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. INFO TECH LTD for the following year 2005 to 2006.
| Particular | Dr | Cr |
|---|---|---|
| Capital | 3,00,000 | |
| Bonus payable | 60,000 | |
| Salary due | 40,000 | |
| Cash | 1,00,000 | |
| Indian Bank | 70,000 | |
| Free hold property | 30,000 | |
| Security deposit | 1,50,000 | |
| Good will | 1,00,000 | |
| Rent outstanding | 50,000 | |
| Land & buildings | 25,000 | |
| Furniture & fittings | 25,000 | |
| Machinery | 50,000 |
1. Purchased To Mr. KODAK P LTD for the followings
2. Paid travelling expenses Rs.1300
3. Paid insurance premium Rs.1800
4. Sales to goods Mr.CNC Traders for the followings
5. Deposit in to bank Rs.6000
6. Return into Mr. KODAK for the followings
7. Cash sale to Mr. Info Tech for the followings
8. Paid to Electronic charges Rs.3000
9. With draw from personal use Rs.1700
10. Received dividend received Rs.9500
11. Stock transfer to Bangalore branch
12. Paid to Mr. KODAK P LTD Rs.100000
13. After Stock verify Electronic spare parts 10nos only
Answers:| opening balance | 6,00,000 |
| Gross profit | 84,500 |
| Net profit | 87,900 |
| Balance sheet | 8,50,200 |
| Closing stock | 2,25,500 |
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