Journal Entries, Ledgers, Trial Balance, Trading Account and Income Statement, Balance Sheet

Business Portfolio

TABLE OF CONTENTS
TASKS.............................................................................................................................................3
Journal Entries:............................................................................................................................3
Ledgers:.......................................................................................................................................8
Trial Balance:.............................................................................................................................13
Trading Account and Income Statement:..................................................................................14
Balance Sheet:............................................................................................................................15

TASKS
Journal Entries:
In the books of Freddy Traders
Journal Entries
Dates Details L.F Debits Credits
01/Apr
Freddy begin business and invested cash
amounting 600,000, cash sum at Bank of Asia
amounting 700,000 and furniture amounting
200,000.
Cash Account
Bank of Asia Account
Furniture and fixtures Account
To Freddy's Capital Account
600,000
700,000
200,000 15,00,00
0
01/Apr
Bought Plant and Machinery amounting 250,000
through cheque.
Plant and Machinery
To Bank of Asia Account
2,50,000
2,50,000
25/04/2
0
Bought goods from XYZ limited amounting
800,000 at the rate of 10% trade-discount.
Purchases Account
To XYZ limited Account
7,20,000
7,20,000
05/May
Cash Sales amounting 1,000,000 at the rate of 5%
trade discount to XYZ Traders
Cash Account
To Sales Account
To Sales Account
To Sales Account
9,50,000 9,50,000

To Sales Account
15/May
Deposited cash sum with the Bank of Asia
amounting 500,000.
Bank of Asia Account
To Cash Account
To Cash Account
To Cash Account
To Cash Account
5,00,000
5,00,000
05/Jun Paid to XYZ limited 300,000 in cash.
XYZ limited Account
To Cash Account
To Cash Account
To Cash Account
To Cash Account
3,00,000
3,00,000
10/Jun
Received commission amounting 75,000 through
cheque.
Bank of Asia Account
To Commission received Account
To Commission received Account
To Commission received Account
To Commission received Account
75,000
75,000
25/Jun Cash Purchases made of 250,000.
Purchases Account
To Cash Account
To Cash Account
To Cash Account
To Cash Account
2,50,000
2,50,000
05/Jul Sold goods items to XYZ Traders amounting