Majid Maingal had the following assets and liabilities on March 2005: Cash Hand Rs. 2.345: Cash at Bank Rs. 19,815; Stock RS. 46, 780; Debtors: Nasim Jamali RS. 21,730; Omar Baluchi Rs. 24,670; Furniture RS. 24,500; Creditors: Quetta Traders. Rs. 39.840; Loan from IDBP. Rs. 25,000 Draw up his opening balance sheet and calculate his capital. Open suitable ledger account post his opening Balance Sheet. Then record the following transaction in his ledger: 1. Bought goods on credit from Quetta Traders Rs. 13,500 2. Paid carriage expenses in cash, Rs. 950 3. Sold goods on credit to Nasim Jamali, Rs. 16,100 4. Goods returned by Nasim Jamali Rs. 2,100 5. Sold goods against cheque. Rs. 7,250 6. Returned goods to Quetta Traders, Rs. 2,500 7. Paid wages by cheque, Rs.1,760 8. Sold goods against cash."Rs. 2,390 9. Issued a cheque to Quetta Traders, Rs. 18,500 10. Sold goods on credit to Omar Baluchi, Rs. 11,730 11. Goods returned by Omar Baluchi, Rs. 1,540 12. Bought goods on credit from Quetta Traders, Rs.14,200 13. Paid carriage expenses in cash, Rs. 820 14. Received a cheque from Omar Baluchi, Rs. 21,750 15. Sold goods on credit to Nasim Jamali, Rs. 11,730 16. Received a cheque from Nasim Jamali, Rs. 17,450 17. Bought goods against a cheque, Rs. 11,500 18. Bought a pick up, borrowed its value from IDBP, Rs. 50,000 19. Sold goods against cheque, Rs. 14,290 20. Issued a cheque for purchase of new furniture, Rs. 4,500 21. Paid rent by cheque, Rs. 3,200 22. Sold goods against cash, Rs. 2,950 23. Issued a cheque to IDBP. RS. 25,000 24. Received a cheque from Omar Baluchi, Rs. 9,420 25. Bought goods on credit from Quetta Traders, Rs. 11,320 26. Paid carriage expenses in cash, RS. 770 27. Returned goods to Quetta Traders, Rs. 1,450 28. Sold goods on credit to Omar Baluchi, Rs. 8,360 29. Issued a cheque to Majid Maingal for his personal use, Rs. 2,500 30. Paid wages in cash, Rs. 1,850 Balance the ledger accounts after entering the above transactions
Now let us study an example that involves an opening Balance Sheet. opening ledger
recording of transactions made defined period and balancing the ledger
period.
accounts at the end of period:
Majid Maingal had the following assets and liabilities on March 2005:
Cash Hand Rs. 2.345: Cash at Bank Rs. 19,815; Stock RS. 46, 780;
Debtors: Nasim Jamali RS. 21,730; Omar Baluchi Rs. 24,670; Furniture RS. 24,500;
Creditors: Quetta Traders. Rs. 39.840; Loan from IDBP. Rs. 25,000
Draw up his opening balance sheet and calculate his capital. Open suitable
1. Bought goods on credit from Quetta Traders Rs. 13,500
2. Paid carriage expenses in cash, Rs. 950
3. Sold goods on credit to Nasim Jamali, Rs. 16,100
4. Goods returned by Nasim Jamali Rs. 2,100
5. Sold goods against cheque. Rs. 7,250
6. Returned goods to Quetta Traders, Rs. 2,500
7. Paid wages by cheque, Rs.1,760
8. Sold goods against cash."Rs. 2,390
9. Issued a cheque to Quetta Traders, Rs. 18,500
10. Sold goods on credit to Omar Baluchi, Rs. 11,730
11. Goods returned by Omar Baluchi, Rs. 1,540
12. Bought goods on credit from Quetta Traders, Rs.14,200
13. Paid carriage expenses in cash, Rs. 820
14. Received a cheque from Omar Baluchi, Rs. 21,750
15. Sold goods on credit to Nasim Jamali, Rs. 11,730
16. Received a cheque from Nasim Jamali, Rs. 17,450
17. Bought goods against a cheque, Rs. 11,500
18. Bought a pick up, borrowed its value from IDBP, Rs. 50,000
19. Sold goods against cheque, Rs. 14,290
20. Issued a cheque for purchase of new furniture, Rs. 4,500
21. Paid rent by cheque, Rs. 3,200
22. Sold goods against cash, Rs. 2,950
23. Issued a cheque to IDBP. RS. 25,000
24. Received a cheque from Omar Baluchi, Rs. 9,420
25. Bought goods on credit from Quetta Traders, Rs. 11,320
26. Paid carriage expenses in cash, RS. 770
27. Returned goods to Quetta Traders, Rs. 1,450
28. Sold goods on credit to Omar Baluchi, Rs. 8,360
29. Issued a cheque to Majid Maingal for his personal use, Rs. 2,500
30. Paid wages in cash, Rs. 1,850
Balance the ledger accounts after entering the above transactions
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