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Illustration 2:
Journalise the following transactions in the books of trade. Also make their Ledger Postings and prepare a Trial Balance.

Debit Balances as on Jan. 1, 2006: Cash in hand $8,000; Cash at Bank 25,000; Stock of goods $ 20,000; Furniture $ 2,000; Building $10,000;
Sundr Debtors-Vijay $ 2,000, Anil $1,000 and Madhu $ 2,000.

Credit Balances on Jan. 1, 2006:
Sundry Creditors- Anand $ 5,000; Loan from Bablu $ 10,000.

The following were further transactions in the month of Jan, 2006:

Jan. 1: Purchased goods worth $5,000 for cash less 20% trade discount and 5% cash discount.

jan 4: Received $1,980 from Vijay and allowed him $ 20 as discount

jan.6 Purchased goods from Bharat $ 5,000.

jan 8 Purchased plant from Mukesh for $5,000 and paid $100 a cartage for bringing the plant to the factory and another $ 200 a installation charges.

Jan. 12: Sold goods to Rahim on credit $ 600.

Jan. 15: Rahim became insolvent and could pay only 50 paise in a rupee

Jan. 18: Sold goods to Ram for cash $1,000

Jan. 20: Paid salary to Ratan $ 2,000

Jan. 21: Paid Anand $ 4,800 in full settlement.


Jan. 26: Interest received from Madhu $ 200

Jan. 28: Paid to Bablu interest on Loan $ 500

Jan. 31: Sold goods for cash $ 500

Jan. 31: Withdraw goods from business for personal use $ 200


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