Accounting Problems Assignment

Running head: ACCOUNTING ASSIGNEMENT
ACCOUNTING ASSIGNMENT
Name of the Student
Name of the University
Author Note:

1ACCOUNTING ASSIGNMENT
Table of Contents
Journal Entries............................................................................................................................2
General Ledger...........................................................................................................................3
Trail Balance..............................................................................................................................6
Income Statement.......................................................................................................................7
Balance Sheet.............................................................................................................................7

2ACCOUNTING ASSIGNMENT
The main transaction in the business depends upon the nature of the business.
However, some important transaction that are almost common in every business:
1) Invested capital in business with cash of $2000000
2) Purchased Land for $1000000 and Machinery for $250000 for cash
3) Purchased Raw Material on credit $100000
4) Sold Goods for cash worth $500000
5) Paid to creditors $100000
Journal Entries
DR CR
Bank A/c $2000000
Capital A/c $2000000
Capital invested in the bank account of the company.
Land $1000000
Machinery $250000
Bank $1250000
Purchased asset for cash
Purchase $100000
Accounts Payable $100000
Raw materials purchased on credit
Bank A/c $2000000

3ACCOUNTING ASSIGNMENT
Capital A/c $2000000
Capital invested in the bank account of the company.
Bank $500000
Sales $500000
Goods sold for cash
Accounts Payable $100000
Bank $100000
Paid to the creditors of the raw material
General Ledger
Bank A/c
Capital
Sales
Amount ($)
2000000
500000
2500000
Accounts Payable
Land
Machine
Closing balance
Amount ($)
100000
1000000
250000
1150000
2500000
Raw Material

4ACCOUNTING ASSIGNMENT
Raw material
Amount ($)
100000
100000
Closing Balance
Amount ($)
100000
100000
Land
Bank
Amount ($)
1000000
Closing Balance
Amount ($)
1000000
Machinery
Bank
Amount ($)
250000
Closing Balance
Amount ($)
250000

5ACCOUNTING ASSIGNMENT
Capital
Bank
Amount ($)
2000000
Closing balance
Amount ($)
2000000
Sales
Balance
Amount ($)
500000
Bank
Amount ($)
500000
Accounts Payable
Purchases
Amount ($)
100000 Bank
Amount ($)
100000

6ACCOUNTING ASSIGNMENT
Trail Balance
DR CR
Particulars Amount ($) Amount ($)
Sales 500000
Purchases 100000
Capital 2000000
Bank 1150000
Land 1000000
Machine 250000
Total 2500000 2500000

7ACCOUNTING ASSIGNMENT
Income Statement
Particulars Amount ($)
Sales 500000
Purchases (100000)
Gross Profit 400000
Balance Sheet
Asset Amount ($)
Non-Current Asset
Land 1000000
Machine 250000
Total Non-Current Asset 1250000
Current Asset
Bank 1150000
Total Asset 2400000
Equity and Liability Amount ($)
Capital 2000000
Add: Net profit 400000
Total equity 240000