Journalize the below transactions, prepare relevant ledger accounts and finally trial balance. . ( 6+6+3 = 15 Marks)
M/s Ventak Enterprise Pvt Ltd.
01.01.2009
Started business with cash Rs. 2,00,000 Goods Rs. 1,00,000 Furniture Rs. 50,000
01.01.2009
Opened Current Account with Rs. 1,00,000
02.01.2009
Placed an order with Ritik for the supply of goods of the list price of Rs. 1, 00, 00.In this connection, we paid 9% of the list price as an advance by cheque.
03.01.2009
Ritik supplied goods of the list price of Rs. 1, 00,000 less 12% trade discount. Packing and delivery charges Rs. 1,000.
04.01.2009
Purchased goods from Murali of the list price of Rs. 1,00,000 less 12% trade discount and paid him by cheque under a cash discount of 5%
05.01.2009
Received an order from Shyam for supply of goods of the list price of Rs. 1, 00,000 with an advance of 10% of list price.
06.01.2009
Supplied the above goods at 10% trade discount. Packing and delivery charges Rs. 1000.
07.01.2009
Goods costing Rs. 80,000 sold to Mr X at a profit of 20% on sales less 10% trade discount and 2% cash discount
08.01.2009
Goods (cost Rs. 3,000, Sales Price Rs. 4,000) taken away by the proprietor for his personal use.
09.01.2009
Shyam became insolvent and paid 80 paise in a rupee in full and final settlement
10.01.2009
Paid Ritik 80% on account.
11.01.2009
Goods (Cost Rs. 3,000 , Sales Price Rs. 4,000) stolen
12.01.2009
Paid Life Insurance Premium Rs. 1,000.
13.01.2009
Cash embezzled by an employee Rs. 1,000.