Professional Documents
Culture Documents
1 1-Jan-09
2 15-May-09
3 20-May-09
4 5-Apr-09
5 31-May-09
6 1-Jun-09
7 15-Jun-09
8 30-Jun-09
9 30-Jun-09
10 1-Jul-09
11 1-Jul-09
12 14-Aug-09
13 14-Aug-09
14 30-Nov-09
31-Dec-09
15 Adj.E1
16 Adj.E2
17 Adj.E3
18 Adj E4
19 Adj E5
20 Adj E6
21 Adj E7
22 Adj E8
Nature of Transactions recorded by Co ABC during the financial year 2009 [calendar year]
HCL started operating on January 1 when the promoter P made Rs 10,000 contribution [by cheque Rs 8,000 & Cash Rs 2,000]
HCL purchased inventory [office materials] for Rs 400 from a Supplier A on credit
HCL billed for services provided on account (on credit) to Customer MFS for Rs 2,600
HCL paid Rs 600 cash for office expenses
HCL borrowed Rs 4,000 on unsecured bases loan from Axis Bk for 2 yrs with inteterst @ 12% pa
HCL acquired large office on lease & paid advance rent for 1 yr of Rs 2,400
HCL received Rs 1,500 toward part payment from MFS [Refer Event 3]
HCL signed contract with Mco to perform consulting services for 1 year & collected advance of Rs 3,600
HCL received Rs 700 by cheque for consultancy renedered to Customer DXL
HCL loaned to its contractor JBC Rs 4,000 for 1 year @ 14% for business purpose
HCL purchased office equipments [with estimated useful life of 2 yrs and salvage value of Rs 400] for Rs 2,000
HCL received bill from SC for Rs 800 towards office cleaning job
HCL paid by cash Rs 400 to Supplier A [refer 2]
HCL paid to P Rs 300 as good work award to staff
HCL has to further pass following adjustment entries to close the books as at year end
HCL provided interest on unsecured loan [refer Event 5] @ 12% for 6 months
HCL accounted for rent pertaining to current year out prepaid rent [refer Event 6]
HCL recorded credit for 6 months services provided to Mco [refer Event 8]
HCL accured interest on loan given to JBC [refer Event 10]
HCL provided for depreciation on office equipments [refer Event11]
HCL noted to provide for accured salaries to employees amounting to Rs 600
HCL noted that inventory of office supplies on 31/Dec/09 was only Rs 100 and the balance Rs 300 was to be charged to consu
HCL noted to provided all office related expenses for Rs 1,000 for the year based on only office recors [no bills received] & outs
800
600
Co.ABC: Journal Entry Book for the financial year 2009-10
7 Bank R 1,500
Sundry Debtors [Customer MFS] P
To account part payment received from MFS [Ref 3]
8 Bank 3,600
Advance Received from Customer [MCO]
Being the advance received on MOU signed with Mco
9 Sundry Debtors [Customer DXL] R 700
Sales and Sevices N
To record the bill raised for services given to DXL
9A Bank R 700
Sundry Debtors [Customer DXL] P
To record the payment received from DXL for 9 above
10 Loans,advances & deposits R 4,000
Bank R
To record loan given for business to JBC for 1 yr @ 14%
11 Fixed Assets "Office Equipments" R 2,000
Bank R
To recod purchase of office equipments
12 Office expenses N 800
Sundry Creditors [for other exp] (Party SC) P
To account for bill for above office exp. from SC
13 Sundry Creditors [Supp A] R 400
Cash P
Being the pymt for supplies [refer 2 above]
14 Employee costs N 300
Cash R
Being the good work award given to an employee
15 Interest Expense N 240
Sundry creditors [other expenses] P
Being the provision for int due to Axis bank for 6 months
16 Office Rent N 1,400
Prepaid rent R
To account rent for 7 months pertaining to current yr
17 Sundry Debtors [Mco] P 1,800
Sales and Sevices N
To book credit for services for 6 mths in current Fy
17A Advance Received from Customer [MCO] P 1800
Sundry Debotors [MCO] P
Towards pro-rata adjustment of advance received for 17 above
18 Accured interest Income R 210
Interest income N
To account for accrued interest on loan given to JBC
19 Depreciation N 600
Depreciation Reserve [Depreciation to date] R
To provide pro-rata depreciation for 9 months on office eqpts
20 Employee costs E 600
Sundry creditors [other expenses] P
[To provide for oustanding salary to employees]
21 Inventories Consumed E 300
Inventory [Office mateirals] R
[To account inventories consumed from stock]
22 Office expenses E 1,000
Sundry creditors [other expenses] P
[To provide for outstanding office expenses as per records ]
Total 41,950
he financial year 2009-10
Cash/Bank
Balance
P&L Impact Impact Balance Sheet Impact
Cash C/Bank
Income B balance Asset Liability Inc
Cr. Rs /Expense Inc. /Dec. Inc/Dec /Dec Bank
B -Inc Inc Trans No
C-Inc Inc 1
10,000 Inc 5
7
Inc 8
400 Inc 9A
Total
Inc
2,600 Income Invento
Trans No
Expense 2
600 C -Dec Dec
B -Inc Inc
4,000 Inc Total
B-Inc Inc
1,500 Dec
Total
Inc
3,600 B-Inc Inc Prepaid
Trans No
Inc 6
700 Income
Total
B-Inc Inc
700 Dec Fixed Assets[Office
Trans No
Inc 11
4,000 B-Dec Dec
Inc
2,000 B-Dec Dec Total
Expense
800 Inc
Interest Ex
Dec Trans No
400 C-Dec Dec 15
Expense Total
300 C-Dec Dec
Expense Depreciation
240 Inc Trans No
19
Expense Total
1,400 Dec
Dec
1,800 Income Credit & Deb
Debit
Dec 41,950
1800 Dec
Inc
210 Income
Expense
600 Inc
Expense
600 Inc
Expense
300 Dec
Expense
1,000 Inc
41,950
Co.ABC:Ledger Accounts for the financiail year 2009-10
Bank Cash
Debit Rs Trans No Credit Rs Trans No Debit Rs Trans No Credit Rs
8,000 6 2,400 1 2,000 4 600
4,000 10 4,000 13 400
1,500 11 2,000 14 300
3,600 Bal c/f 9,400 Bal c/f 700
700
17,800 Total 17,800 Total 2,000 Total 2,000
9 700 12 800
17 1,800 22 1,000
5,100 Total 5,100 Total 2,400 Total 2,400
Share Capital
Trans No Debit Rs Trans No Credit Rs
Bal c/f 10,000 1 10,000
Sundry Debtors
Trans No Debit Rs Trans No Credit Rs
3 2,600 7 1,500
9 700 9A 700
17 1,800 17A 1800
Bal c/f 1,100
Total 5,100 Total 5,100
Employee Costs
Trans No Debit Rs Trans No Credit Rs
14 300 To P&L 900
20 600
Inventories Consumed
Trans No Debit Rs Trans No Credit Rs
21 300 To P&L 300
Total 300 Total 300
Interest Income
Trans No Debit Rs Trans No Credit Rs
To P&L 210 18 210
Total 210 Total 210
Co.ABC:Trial Balance [Before P&L Account] as at March 31,2010
Debit Amt
Particulars Rs Particulars
Inventories Consumed 300 Sales & Sevices
Employee Costs 900 Interest Income
Office Expenses 2,400 Loss carried forward to BS
Office Rent 1,400
Depreciation Expense 600
Interest Expense 240
Total 5,840 Total
Credit Amt
Rs
5,100
210
530
5,840
Rs
2,000
600
1,400
100
1,100
210
4,000
9,400
700
1,000
Err:522
Company A: Balance Sheet as at 31st Mar 20009
Liabilities Rupees
Share Capital 500
Reserves 250
Profits & Loss 300
Secured Loan [from SBI] 150
Unsecured Loan [from HDFC] 1050
Sundry Creditors[suppliers] 50
Sundry Creditors [other dues] 50
Provision for Dividend 30
Provision for Itax 20
Total 2400
Co.A:Transactions d
Assets Rupees 1
Fixed Assets[Gross block] 880 2
Less:Depreciation till date 80 3
Fixed Assets [Net block] 800 4
Investments 200 5
Inventories [raw materials] 100 6
Sundry Debtors 100 7
Loans,advances and deposits 100 8
Cash balance 200 9
Bank balance 800 10
Deferred Rev.Exp [relating to new product
development 100 11
Total 2400 12
\ 13
14
15
16
17
18
19
20
21
22
23
24
25
Co.A:Transactions during FY 2009-10
Particulars Rupees
11
13
14
15
16
17
18
19
20
21 &22
23 & 24
25**
Co.A: Journal Entry Book for the financial year
Cash/Bank
P&L Impact Balance Impact Balance Sheet Impact
Cash C/Bank B
Income -I /Exp- balance Inc. Asset Liability Inc
Type of A/c Dr. Rs Cr. Rs E /Dec. Inc/Dec /Dec
R 500 Inc
R 500 B -Dec. Dec
R 100 Inc
P 100 Inc
P 50 Dec
R 50 B -Dec Dec
P 50 Dec
R 50 C - Dec Dec
R 30 Dec
R 30 B- Dec Dec
N 100 Expense
R 100 B-Dec Dec
N 10 Expense
P 10 Inc
N 20 Expense
R 20 C -Dec Dec
N 20 Expense
R 10 B- Dec Dec
P 10 Inc
R 50 B -inc Inc
P 50 Inc
P 50 Dec
R 50 B-Dec Dec
R 10 C-Inc Inc
R 10 Dec
R 10 C -inc Inc
N 10 Income
R 10 B -inc Inc
R 10 Dec
N 10 Expense
R 10 Dec
N 80 Expense
R 80 Inc
R 15 B- Inc Inc
N 5 Expense [loss]
R 20 Dec
N 600 Expense
R 500 Dec
R 100 Dec
N 30 Expense
10 Appropriation
R 30 Inc
R 10 Inc
Materials consumed
Tans No Credit Rs
To P&L 600
Total 600
Reserves
Tans No Credit Rs
Bal b/f 250
Total 250
&L a/c] as at March 31,2010 Co.A:Trail Balance as at Apr 1,2009
500 100
1100
200 150
1000 1050
190 200
10
90 100
10
90 100
80
160 80
5
860 880
600
300 300
20 20
500 500
250 250
3710 3710 2480 2480
2600 0
Amt Rs
1100
10
1110
265
265
235
300
535
Amt Rs
860
160
700
190
100
500
90
885
150
90
2705 0