Page 91 - DMGT104_FINANCIAL_ACCOUNTING

Unit 5: Preparation of Journal, Ledger and Balancing

11. The following were the transactions of Delite Furniture, Delhi during July 2006 Notes
2006 ( )
July 1 Started business with
Cash 3,500
Bank 9,200
July 3 Bought furniture from M/s New Light 2,000
July 5 Bought furniture for the office 1,000
July 6 Sold furniture to Roop 2,000
July 8 Bought furniture 1,800
July 10 Returned furniture to M/s New Light 50
July 12 Roop returned furniture 200
July 14 Paid taxi fare 10
July 15 Sold furniture to Sanjay for 500
Less trade discount @ 10%
July 17 Received Commission 15
July 18 Paid to New light by cheque 1,000
July 19 Paid to Bank 200
July 22 Received a cheque for 500 from Roop and deposited the same 500
in Bank.
July 23 Paid Rent to Naresh
July 24 Roop’s cheque dishonoured. 150
July 25 Furniture taken for personal use 400
July 26 Received interest 10
July 27 Received dividend 25
July 29 Postage stamp paid 5
July 30 Paid house rent by cheque 100
July 31 Withdrawn from bank for office use 2,000
July 31 Salary paid 300
July 31 Taxes paid 250

You are required to journalize the above transactions in the books of M/s Delite Furniture
and post them in their respective ledger accounts.
12. Classify the following accounts as per modern classification of accounts:
(a) Cash brought in as capital
(b) Machinery purchased

(c) Goods sold for cash
(d) Goods purchased for cash
(e) Goods sold for credit
(f) Goods purchased on credit
(g) Rent Paid

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