Journal, Ledger and Trial Balance Problems and Solutions

Problem-1
Record the
following transactions in General Journal and post them into ledger.
following transactions in General Journal and post them into ledger.
March.1 Anwar invested Rs.60000/- in the
business.
business.
8 Bought furniture Rs.5000/- on credit.
10. Purchased Supplies for Rs.1000/-
18. Purchased Equipment Rs.1700/-
25. Invested additional cash into
business.20000/-
business.20000/-
28. Paid an account payable Rs.4000/-
31. Bought Supplies on credit Rs.100
SOLUTION:
General
Journal
Journal
Date
|
Particulars
|
J.F
|
Debit
Rs.
|
Credit
Rs.
|
March.1
|
Cash
Anwar Capital
Anwar
Started business. |
1
2
|
60000
|
60000
|
8
|
Furniture
Creditors (A/P)
Bought
furniture on account. |
3
4
|
5000
|
5000
|
10
|
Supplies
Cash
Purchased
supplies for cash. |
5
1
|
1000
|
1000
|
18
|
Equipment
Cash
Bought
equipment for cash. |
6
1
|
1700
|
1700
|
25
|
Cash
Anwar Capital
Anwar
invested additional cash |
1
2
|
20000
|
20000
|
28
|
Creditors
Cash
Paid for
furniture purchased on credit |
4
1
|
4000
|
4000
|
31
|
Supplies
Creditors
Bought
supplies on credit. |
5
4
|
100
|
100
|
General Ledger
Cash Account
No.1
No.1
Date
|
Description
|
P.R
|
Debit
|
Credit
|
Balance
Dr. Cr.
|
|
March.1
10
18 25
28
|
Capital
Supplies
Equipment
Capital
Creditors(A/P)
|
2
5
6
2
4
|
60000
20000
|
1000
1700
4000
|
60000
59000
57300
77300
73300
|
|
Capital Account No.2
Date
|
Description
|
P.R
|
Debit
|
Credit
|
Balance
Debit Credit
|
|
Mar.1
25
|
Cash
Cash
|
1
1
|
|
60000
20000
|
60000
80000
|
|
Furniture Account No.3
Date
|
Description
|
P.R
|
Debit
|
Credit
|
Balance
Debit Credit
|
|
8
|
Creditors
(A/P) |
4
|
5000
|
|
5000
|
|
Creditors A/C
No.4
No.4
Date
|
Description
|
P.R
|
Debit
|
Credit
|
Balance
Debit Credit
|
|
8
28
31
|
Furniture
Cash
Supplies
|
3
1
5
|
4000
|
5000
100
|
|
5000
1000
1100
|
Supplies A/C
No. 5
No. 5
Date
|
Description
|
P.R
|
Debit
|
Credit
|
Balance
Debit Credit
|
||
10
31
|
Cash
Creditors
|
1
4
|
1000
100
|
|
1000
1100
|
|
|
Equipment
A/C No.6
A/C No.6
Date
|
Description
|
P.R
|
Debit
|
Credit
|
Balance
Debit Credit
|
||
18
|
Cash
|
1
|
1700
|
|
1700
|
|
|
Problem-2
Following
are the transactions of M. Khubaib.
are the transactions of M. Khubaib.
July- 1 Mr.
Khubaib started business with Cash Rs.50000
Khubaib started business with Cash Rs.50000
2 Purchased Land for 140000. Adown payment of Rs.28000 was
made And signed a note for the balance.
made And signed a note for the balance.
5 Purchased
Merchandise for Rs.4000
Merchandise for Rs.4000
12 Purchased
Equipment on account for Rs.3000
Equipment on account for Rs.3000
28 Paid
Rs.2000 of the amount owed for the equipment.
Rs.2000 of the amount owed for the equipment.
You
are required to record the above transactions in General Journal, post them
into
are required to record the above transactions in General Journal, post them
into
Ledgers
and also prepare a trial balance.
and also prepare a trial balance.
SOLUTION:
General
Journal
Journal
Date
|
Particulars
|
L.F
|
Dr.
Rs.
|
Cr.
Rs.
|
July.1
|
Cash
Khubaib Capital
Mr. Khubaib
started business by investing Cash. |
1
2
|
50000`
|
50000
|
2
|
Land
Cash
Notes Payable
Purchased
Land .made a patial payment and signed
A note for
the balance. |
3
1
4
|
140000
|
28000
112000
|
5
|
Purchases
Cash
Merchandise
purchased for cash |
5
1
|
4000
|
4000
|
12
|
Equipment
Creditors
Purchased
equipment on account |
6
7
|
3000
|
3000
|
28
|
Creditors
Cash
Made a
partial payment for Equipment |
7
1
|
2000
|
2000
|
General Ledger
Cash A/C Account No.1
Date
|
Description
|
P.R
|
Debit
|
Credit
|
Balance
Debit Credit
|
|
Jul.1
2
5
12
|
Capital
Land
Purchases
Creditors
|
1
3
5
7
|
50000
|
28000
4000
2000
|
50000
22000
18000
16000
|
|
|
|
|
|
|
|
|
Capital A/C AccountNo.2
Date
|
Description
|
P.R
|
Debit
|
Credit
|
Balance
Debit Credit
|
|
1
|
Cash
|
2
|
|
50000
|
|
50000
|
Land Account
No.3
No.3
Date
|
Description
|
P.R
|
Debit
|
Credit
|
Balance
Debit Credit
|
||
2
“
|
Cash
Notes
Payable |
1
4
|
28000
112000
|
|
28000
112000
|
|
|
Notes Payable Account
No.4
No.4
Date
|
Description
|
P.R
|
Debit
|
Credit
|
Balance
Debit Credit
|
||
2
|
Land
|
3
|
|
112000
|
|
112000
|
|
Purchases A/C Account
No.5
No.5
Date
|
Description
|
P.R
|
Debit
|
Credit
|
Balance
Debit Credit
|
|
5
|
Cash
|
1
|
40000
|
|
4000
|
|
Equipment A/C Account
No.6
No.6
Date
|
Description
|
P.R
|
Debit
|
Credit
|
Balance
Debit Credit
|
|
12
|
Creditors
|
7
|
3000
|
|
3000
|
|
Creditors
Date
|
Description
|
P.R
|
Debit
|
Credit
|
Balance
Debit Credit
|
||
12
28
|
Equipment
Cash
|
6
1
|
2000
|
3000
|
|
3000
1000
|
|
TRIAL BALANCE (Account
Form)
Form)
Mr. Khubaib
Trial Balance
As on 31st July,2000
Name of
Accounts |
Dr.
Rs.
|
Name of
Accounts |
Cr.
Rs.
|
Cash
Land
Purchase
Equipment
|
16000
140000
4000
3000
|
Capital
Notes
payable
Creditors
|
50000
112000
1000
|
Total
|
163000
|
Total
|
163000
|