Scribd
Upload
40 views25 pages

Bookkeeping Final Solution

The document contains journal entries in the books of Mr. Works for the period from January 1st to January 31st. It records various purchases and sales transactions, bank transactions, expenses incurred and their settlement. The net profit for the period is calculated by comparing total sales and purchases. Bank balances are confirmed by preparing a bank reconciliation statement matching the balance as per books to the balance as per bank statement.

Uploaded by

creeprhuel
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
40 views25 pages

Bookkeeping Final Solution

The document contains journal entries in the books of Mr. Works for the period from January 1st to January 31st. It records various purchases and sales transactions, bank transactions, expenses incurred and their settlement. The net profit for the period is calculated by comparing total sales and purchases. Bank balances are confirmed by preparing a bank reconciliation statement matching the balance as per books to the balance as per bank statement.

Uploaded by

creeprhuel
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
You are on page 1/ 25

Journal Entries in the books of Mr.

Works

Sl.No. Date Particulars Debit Credit


1 1/1/2020 Bank 10000
Equity 10000
(Being the amount received as equity from Mr Work)

2 1/1/2020 Purchases 900


Sales Tax 90
Bank 990
(Being the orange phones purchased)

3 1/1/2020 Purchases 400


Sales Tax 40
Orange Inc 440
(Being purchases made from Orange Inc on credit basis)

4 10/1/2020 Purchases 3170


Sales Tax 317
Orange Inc 3487
(Being purchases made from Orange Inc on credit basis)

5 15/1/2020 Orange Inc 99


Purchase returns 90
Sales Tax 9
(Being the purchase returns accounted for)

6 31/1/2020 Puchases 1620


Sales Tax 162
Orange Inc 1782
(Being purchases made from Orange Inc on credit basis)

7 3/1/2020 Cash 440


Sales 400
Sales Tax 40
(Being sales made in cash)

8 3/1/2020 Mr. Gates 231


Sales 210
Sales Tax 21
(Being sales made in credit to Mr. Gates)

9 7/1/2020 Mr. Cook 495


Sales 450
Sales Tax 45
(Being sales made in credit to Mr. Cook)

10 7/1/2020 Mr.Jobs 385


Sales 350
Sales Tax 35
(Being sales made in credit to Mr. Jobs)

11 12/1/2020 Sales Returns 135


Sales Tax 13.5
Mr. Cook 148.5
(Being the sales returns by Cook Accounted for)

12 29/1/2020 Cash 5214


Sales 4740
Sales Tax 474
(Being sales made in cash)

13 1/1/2020 Laptop- Fixed Asset 100


Bank 100
(Being the laptop purchased)

14 7/1/2020 Wages 500


Bank 500
(Being wages paid in cash)

15 15/1/2020 Electricity 120


Bank 120
(Being the electricity expenses paid)

16 29/1/2020 Bank 5000


Cash 5000
(Being amount deposited into bank)

17 31/1/2020 Electricity 60
Wages 500
Rent 500
Provision for expenses 1060
(Being the expenses accrued)

18 31/1/2020 Orange Inc 5000


Bank 5000
(Being Ornage inc paid for )

19 31/1/2020 Bank 885


Mr. Gates 200
Mr. jobs 300
Mr. Cook 385
(Being cheques received from customers)

20 31/1/2020 Depreciation Dr 2.78


Laptop- Fixed Asset 2.78
(Being the asset depreciated for the month)

21 31/1/2020 Bank charges 10


Bank 10
(Being bank charges accounted for)
Net Amount
10000
-10000

900
90
-990

400
40
-440

3170
317
-3487

99
-90
-9

1620
162
-1782

440
-400
-40

231
-210
-21

495
-450
-45

385
-350
-35

135
13.5
-148.5

5214
-4740
-474

100
-100

500
-500

120
-120

5000
-5000

60
500
500
-1060

5000
-5000

885
-200
-300
-385

2.78
-2.78
10
-10
Sales
Date Particulars Sales Amount
3/1/2020 Cash 400
3/1/2020 Mr. Gates 210
7/1/2020 Mr. Cook 450
7/1/2020 Mr.Jobs 350
12/1/2020 Mr. Cook -135
29/1/2020 Cash 4740

6015
Purchases
Date Particulars Purchases Amount
1/1/2020 Bank 900
1/1/2020 Orange Inc 400
10/1/2020 Orange Inc 3170
15/1/2020 Orange Inc -90
31/1/2020 Orange Inc 1620

6000
Bank Book
Date ParticularsAmount Date Particulars Amount Date
1/1/2020 To Equity 10000 1/1/2020 By Purchases 900 1/1/2020
29/1/2020To cash 5000 1/1/2020 By Sales taxes 90 1/1/2020
31/1/2020Mr. Gates 200 1/1/2020 by Laptop - Fixe 100 1/1/2020
31/1/2020Mr. jobs 300 7/1/2020 By Wages 500 7/1/2020
31/1/2020Mr. Cook 385 15/1/2020By electricity 120 15/1/2020
31/1/2020By Orange Inc 5000 29/1/2020
31/1/2020By bank charges 10 31/1/2020
31/1/2020
By balance c/d 9165 31/1/2020
31/1/2020
15885 15885
to Balance 9165
Particulars Amount closing balance
Works 10000 10000
Orange Inc -990 9010
by Laptop - Fixed assets -100 8910
Wages -500 8410
electricity -120 8290
Cash 5000 13290
Mr. Gates 200 13490
Mr. jobs 300 13790
By Orange Inc -5000 8790
Bank charges -10 8780
Bank statement
Date Particulars Amount closing balance
1/1/2020 Works 10000 10000
1/1/2020 Orange Inc -990 9010
1/1/2020 by Laptop - Fixed assets -100 8910
7/1/2020 Wages -500 8410
15/1/2020 electricity -120 8290
29/1/2020 Cash 5000 13290
31/1/2020 Mr. Gates 200 13490
31/1/2020 Mr. jobs 300 13790
31/1/2020 By Orange Inc -5000 8790
31/1/2020 Bank charges -10 8780
Particulars Amount
Balance as per books of accounts 9165
Add: Cheques issued but not presented

Less: Cheques deposited but not yet credited


Mr. Cook -385

Recomputed balance as per bank statement 8780

Balance as per bank statement 8780

Net difference 0
Orange S1
Opening Stock Purchases
Inventory Qty Rate / Unit Inventory Amount Date Inventory Qty Rate / Unit
0 0 0 1/1/2020 30 30
10/1/2020 100 28
15/1/2020 -3 30
31/1/2020 40 24

167

Orange S2
Opening Stock Purchases
Inventory Qty Rate / Unit Inventory Amount Date Inventory Qty Rate / Unit
0 0 0 1/1/2020 10 40
10/1/2020 10 37
31/1/2020 20 33

40
chases Sales Closing stock
Inventory Amount Date Inventory Qty Inventory Qty Rate / Unit Inventory Amount
900 3/1/2020 10
2800 7/1/2020 10
-90 12/1/2020 -3
960 29/1/2020 120

4570 137 30 24 720 FIFO


27.3652694610778 821 Weighted average
900 LIFO

chases Sales Closing stock


Inventory Amount Date Inventory Qty Inventory Qty Rate / Unit Inventory Amount
400 3/1/2020 3
370 7/1/2020 5
660 29/1/2020 12

1430 20 20 33 660 FIFO


35.75 715 Weighted average
770 LIFO
Weighted average

Weighted average
Particulars Date of purchase Useful Life Purchase price No. of months till 31/1/2020
Laptop 1/1/2020 36 100 1
Depreciation Closing book value
2.78 97.22
Orange Inc
Date Particulars Amount Date Particulars Amount
15/1/2020 To Purchase returns 90 1/1/2020 By Purchases 400
15/1/2020 To sales tax 9 By sales taxes 40
31/1/2020 To Bank 5000 10/1/2020 By Purchases 3170
By sales taxes 317
31/1/2020 By Purchases 1620
By sales taxes 162
To Balance c/f 610

5709 5709

To balance b/f 610

Mr. Cook
Date Particulars Amount Date Particulars Amount
7/1/2020 Sales 450 15/1/2020 Sales Returns 135
7/1/2020 Sales Tax 45 15/1/2020 Sales Tax 13.5
31/1/2020 Bank 385

Balance c/d 38.5

533.5 533.5
by balance b/f 38.5

Mr. Gates
Date Particulars Amount Date Particulars Amount
3/1/2020 Sales 210 31/1/2020 Bank 200
3/1/2020 Sales Tax 21

balance c/f 31
231 231

balance b/f 31

Mr. Jobs
Date Particulars Amount Date Particulars Amount
3/1/2020 Sales 350 31/1/2020 Bank 300
3/1/2020 Sales Tax 35

balance c/f 85

385 385

balance b/f 85

Sales Taxes
Date Particulars Amount Date Particulars Amount
1/1/2020 To Bank 90 15/1/2020 By Orange Inc 9
1/1/2020 To Orange Inc 40 1/1/2020 By Cash 40
10/1/2020 To Orange Inc 317 3/1/2020 By Mr. Gates 21
31/1/2020 To Orange Inc 162 7/1/2020 by Mr.cook 45
15/1/2020 To Mr. Cook 13.5 7/1/2020 by Mr.jobs 35
28/1/2020 By Cash 474

balance c/f 1.5

624 624
by balance b/f 1.5

Fixed assets
Date Particulars Amount Date Particulars Amount
1/1/2020 To Bank 100 31/1/2020 By Depreciation 2.78

balance c/f 97.22


100 100

balance b/f 97.22

Rent
Date Particulars Amount Date Particulars Amount
31/1/2020 To Provision for expe 500

balance c/f 500

500 500

balance b/f 500

Bank Charges
Date Particulars Amount Date Particulars Amount
31/1/2020 To bank 10

balance c/f 10

10 10

balance b/f 10

Electricity
Date Particulars Amount Date Particulars Amount
15/1/2020 To Bank 120
31/1/2020 To Provision for expe 60
balance c/f 180

180 180

balance b/f 180

Wages
Date Particulars Amount Date Particulars Amount
7/1/2020 To Bank 500
31/1/2020 To Provision for expe 500

balance c/f 1000

1000 1000

balance b/f 1000

Provision for expenses


Date Particulars Amount Date Particulars Amount
31/1/2020 Electricity 60
Wages 500
Rent 500

balance c/f 1060

1060 1060
by balance b/f 1060

Equity
Date Particulars Amount Date Particulars Amount
1/1/2020 By Bank 10000
balance c/f 10000

10000 10000
by balance b/f 10000

Cash
Date Particulars Amount Date Particulars Amount
3/1/2020 Sales 400
3/1/2020 Sales Tax 40
29/1/2020 Sales 4740 29/1/2020 by Bank 5000
29/1/2020 Sales Tax 474

balance c/f 654

5654 5654

balance b/f 654

Depreciation
Date Particulars Amount Date Particulars Amount
29/1/2020 Fixed assets 2.78

balance c/f 2.78

2.78 2.78

balance b/f 2.78


Particulars Debit Credit
Bank 9165
Equity 10000
Purchases 6000
Sales Tax 1.5
Orange Inc 610
Bank charges 10
Cash 654
Sales 6015
Mr. Gates 31
Mr. Cook 38.5
Mr.Jobs 85
Laptop- Fixed Asset 97.22
Wages 1000
Electricity 180
Rent 500
Provision for expenses 1060
Depreciation Dr 2.78

17725 17725
Profit and loss statement

Particulars Amount

Income from sale of goods 6015


6015
Costs of Goods Sold
Opening stock 0
Purchases 6000
Closing stock -1380
4620

Gross margin 1395

Other operating expense 1680


finance costs 10
Depreciation 2.78

Net loss -297.78


Balance sheet

Particulars Amount

Equity 10000
loss during the year -297.78
Equity as at the year end 9702.22

Liabilities
Trade Payables 610
Advance from customers 38.5
Provision for expenses 1060
Sales tax 1.5

Total 11412.2

Fixed assets 97.22


Inventory 1380
Trade receivables 116
Bank 9165
Cash 654
Total 11412.2

You might also like