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    Lahore Garrison University: Assignment # 4

    Uploaded by

    Muhammad huzaifa
    The document records various business transactions from January 1-9, 2000 for a company called RJ Company. It provides the journal entries for starting the business with cash and machinery investments, purchases and sales on credit and for cash, and receipt of cash from credit customer. The transactions are then posted to ledger accounts and a trial balance is prepared showing the total debits equal to total credits.

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    Lahore Garrison University: Assignment # 4

    Uploaded by

    Muhammad huzaifa
    22 views6 pages
    The document records various business transactions from January 1-9, 2000 for a company called RJ Company. It provides the journal entries for starting the business with cash and machinery investments, purchases and sales on credit and for cash, and receipt of cash from credit customer. The transactions are then posted to ledger accounts and a trial balance is prepared showing the total debits equal to total credits.

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    Assign. no. 4

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    The document records various business transactions from January 1-9, 2000 for a company called RJ Company. It provides the journal entries for starting the business with cash and machinery investments, purchases and sales on credit and for cash, and receipt of cash from credit customer. The transactions are then posted to ledger accounts and a trial balance is prepared showing the total debits equal to total credits.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    22 views6 pages

    Lahore Garrison University: Assignment # 4

    Uploaded by

    Muhammad huzaifa
    The document records various business transactions from January 1-9, 2000 for a company called RJ Company. It provides the journal entries for starting the business with cash and machinery investments, purchases and sales on credit and for cash, and receipt of cash from credit customer. The transactions are then posted to ledger accounts and a trial balance is prepared showing the total debits equal to total credits.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 6

    LAHORE GARRISON UNIVERSITY

    (DHA, Phase 6 sector C)

    Name: MUHAMMAD HUZAIFA

    Roll No: Fa-19/BSSE-D/219

    Submitted To: MAM SARA MUNIR

    Course Title: Principle of Accounting

    Assignment # 4

    < ---------------------------- >


    Q: Enter the following transaction in journal and then into the ledger and then make a trial
    balance;

    In 2000

    January, 1 Mr. Umer started a business with cash Rs. 80,000 and machinery Rs. 20,000.

    January, 3 purchased goods of Rs. 20,000 on credit from Mr. Adeel.

    January, 5 sold goods for cash 10,000.

    January, 7 sold goods on credit to Mr. Asim for Rs. 15,000.

    January, 9 cash received from Mr. Asim Rs. 13,000 in full settlement of his account.

    SOLUTION:

    RJ Company
    JOURNAL
    January 1, 2000

    DATE PARTICULARS L. DEBIT CREDIT


    F (Rs.) (Rs.)
    2000 Cash a/c Dr. 80,000
    Jan, 1 Machinery a/c Dr. 20,000

    Capital a/c Cr. 1,00,000


    (investor invest cash and machinery)

    Jan 3 Purchase a/c Dr. 20,000

    Mr. Adeel a/c 20,000


    (purchase goods on credit by Mr. Adeel)

    Jan 5 Cash a/c Dr. 10,000

    Sales a/c Cr. 10,000


    (sale goods for cash)

    Jan 7 Mr. Asim a/c Dr. 15,000


    Sales a/c 15,000
    (sale goods on credit to Mr. Asim)
    Jan 9 Cash a/c Dr. 13,000
    Discount a/c Dr. 2,000

    Mr. Asim a/c 15,000


    (cash receive and discount allowed to Mr.
    Asim)

    Ledger (standard form of ledger):

    Cash Account no. 5


    Dr. Cr.

    Date Reference J. (Rs.) Date Reference J. (Rs.)


    R R
    2000
    Jan 1 Capital a/c 80,000
    Balance c/d 1,03,000
    Jan 5 Sales a/c 10,000

    Jan 9 Mr. Asim a/c 13,000 1,03,000


    1,03,000

    Machinery Account no. 7


    Dr. Cr.

    Date Reference J. (Rs.) Date Reference J. (Rs.)


    R R
    2000
    Jan 1 Capital a/c 20,000 Balance c/d 20,000

    20,000 20,000
    Capital Account no. 9
    Dr. Cr.

    Date Reference J.R (Rs.) Date Reference J.R (Rs.)


    2000
    Balance c/d 1,00,000 Jan. 1 Cash a/c 80,000
    Machinery a/c 20,000

    1,00,000 1,00,000

    Purchase Account no. 11


    Dr. Cr.

    Date Reference J. (Rs.) Date Reference J. (Rs.)


    R R
    2000
    Jan 3 Mr. Adeel a/c 20,000 Balance c/d 20,000

    20,000 20,000

    Mr. Adeel Account no. 13


    Dr. Cr.

    Date Reference J.R (Rs.) Date Reference J.R (Rs.)


    2000
    Balance c/d 20,000 Jan. 3 Purchase a/c 20,000

    20,000 20,000
    Sale Account no. 15
    Dr. Cr.

    Date Reference J.R (Rs.) Date Reference J.R (Rs.)


    2000
    Balance c/d 25,000 Jan. 5 Cash a/c 10,000

    Jan.7 Mr. Asim a/c 15,000


    25,000 25,000

    Mr. Asim Account no. 17


    Dr. Cr.

    Date Reference J.R (Rs.) Date Reference J.R (Rs.)


    2000 2000
    Jan.7 Sales a/c 15,000 Jan. 9 Cash a/c 13,000

    Jan. 9 Discount a/c 2,000


    15,000 15,000

    Discount Account no. 19


    Dr. Cr.

    Date Reference J. (Rs.) Date Reference J. (Rs.)


    R R
    2000
    Jan 9 Mr. Asim a/c 2,000 Balance c/d 2,000

    2,000 2,000
    RJ Company
    Trial Balance
    January 9, 2000

    S. No Account names A/c Debit Credit


    No.
    1 Cash Account 5 1,03,000 -
    2 Machinery Account 7 20,000 -
    3 Capital Account 9 - 1,00,000
    4 Purchase Account 11 20,000
    5 Mr. Adeel Account 13 - 20,000
    6 Sales Account 15 - 25,000
    7 Mr. Asim Account 17 - -
    8 Discount Account 19 2,000 -

    _______ _______
    1,45,000 1,45,000

    Final Result = 1,45,000

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