10,000
5,000
52,000
2,000
19,000
2,000
5,000
200
3,000
12,000
1,000
100
2,000
1,000
2,000
1,61,200
1,61,200
Problem : 2
Jounalise the following transactions and post them into the ledger. Also prepare
a trial balance.
Nov 1 Venkat & Co. commenced business
with furniture 25,000,

Cash 75,000 and
goods 20,000
2 Sales
10,000
3 Purchases
8,000
5 Sold goods to Mahesh
12,000
6 Bought goods from Ramesh
7,000
9 Sold goods to Kesav for cash
6,000
10 Mahesh returned goods
6,000
11 Commission received
1,000
12 Returned goods to Ramesh
1,500
15 Cash deposited into bank
15,000
16 Bought goods from Suresh
12,000
17 Paid to Ramesh by cheque
4,000
Discount received
200
19 Withdrew from bank for domestic use 3,000
21 Sold goods to Madhav
9,000
22 Cash received from Mahesh
4,000
Discount allowed
100
23 Stationery expenses
500
25 Cash paid to Suresh
3,000
26 Cash received from Madhav
5,000
28 Cash deposited into bank
10,000
30 Paid salaries by cheque
3,000
Solution hide
Journal in the books of M/s. Venkat & Co. for the period from Nov. 1st, 2005 to Nov.
30th, 2005
Date
V/R
No.
Particulars
Nov 1st Furniture a/c

Dr
Cash a/c
Dr
Purchases a/c
Dr
To Capital a/c
[Being the amount of assets brought in by
M/s Venkat & Co. as their capital
contribution vide receipt no:___ dated:__]
nd
2 Cash a/c
Dr
L/F
Amount
(Dr)
25,000
75,000
20,000
10,000
Amount
(Cr)
1,20,000
30th, 2005
Date
V/R
No.
3rd
5th
6th
9th
10th
11th
12th
15th
Particulars
To Sales a/c
[Being the value of stock sold for cash vide
bill no:___ dated:__ ]
Purchases a/c
Dr
To Cash a/c
[Being the value of stock purchased for
cash vide bill no:___ dated:__ ]
Mahesh a/c
Dr
To Sales a/c
[Being the value of stock sold to Mahesh
vide bill no:___ dated:___]
Purchases a/c
Dr
To Ramesh a/c
[Being the value of stock purchased to Mr.
Ramesh on credit vide bill no:___ dated:__
]
Cash a/c
Dr
To Sales a/c
[Being the value of stock sold for cash to
Kesav vide voucher no:___ dated:__ ]
Sales Returns a/c
Dr
To Mahesh a/c
[Being the value of stock returned by
Mahesh vide credit note no:__ dated:__ ]
Cash a/c
Dr
To Commission a/c
[Being the amount of cash received as
commission vide receipt no:____
dated:____]
Ramesh a/c
Dr
To Purchase returns a/c
[Being the value of stock returned to Mr.
Ramesh vide credit note no:__ dated:__ ]
Bank a/c
Dr
L/F
Amount
(Dr)
Amount
(Cr)
10,000
8,000
12,000
7,000
6,000
6,000
1,000
1,500
15,000
8,000
12,000
7,000
6,000
6,000
1,000
1,500
30th, 2005
Date
V/R
No.
16th
17th
19th
21st
22nd
23rd
25th
Particulars
To Cash a/c
bank vide bill no:___ dated:____] dated:__
]
Purchases a/c
Dr
To Suresh a/c
[Being the value of stock Purchased from
Mr. Suresh vide bill no:___ dated:__ ]
Ramesh a/c
Dr
To Bank a/c
To Discount Received a/c
[Being the amount paid to Ramesh after
receiving a discount of 200vide cheque
no:___ dated:__ ]
Drawings a/c
Dr
To Bank a/c
[Being the amount of cash withdrawn from
bank for domestic use vide cheque no:___
dated:__ ]
Madhav a/c
Dr
To Sales a/c
[Being the value of stock sold to Madhav
on credit vide bill no:___ dated:__ ]
Cash a/c
Dr
Discount allowed a/c
Dr
To Mahesh a/c
Mahesh after allowing a discount of 100
vide bill no:___ dated:__ ]
Stationery a/c
Dr
To Cash a/c
[Being the amount of cash paid for
stationery expenses vide bill no:___
dated:__ ]
Suresh a/c
Dr
L/F
Amount
(Dr)
Amount
(Cr)
15,000
12,000
4,200
3,000
9,000
4,000
100
500
3,000
12,000
4,000
200
3,000
9,000
4,100
500
30th, 2005
Date
26th
28th
30th
V/R
No.
Particulars
L/F
To Cash a/c
[Being the amount of cash paid to Mr.
Suresh vide bill no:___ dated:__ ]
Cash a/c
Dr
To Madhav a/c
Mr. Madhav vide bill no:___ dated:__ ]
Bank a/c
Dr
To Cash a/c
bank vide bill no:___ dated:____]
Salaries a/c
Dr
To Bank a/c
[Being the amount of cash paid for salaries
vide cheque no:___ dated:____]
Amount
(Dr)
Amount
(Cr)
3,000
5,000
10,000
3,000
5,000
10,000
3,000
General Ledger
[Books of M/s. Venkat & Co.]
Rama Raos Capital a/c

Dr Cr
Date
Particulars
01/11/05 To Capital a/c
J/F Amount
Date
Particulars
J/F Amount
25,000 30/11/05 By Balance c/d 25,000

25,000
25,000
01/12/05 To Balance b/d 25,000

Cash a/c
Dr Cr
Date
Particulars
J/
F
Amount
Date
Particulars
J/
F
Amount
Cash a/c
Dr Cr
Date
01/11/0
5
02/11/0
5
09/11/0
5
11/11/0
5
22/11/0
5
26/11/0
5
Particulars
To Capital a/c
To Sales a/c
To Sales a/c
To Commission
a/c
To Mahesh a/c
To Madhav a/c
J/
F
Amount
Date
Particulars
75,000
10,000
6,000
1,000
4,000
5,000
03/11/0
5
15/11/0
5
23/11/0
5
25/10/0
5
28/10/0
5
30/11/0
5
By Purchases
a/c
By Bank a/c
By stationery a/c
By Suresh a/c
By Bank a/c
By Balance c/d
J/
F
Amount
8,000
15,000
500
3,000
10,000
64,500
1,01,00
0
5
1,01,00
0
64,500
Purchases a/c
Dr Cr
Date
Particulars
01/11/05
03/11/05
06/11/05
16/11/05
To Capial a/c
To Cash a/c
To Ramesh a/c
To Suresh a/c
J/F Amount
Date
Particulars
J/F Amount
20,000 30/11/05 By Balance c/d 47,000

8,000
7,000
12,000
47,000
47,000
01/12/05 To Balance b/d 47,000

Capital a/c
Dr Cr
Date
Particulars
J/F Amount
Date
Particulars
J/F Amount
30/11/05 To Balance c/d 1,20,000 01/11/05 By Furniture a/c

01/11/05 By Cash a/c
01/11/05 By Purchases a/c
25,000
75,000
20,000
1,20,000
1,20,000
1,20,000
Sales a/c
Dr Cr
Date
Particulars
J/F Amount
Date
30/11/05 To Balance c/d 37,000 02/11/05

05/11/05
09/11/05
21/11/05
Particulars
J/F Amount
By Cash a/c
By Mahesh a/c
By Cash a/c
By Madhav a/c
10,000
12,000
6,000
9,000
37,000
37,000
01/12/05 By Balance b/d 37,000
Mahesh a/c
Dr Cr
Date
Particulars
J/F Amount
Date
Particulars
12,000 10/11/05
22/10/05
22/10/05
30/11/05
J/F Amount
By Sales Ret. a/c

By Cash a/c
By Dis. Allowed a/c
By Balance c/d
12,000
Date
Particulars
6,000
4,000
100
1,900
12,000
1,900
Dr Ramesh a/c Cr
J/F Amount
Date
30/11/05 To Balance c/d 37,000 02/11/05

05/11/05
09/11/05
21/11/05
Particulars
J/F Amount
By Cash a/c
By Mahesh a/c
By Cash a/c
By Madhav a/c
10,000
12,000
6,000
9,000
37,000
37,000
01/12/05 By Balance b/d 37,000
Sales Returns a/c

Dr Cr
Date
Particulars
J/F Amount
10/11/05 To Mahesh a/c
Date
Particulars
J/F Amount
6,000 30/11/05 By Balance c/d
6,000
6,000
6,000
6,000
Dr Commission a/c Cr
Date
Particulars
J/F Amount
Date
Particulars
1,000 11/11/05 By Cash a/c
J/F Amount
1,000
Dr Commission
Date
Particulars
J/F Amount
a/c Cr
Date
Particulars
J/F Amount
1,000
1,000
1,000
Purchse Returns a/c

Dr Cr
Date
Particulars
J/F Amount
Date
Particulars
J/F Amount
1,500 12/11/05 By Ramesh a/c
1,500
1,500
1,500
1,500
Bank a/c
Dr Cr
Date
Particulars

J/F Amount
Date
15,000 17/11/05
10,000 19/11/05
30/11/05
30/11/05
Particulars
J/F Amount
By Ramesh a/c
By Drawings
By Salaries
By Balance c/d
4,000
3,000
3,000
15,000
25,000
25,000
01/12/05 To Balance b/d 15,000

Suresh a/c
Dr Cr
Date
Particulars
J/F Amount
25/11/05 To Cash
Date
Particulars
J/F Amount
3,000 16/11/05 By Purchases a/c 12,000

9,000
12,000
12,000
9,000

Dr Cr
Date
Particulars
J/F Amount
Date
Particulars
J/F Amount
200 17/11/05 By Ramesh a/c
200
200
200
Drawings a/c
Dr Cr
200
Date
Particulars
J/F Amount
Date
Particulars
J/F Amount
3,000 30/11/05 By Balance c/d
3,000
3,000
3,000
3,000
Madhav a/c
Dr Cr
Date
Particulars
J/F Amount
Date
Particulars
J/F Amount
9,000 26/11/05 By Cash a/c
30/11/05 By Balance c/d
5,000
4,000
9,000
9,000
4,000

Dr Cr
Date
Particulars
J/F Amount
22/11/05 To Mahesh a/c

Date
Particulars
J/F Amount
100
100
100
100
Stationery a/c
Dr Cr
Date
Particulars
J/F Amount
Date
Particulars
J/F Amount
500
500
500
500
Salaries a/c
Dr Cr
Date
Particulars
J/F Amount
Trial Balance
[Modern Method]
Date
Particulars
J/F Amount
3,000 30/11/05 By Balance c/d
3,000
3,000
3,000
3,000
Trial Balance of M/s Venkat & Co. as on 30/11/05

Particulars
Furniture a/c
Cash a/c
Purchases a/c
Capital a/c
Sales a/c
Mahesh a/c
Ramesh a/c
Sales Returns a/c
Commission a/c
Bank a/c
Suresh a/c
Drawings a/c
Madhav a/c
Stationery a/c
Salaries a/c
Total
L/F
Amount
(Dr)
Amount
(Cr)
25,000
64,500
47,000
1,20,000
37,000
1,900
1,300
6,000
1,000
1,500
15,000
9,000
200
3,000
4,000
100
500
3,000
1,70,000
1,70,000

Accounting Cycle Problems &amp; Solutions

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Accounting Cycle Problems &amp; Solutions

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Problem : 1

Oct.1st Cash a/c

2nd Purchases a/c

[Being the value stock of goods purchased

25th Bank a/c

01/10/05 To Capital a/c

1,00,000 05/10/05 By Purchases a/c

6,900 07/10/05 By Salaries a/c

01/11/05 To Balance b/d

31/10/05 To Balance c/d 1,00,000 01/10/05 By Cash a/c

02/10/05 To Ravi a/c

10,000 28/10/05 By Drawings a/c 1,000

01/11/05 To Balance b/d 39,000

10/10/05 To Pur. Ret. a/c

14/10/05 To Cash a/c

14/10/05 To Dis. Received a/c

2,000 02/10/05 By Purchases a/c 10,000

04/10/05 To Sales a/c

By Sales Ret. a/c

01/11/05 To Balance b/d 10,000

07/10/05 To Cash a/c

01/11/05 To Balance b/d

5,000 31/10/05 By Balance c/d

31/10/05 To Balance c/d 52,000 04/10/05 By Gopi a/c

05/10/05 To Bank a/c

01/11/05 To Balance b/d

2,000 31/10/05 By Balance c/d

06/10/05 To cash a/c

10,000 09/10/05 By Furniture a/c 2,000

01/11/05 To Balance b/d 19,000

31/10/05 To Balance c/d

2,000 10/10/05 By Ravi a/c

01/11/05 By Balance b/d

20/10/05 To Cash a/c

31/10/05 To Balance c/d

5,000 12/10/05 By Purchases a/c 10,000

01/11/05 By Balance b/d

Discount Received a/c

31/10/05 To Balance c/d

200 14/10/05 By Ravi a/c

01/11/05 By Balance b/d

Sales Returns a/c

16/10/05 To Gopi a/c

01/11/05 To Balance b/d

3,000 31/10/05 By Balance c/d

18/10/05 To Sales a/c

12,000 31/10/05 By Balance c/d 12,000

01/11/05 To Balance b/d 12,000

19/10/05 To Bank a/c

01/11/05 To Balance b/d

1,000 31/10/05 By Balance c/d

Discount Allowed a/c

20/10/05 To Gopi a/c

100 31/10/05 By Balance c/d

Discount Allowed a/c

01/11/05 To Balance b/d

31/10/05 To Balance c/d

2,000 10/10/05 By Ravi a/c

01/11/05 By Balance b/d

28/10/05 To Purchases a/c

1,000 31/10/05 By Balance c/d

31/10/05 To cash a/c

01/11/05 To Balance b/d

2,000 31/10/05 By Balance c/d

Accounting Cycle Problems & Solutions

Accounting Cycle Problems & Solutions