Assignment 3
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The document provides details of ledger accounts for the business of X and Co. as of March 31, 2009. It includes transactions recorded in various accounts such as cash, furniture, salaries, Shyam's, purchases, purchase returns, Ram's, sales, sales returns, and capital accounts. The ledger balances are to be used to prepare a trial balance for the business. It also provides ledger balances for Anuradha Traders as of the same date to prepare their trial balance. Finally, it lists account balances for a client, X, to check the accuracy of his trial balance for the year ended March 31, 2009.
Assignment 3
- 1. Assignment III – Trial Balance<br />Q. 1 Given below is a ledger extract relating to the business of X and Co. as on March 31, 2009. You are required to prepare the Trial Balance.<br />Cash AccountDr.Cr.ParticularsRs.ParticularsRs.To Capital A/c10,000By Furniture A/c3,000To Ram’s A/c25,000By Salaries A/c2,500To Cash Sales500By Shyam’s A/c21,000By Cash Purchases1,000By Capital A/c500By Balance c/d7,50035,50035,500Furniture AccountDr.Cr.ParticularsRs.ParticularsRs.To Cash A/c3,000By Balance c/d3,0003,0003,000Salaries AccountDr.Cr.ParticularsRs.ParticularsRs.To Cash A/c2,500By Balance c/d2,5002,5002,500Shyam’s AccountDr.Cr.ParticularsRs.ParticularsRs.To Cash A/c21,000By Purchases A/c(Credit Purchases)25,000To Purchase Returns A/c500To Balance c/d3,500-25,00025,000Purchases AccountDr.Cr.ParticularsRs.ParticularsRs.To Cash A/c (Cash Purchases)1,000By Balance c/d26,000To Sundries as per Purchases Book (Credit Purchases)25,000-26,00026,000Purchases Returns AccountDr.Cr.ParticularsRs.ParticularsRs.To Balance c/d500By Sundries as per Purchases Return Book500500500Ram’s AccountDr.Cr.ParticularsRs.ParticularsRs.To Sales A/c (Credit Sales)30,000By Sales Returns A/c100By Cash A/c25,000By Balance c/d4,90030,00030,000Sales AccountDr.Cr.ParticularsRs.ParticularsRs.To Balance c/d30,500By Cash A/c (Cash Sales)500By Sundries as per Sales Book (Credit sales)30,00030,50030,500Sales Returns AccountDr.Cr.ParticularsRs.ParticularsRs.To Sundries as per Sales Return Book100By Balance c/d100100100Capital AccountDr.Cr.ParticularsRs.ParticularsRs.To Cash A/c500By Cash A/c10,000To Balance c/d9,500-10,00010,000<br />Q.2 From the following ledger balances, prepare a trial balance of Anuradha Traders as on March 31, 2009:<br />Account Head Rs.Capital 1,00,000Sales1,66,000Purchases1,50,000Sales return1,000Discount allowed2,000Expenses10,000Debtors 75,000Creditors25,000Investments15,000Cash at bank and in hand37,000Interest received on investments1,500Insurance paid 2,500<br />Q.3 One of your clients, X has asked you to finalize his accounts for the year ended March 31, 2009. Till date, he himself has recorded the transactions in books of accounts. As a basis for audit, X furnished you with the following statement.<br />Dr. BalanceCr. BalanceX’s Capital1,556X’s Drawings564Leasehold premises750Sales2,750Due from customers530Purchases1,259Purchases return264Loan from bank256Creditors528Trade expenses700Cash at bank226Bills payable 100Salaries and wages600Stock (1.4.2008)264Rent and rates463Sales return 985,4545,454<br />The closing stock on March 31, 2009 was valued at Rs. 574. X claims that he has recorded every transaction correctly as the trial balance is tallied. Check the accuracy of the above trial balance.<br />