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1. Prepare Ledger Postings and prepare a Trial Balance from the information provided: Debit Balances as on Jan. 1, 2018: Cash in hand shs. 8,000;
1. Prepare Ledger Postings and prepare a Trial Balance from the information provided: Debit Balances as on Jan. 1, 2018: Cash in hand shs. 8,000; Cash at Bank shs. 25,000; Stock of goods shs. 20,000; Furniture shs. 2,000; Building shs. 10,000; Sundry DebtorsVijay shs. 2,000, Anil shs. 1,000 and Madhu shs. 2,000. Credit Balances on Jan. 1, 2018: Sundry Creditors- Anand shs. 5,000; Loan from Bablu shs. 10,000 . The following were further transactions in the month of Jan Jan. 1: Purchased goods worth shs. 5,000 for cash less 20% trade discount and 5% cash discount. Jan. 4: Received shs. 1,980 from Vijay and allowed him shs. 20 as discount. Jan. 6: Purchased goods from Bharat shs. 5,000 . Jan. 8: Purchased plant from Mukesh for shs. 5,300 Jan. 12: Sold goods to Rahim on credit shs. 600 . Jan. 18: Sold goods to Ram for cash shs. 1,000 Jan. 20: Paid salary to Ratan shs. 2,000 Jan. 21: Paid Anand shs. 4,800 in full settlement. Jan. 26: Interest received from Madhu shs. 200 Jan. 28: Paid to Bablu interest on Loan shs. 500 Jan. 31: Sold goods for cash shs. 500 Jan. 31: Withdraw goods from business for personal use shs. 200 (10mks)
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