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Accounting Class Prep Guide

Mr. Hopeful started a business and took out a loan from Canara Bank. He purchased various assets and inventory, sold goods, and made payments. The document provides details of Mr. Hopeful's business transactions and instructs the reader to record journal entries, open accounts, post transactions, balance accounts, and prepare a trial balance for Thursday's class.

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Hritik Lal
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64 views1 page

Accounting Class Prep Guide

Mr. Hopeful started a business and took out a loan from Canara Bank. He purchased various assets and inventory, sold goods, and made payments. The document provides details of Mr. Hopeful's business transactions and instructs the reader to record journal entries, open accounts, post transactions, balance accounts, and prepare a trial balance for Thursday's class.

Uploaded by

Hritik Lal
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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1.Mr. Hopeful started a business with Rs 2 lacs and Canara bank loan of Rs 3 lacs.

2.He opened a current account with Canara bank with an initial deposit of Rs 4.5 lacs

3.He purchased machinery worth Rs 3 lacs and paid by cheque

4.He bought goods worth Rs 8 lacs on credit from A&Co and for cash Rs 2,00,000

5.He paid for wages and salaries Rs 80,000

6.He sold goods for cash 2 lacs and for Rs 7.5 lacs on credit to B & Co

7.He paid bank interest of Rs 36000.

8.B & Co settled the account at discount of 2%

9.He paid insurance Rs 40,000

10.He deposited Rs 5 lacs in the bank and repaid Rs 2 lacs of Canara Bank Loan by cheque

11.He paid A&Co on account Rs 3.5 lacs by cheque

12.He bought an Investment for Rs 1 lac and aid by cheque.

Required :

a. Pass journal entries for the above transaction the way it is taught in the class
b. Open respective accounts and post these transactions
c. Balance these account
d. Prepare a Trial Balance

Please be ready with above Thursday’s class

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