Journal, Ledger and Trial Balance Problems and Solutions

Journal, Ledger and Trial Balance Problems and Solutions
Journal, Ledger and Trial Balance Problems and Solutions
Problem-1
Record the
following transactions in General Journal and post them into ledger.
March.1          Anwar invested Rs.60000/- in the
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/-
28.       Paid an account payable Rs.4000/-
31.       Bought Supplies on credit Rs.100




SOLUTION:
                                                General
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
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
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


Date
Description
P.R
Debit
Credit
           Balance
Debit      Credit
 10
31
Cash
Creditors
1
4
1000
  100
1000
1100
Equipment                                                                                    
      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.
July-   1          Mr.
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.
            5          Purchased
Merchandise for Rs.4000
            12        Purchased
Equipment on account for Rs.3000
            28        Paid
Rs.2000 of the amount owed for the equipment.
You
are required to record the above transactions in General Journal, post them
into
Ledgers
and also prepare a trial balance.




SOLUTION:
                                                         General
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


Date
Description
P.R
Debit
Credit
           Balance
Debit      Credit
  2
 
Cash
Notes
Payable
1
4
  28000
112000
   28000
 112000
  
Notes Payable                                                                                 Account
No.4


Date
Description
P.R
Debit
Credit
          
Balance
Debit     Credit
  2
Land
3
112000
112000
Purchases A/C                                                                                Account
No.5
Date
Description
P.R
Debit
Credit
           Balance
Debit       Credit
  5
Cash
1
40000
4000
Equipment A/C                                                                                Account
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)
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



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