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Financial Accounting for Managers

Ledger Accounts and Trial Balance

By Anil Kshatriya
6 July 2015 [IMT Nagpur]
Recap

In April 2015, Chinmay, a fresh graduate from IIT Delhi,


started his own business of Astronomical Equipments
October Sky.
He has no clue of Accounting and so he has appointed you as
consultant to help him maintain his books. Following
transactions took place in the month April.

Also if you can help him with his first balance sheet, he will
get a snapshot of his Assets and Liabilities on 30th April 2015.
April 2015
1:Used his personal cash savings of Rs. 50,000 and Furniture
of Rs. 1,00,000 to make a start.
2: Deposited 20,000 in SBI by opening an account.
3. Purchased equipments worth Rs. 50,000 from TBS Co. on
credit.
4. Sold some equipments worth 20,000 for Rs. 30,000 to VPP
and Sons on credit.
8. Incurred transportation expenses of Rs. 1,000.
10. Spent Rs. 5,000 for advertisement.
15. Paid to TBS Rs. 48,000 in full settlement.
18. Received from VPP Rs. 29,000 in final settlement.
20. Bought Machinery of Rs. 1,00,000 by taking a Loan from
his close friend Laxmi.
Date Particulars Debit Credit
1-Apr Cash A/cDr. 50,000
Furniture A/cDr. 1,00,000
To Capital A/C 1,50,000
2 Bank A/c ..Dr. 20,000
To Cash A/c 20,000
3 Purchase A/c.Dr. 50,000
To TBS A/c 50,000
4 VPP A/c...Dr 30,000
To Sales A/c 30,000
8 Transportation Exp. A/cDr. 1,000
To Cash A/c 1,000
10 Advertising Exp. A/c.Dr. 5,000
To Cash A/c 5,000
15 TBS A/c.Dr. 50,000
To Cash A/c 48,000
To Disc. Received A/c 2,000
18 Cash A/c..Dr. 29,000
Disc. Allowed A/c..Dr. 1,000
To VPP A/c 30,000
20 Machinery A/c.Dr. 1,00,000
To Laxmi's Loan A/c 1,00,000
Cash Account

Dr.
Cr.
Particulars Amount(Rs.) Particulars Amount(Rs.)
To Capital 50,000By Bank 20,000
To VPP 29,000By Transportation 1,000
By Advertisement 5,000
By TBS 48,000
By Bal C/f 5,000
Totals 79,000 79,000
Preparing a Ledger Account

Mr. Manu has provided us the following transactions to prepare the


Machinery Account of Reebokey Pvt. Ltd.
Dates:
1 April 2014 Purchased machinery worth Rs. 5,00,000
1 Oct 2014 Purchased additional machinery worth Rs. 3,00,000
31 Dec 2014 Sold machinery purchased on 1 st April to Mr.
Awasthi for Rs. 2,50,000.
30 March 15 Purchased additional machinery worth Rs. 1,00,000
31 March 15 Depreciation is charged on machinery @ 10% p.a.
Trial Balance

Category of Account Balance

Assets Debit

Liabilities Credit

Incomes Credit

Expenses Debit
From the following ledger balances, prepare a trial balance of F.B. Traders as on 31st March, 2011

Account Head Amount (Rs.)


Capital - L 1,00,000
Sales I 1,66,000
Purchases E 1,50,000
Sales return E 1,000
Discount allowed E 2,000
Expenses E 10,000
Trade receivables A 75,000
Trade payables L 25,000
Investments A 15,000
Cash at bank and in hand A 37,000
Interest received on investments I 1,500
Insurance paid -E 2,500
F.B. Traders
Trial Balance As on 31st March 2011

Dr. balance Amount (Rs.) Cr. balance Amount (Rs)

Purchases 1,50,000 Capital 1,00,000

Sales return 1,000 Sales 1,66,000

Discount allowed 2,000 Trade payables 25,000

Expenses 10,000 Interest received on investments 1,500

Trade receivables 75,000

Investments 15,000

Cash at bank and in hand 37,000

Insurance paid 2,500

Total 2,92,500 2,92,500


Practice Prepare Trial Balance

Opening Stock 5,000


Capital 89,500
Bills Receivable 22,500
Commission (Cr.) 2,000
Purchases 1,95,000
Return Outward 2,500
Wages 14,000
Trade Expenses 1,000
Insurance 5,500
Office Fixtures 5,000
Sundry Debtors 1,50,000
Cash in Hand 2,500
Carriage Inward 4,000
Cash at Bank 23,750
Commission (Dr.) 4,000
Rent & Rates 5,500
Interest on Capital 3,500
Carriage Outward 7,250
Stationery 2,250
Sales 2,50,000
Return Inward 6,500
Bills Payable 15,000
Creditors 98,250
Closing Stock 12,500

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