The Following Would Be Recording In Journal Using Double Entry System. Do The Posting Process From Journal Entries And Prepare The Trial Balance, Trading A/C, Profit & Loss A/C and Balance Sheet and cost canter In The Books Of M/S. EVEREST LIT For The Following Year 2009 To 2010.
| Particular | Dr | Cr |
|---|---|---|
| Captial | 500000 | |
| Cash | 200000 | |
| Furniture | 50000 | |
| Bank loan | 200000 | |
| Indian Bank | 150000 | |
| Bank O/d | 150000 | |
| Machinery | 150000 | |
| Motor car | 75000 | |
| Computer | 125000 | |
| Investment | 200000 | |
| Salary due | 50000 | |
| Sundry creditors: M/s. Reliance (P) ltd was Rs.150000 Bill no:29 |
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| Sundry debtors: M/s. Hindustan Ltd was Rs.60000 bill no:30 M/s. Unilever Ltd was Rs.40000 bill no: 31 |
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Cost category and cost center:
| Mr. Flaming (cost category) | Ms. Famila (cost category) |
|---|---|
| Basic pay | Basic pay (F) |
| DA | DA (F) |
| TA | HRA (F) |
| Medical allowance | Conveyance allowance (F) |
| Food allowance | Medical allowance (F) |
| Mr. Prince (cost category) | Income and expenditure (cost category) |
|---|---|
| Basic pay(p) | Telephone charges |
| DA(p) | Postage |
| HRA (p) | Interest received |
| TA(p) | Wages |
| Food allowance(p) | Fright charges |
| Medical allowance (P) | Commission received |
1. Telephone charges paid Rs.1000
2. Amount paid to Mr. Reliance Ltd was Rs.50000 part settlement
3. Commission received Rs. 10000
4. Goods purchased from Mr. Dolphin ltd was Rs.120000 bill no:28
5. Salary paid to Ms. Famila for the following
| Basic pay (F) | Rs.6000 |
| DA (F) | Rs.2000 |
| HRA (F) | Rs.500 |
| Conveyance allowance (F) | Rs.700 |
| Medical allowance (F) | Rs.500 |
6. Paid postage Rs.1250
7. Goods sold to Rs. Ramani was Rs. 150000 bill no:75
8. Interest received Rs.8000
9. Salary paid to Mr. Flaming for the following:
| Basic pay | Rs.5000 |
| DA | Rs.2500 |
| HRA | Rs.1000 |
| Medical allowance | Rs.500 |
| Food allowance | Rs.300 |
10. Depreciation of machinery @ 10%
11. Interest on capital @ 6%
12. Withdraw from personal use Rs.5000
13. With draw from bank Rs.20000
14. Paid wages and fright charges Rs.700, Rs.350
15. Salary paid to Ms. Prince for the following:
| Basic pay(p) | Rs.7000 |
| DA(p) | Rs.3000 |
| HRA (p) | Rs.1500 |
| TA(p) | Rs.600 |
| Food allowance(p) | Rs.500 |
| Medical allowance (P) | Rs.400 |
16. Motorcar sold on cash Rs.70000 and balance amount was depreciated
17. Dividend received Rs.30000
Answers:| opening balance | 10,50,000 |
| Gross profit | 28,950 |
| Net Loss | 7,300 |
| Balance sheet | 11,45,000 |
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