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 with inventory maintain in the books of M/s. SIFI & CO for the following year 2007 to 2008

STOCK IN HAND:

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I. MEDICAL ITEM :

• DOLO 100 mg 5000tab @ Rs.5
• Metasin 3000tab @ Rs.4
• Zerodal 5000tab @ Rs.10
• Vicks action 5000tab @ Rs.25

II. INDUSTRIAL ITEM :

• Cement 500bags @ Rs.250
• Bricks 500bags @ Rs.300

III. ELECTRONIC ITEM :

• Iron box 10nos @ Rs.800
• Calculator 525nos @ Rs.100
• 14"inch TV 150nos @ Rs.850

TRANSACTION DURATION PERIOD:

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1. Paid telephone charge Rs.2000

2. Withdraw from stock for the protector own use Rs.5000

3. A cheque received from M/s. Nitya traders was Rs:15000 and balance Rs.5000 Bad Debit written off.

4. Goods sales on credit to M/s. TTC for the following:

• Iron box 5nos @ Rs.1000
• 14”inch TV 10nos Rs.10000 Bill.No.81 (45days)

5. Purchased on credit from M/s. Lingam Traders:

• TV stand 15nos @ Rs.500
• Steel chair 20nos @ Rs.250 Bill no:254 (25days)

6. Goods sold on credit to M/s. National Agencies for the following :

• Dolo 100mg 1000tab @ Rs.7
• Metasin 1500tab @ Rs.6
• Vicks action 500tab @ Rs.30 Bill no:25 (15days)

7. Depreciation of machinery 5% and furniture 5%

8. Bank Loan Received Rs.2,00,000

9. Goods return to M/s. Lingam traders :

• TV stand 5nos
• Steel chair 7nos against bill no:245

10. Amount received from M/s.TTC full payment

11. Goods purchased from M/s..Neha traders for the following:

• Cement 200bags @ Rs.250
• Coal 300bags @ Rs.200
• Bricks 150bags @ 300 Bill no:458 (25days)

12. Credit note received from M/s. National Agencies for the following :

• Dolo 100mg 200tab
• Metasin 100tab
• Vicks action 10tab against bill no: 25

13. Goods sold M/s. BPT contracts for followings:

• TV stand 10nos @ Rs.700
• Steel chair 10nos @ Rs.400
• Cement 300bags @ Rs.350
• Coal 200bags @ Rs.250
• Bricks 200bags @ Rs.350 bill no: 021 (30days)

14. With draw from bank Rs.1,00,000

15. Dividend received from bank Rs.30000

16. Amount paid to M/s. Neha traders and discount Rs. Received 10%

17. Stock of calculator 500nos transfer to Madurai branch.

18. Being verify manual inventory the stock for the following:

• Coal 200bags
• Bricks 50bags

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