1. Sify Technologies Ltd. announces dividends for the just ended financial year. One of its shareholders, Atul Tiles Traders Ltd., Gujarat, receives Rs.40,000 as dividend from Sify. Journalize the transaction in the books of Atul Tiles Traders Ltd., Gujarat. Meenakshi Spinning Mills Pvt. Ltd., a small company, spends Rs.35,000 for the company audit conducted by M/s. Rao & Associates, a CA firm. Journalize the transaction in Meenakshi Spinning Mills Pvt. Ltd. 2. WORK SHEET 1: Journal Entries 3. Raymond Ltd. purchases fashion fabric denim worth Rs.1000,000 from LNJ Denim Ltd., Rajasthan, on credit. Raymond was offered a 2-month credit period for the payment. Journalize the purchase in Raymond Ltd. 4. Raymond Ltd. in the above transaction, chooses to pay the amount within one month for which LNJ Denim allows them a special 5% cash discount for the pre-payment. Journalize this transaction in the books of Raymond Ltd. 5. Sujana Steels Ltd. sold smart steel worth Rs.1000,000 to Raj Industries Ltd. and allows a 2% discount on immediate payment. Journalize in the books of Sujana Steels Ltd. 6. Raymond Ltd. sold designer wear worth Rs.1200,000 to its local distributor, Abhi Textiles, on credit. Journalize this transaction in the books of Raymond Ltd. 7. Ambica Pharma Machines Pvt. Ltd. has a loan of Rs. 1 crore, taken from UTI Bank Ltd. one year ago. The loan carries an interest @ 10% p.a. Today it pays the annual interest to the bank. Journalize in the books of Ambica Pharma Machines Pvt. Ltd. 8. 9. XYZ Ltd paid Rao &Co 14, 000 by cheque. XYZ Ltd bought goods for resale from Zakir & Co 45, 000. 10. XYZ Ltd bought shop fittings 40, 000 and a van 60,000 both paid by cheque. 11. XYZ Ltd purchased Goods for Cash Rs. 2,000 and for Credit Rs. 1,000 from Khalid Retail Store. 12. XYZ Ltd received cash from Rehman & Sons 1,450; allowed them a discount of 50. 13. XYZ Ltd paid Bilal and Friends cash 975; discount received * 25. 14. XYZ Ltd paid rent for the month of August 4,400 and the outstanding rent expenses was 600. 15. XYZ Ltd received a cheque for 5,620 from Kiwi Insurance Inc representing collection of the receivable of August.