Practice Sheet - 4 of 12 (Transactions for the month of July' 2021)
Students/learners can get benefit and complete knowledge on this Practical Project after completion of all the 12 Practice Sheets with a proper sequence.
Let's
Practice the below mentioned transactions of a Business Unit to be more
confident on Decision making for Debiting and Crediting of Ledger
Accounts with Journal Entries. This practice sheet is prepared in such a
way that one can gain complete knowledge about the procedure of
Financial Accounting from Journal Entry to Final Accounts.
TRIMURTHY TRADERS
(Prop : Mr. Surya Krishnamurthy)
Financial Year : 2021-22(April' 2021 to March' 2022)
Assessment Year : 2022-23(April' 2022 to March' 2023)
Date: 01/07/2021 (Transaction No. 47)
Paid ₹4,01,833.88 from HDFC Bank CC A/c through RTGS to Krishna Enterprises, Odisha towards outstanding due.
Debit Ledger : Krishna Enterprises A/c
In Traditional Approach - Krishna Enterprises A/c is under type Personal Account - Receiver.
In Modern Approach - Krishna Enterprises A/c is under type Liability Account - Decreases.
In Traditional Approach - HDFC Bank (Cash Credit) A/c is under Real Account - Goes Out.
In Modern Approach - HDFC Bank (Cash Credit) A/c is under Liability Account - Increases.
Journal Entry
Click here to know how to enter the above Payment Voucher in TallyPrime.
Date : 01/07/2021 (Transaction No. 48)
Amount paid from Axis Bank Current A/c for ₹10,000/- vide Chq No-700106 towards salary for the month of June’ 2021.
Debit Ledger : Salary A/c
In Traditional Approach - Salary A/c is under type Nominal Account - Expense.
In Modern Approach - Salary A/c is under type Expense Account - Increases.
Credit Ledger : Axis Bank Current A/c
In Traditional Approach - Axis Bank Current A/c is under Real Account - Goes Out.
In Modern Approach - Axis Bank Current A/c is under Asset Account - decreases.
Journal Entry
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Date : 01/07/2021 (Transaction No. 49)
Amount paid to Lucky Variety Store as per CM No-120 for ₹99/- for purchase of Printing Paper.
Debit Ledger : Printing & Stationery A/c
In Traditional Approach - Printing & Stationery A/c is under type Nominal Account - Expense.
In Modern Approach - Printing & Stationery A/c is under type Expense Account - Increases.
Credit Ledger : Cash A/c
In Traditional Approach - Cash A/c is under Real Account - Goes Out.
In Modern Approach - Cash A/c is under Asset Account - decreases.
Journal Entry
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Date : 01/07/2021 (Transaction No. 50)
Amount paid to BSNL towards Telephone Bill for the month of June’2021 for ₹645/-
Debit Ledger : Telephone Expenses A/c
In Traditional Approach - Telephone Expenses A/c is under type Nominal Account - Expense.
In Modern Approach - Telephone Expenses A/c is under type Expense Account - Increases.
Credit Ledger : Cash A/c
In Traditional Approach - Cash A/c is under Real Account - Goes Out.
In Modern Approach - Cash A/c is under Asset Account - decreases.
Journal Entry
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Date : 01/07/2021 (Transaction No. 51)
Amount paid towards petrol for vehicle for ₹255/-.
Debit Ledger : Vehicle Maintenance A/c
In Traditional Approach - Vehicle Maintenance A/c is under type Nominal Account - Expense.
In Modern Approach - Vehicle Maintenance A/c is under type Expense Account - Increases.
Credit Ledger : Cash A/c
In Traditional Approach - Cash A/c is under Real Account - Goes Out.
In Modern Approach - Cash A/c is under Asset Account - decreases.
Journal Entry
Click here to know how to enter the above Payment Voucher in TallyPrime.
Date : 01/07/2021 (Transaction No. 52)
Goods sold to Maa Electricals Pvt. Ltd, Odisha for ₹2,96,784/- as per Invoice No-3.
Item/Product/Taxable Value ₹2,52,720/-, CGST ₹22,032.00 and SGST ₹22,032.00
Total Invoice Value is ₹2,96,784.00(i.e Taxable Value ₹2,52,720 + CGST ₹22,032.00 + SGST ₹22,032.00).
See the Invoice details below.
Debit Ledger : Maa Electricals Pvt. Ltd, Odisha A/c
In Traditional Approach :
Maa Electricals Pvt. Ltd, Odisha A/c is under type Personal Account - Receiver.
In Modern Approach :
Maa Electricals Pvt. Ltd, Odisha A/c is under type Asset Account - Increase.
Credit Ledgers are :
Sales A/c
CGST A/c
SGST A/c
In Traditional Approach :
Sales A/c is under type Nominal Account - Income.
CGST A/c is under type Personal Account - Giver.
SGST A/c is under type Personal Account - Giver.
In Modern Approach :
Sales A/c is under type Revenue Account - Increase.
CGST A/c is under type Liability Account - Increase.
SGST A/c is under type Liability Account - Increase.
Journal Entry
Click here to know how to enter the above Sales Voucher in TallyPrime.
Date : 01/07/2021 (Transaction No. 53)
Goods sold to Jagannath Sales, Odisha for ₹8,25,598.80 as per Invoice No-4.
Item/Product/Taxable Value ₹6,99,660/-, CGST ₹62,969.40 and SGST ₹62,969.40
Total Invoice Value is ₹8,25,598.80(i.e Taxable Value ₹6,99,660 + CGST ₹62,969.40 + SGST ₹62,969.40).
See the Invoice details below.
Debit Ledger : Jagannath Sales, Odisha A/c
In Traditional Approach :
Jagannath Sales, Odisha A/c is under type Personal Account - Receiver.
In Modern Approach :
Jagannath Sales, Odisha A/c is under type Asset Account - Increase.
Credit Ledgers are :
Sales A/c
CGST A/c
SGST A/c
In Traditional Approach :
Sales A/c is under type Nominal Account - Income.
CGST A/c is under type Personal Account - Giver.
SGST A/c is under type Personal Account - Giver.
In Modern Approach :
Sales A/c is under type Revenue Account - Increase.
CGST A/c is under type Liability Account - Increase.
SGST A/c is under type Liability Account - Increase.
Journal Entry
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Date : 02/07/2021 (Transaction No. 54)
Amount paid to Mr. Rakesh Das towards Rent for the month of June’ 2021 for ₹4,000/-.
Debit Ledger : Rent A/c
In Traditional Approach - Rent A/c is under type Nominal Account - Expense.
In Modern Approach - Rent A/c is under type Expense Account - Increases.
Credit Ledger : Cash A/c
In Traditional Approach - Cash A/c is under Real Account - Goes Out.
In Modern Approach - Cash A/c is under Asset Account - decreases.
Journal Entry
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Date : 02/07/2021 (Transaction No. 55)
Amount withdrawn by Proprietor towards his personal expenses for ₹6,000/-.
Debit Ledger : Drawings A/c
- In Traditional Approach - Drawings A/c is under type Personal Account - Receiver.
(Note : Drawings Account is considered as Personal Account because in Proprietorship Firm Accounting 'Drawings Account' is a sub-ledger of Capital Account).
- In Modern Approach - Drawings A/c is under type Capital Account - decreases.
Credit Ledger : Cash A/c
In Traditional Approach - Cash A/c is under Real Account - Goes Out.
In Modern Approach - Cash A/c is under Asset Account - decreases.
Journal Entry
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Date : 02/07/2021 (Transaction No. 56)
Amount paid to Krishna Variety Store as per CM No-1077 for ₹187/- towards purchase of pen, pencil and eraser for office use.
Debit Ledger : Printing & Stationery A/c
In Traditional Approach - Printing & Stationery A/c is under type Nominal Account - Expense.
In Modern Approach - Printing & Stationery A/c is under type Expense Account - Increases.
Credit Ledger : Cash A/c
In Traditional Approach - Cash A/c is under type Real Account - Goes Out.
In Modern Approach - Cash A/c is under type Asset Account - decreases.
Journal Entry
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Date : 02/07/2021 (Transaction No. 57)
Amount paid to CESU towards electricity bill for ₹436/- for the month of June’ 2021.
Debit Ledger : Electricity Charges A/c
In Traditional Approach - Electricity Charges A/c is under type Nominal Account - Expense.
In Modern Approach - Electricity Charges A/c is under type Expense Account - Increases.
Credit Ledger : Cash A/c
In Traditional Approach - Cash A/c is under type Real Account - Goes Out.
In Modern Approach - Cash A/c is under type Asset Account - decreases.
Journal Entry
Click here to know how to enter the above Payment Voucher in TallyPrime.
Date : 02/07/2021 (Transaction No. 58)
Amount paid towards staff food for ₹4,600/-
Debit Ledger : Staff Food Expenses A/c
In Traditional Approach - Staff Food Expenses A/c is under type Nominal Account - Expense.
In Modern Approach - Staff Food Expenses A/c is under type Expense Account - Increases.
Credit Ledger : Cash A/c
In Traditional Approach - Cash A/c is under Real Account - Goes Out.
In Modern Approach - Cash A/c is under Asset Account - decreases.
Journal Entry
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Date : 02/07/2021 (Transaction No. 59)
Amount paid towards petrol for Vehicle for ₹165/-.
Debit Ledger : Vehicle Maintenance A/c
In Traditional Approach - Vehicle Maintenance A/c is under type Nominal Account - Expense.
In Modern Approach - Vehicle Maintenance A/c is under type Expense Account - Increases.
Credit Ledger : Cash A/c
In Traditional Approach - Cash A/c is under Real Account - Goes Out.
In Modern Approach - Cash A/c is under Asset Account - Decreases.
Journal Entry
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Date : 02/07/2021 (Transaction No. 60)
Goods purchased from Ambica Agency, Odisha for ₹7,58,114.60 as per Invoice No-EM/210/2021-22
Item/Product/Taxable Value ₹6,42,470/-, CGST ₹57,822.30 and SGST ₹57,822.30
Total Invoice Value is ₹7,58,114.60(i.e Taxable Value ₹6,42,470 + CGST ₹57,822.30 + SGST ₹57,822.30).
See the Invoice details below.
Purchases A/c
CGST A/c
SGST A/c
In Traditional Approach :
Purchases A/c is under type Nominal Account - Expense.
CGST A/c is under type Personal Account - Receiver.
SGST A/c is under type Personal Account - Receiver.
In Modern Approach :
Purchases A/c is under type Asset Account - Increase.
CGST A/c is under type Asset Account - Increase.
SGST A/c is under type Asset Account - Increase.
Credit Ledger : Ambica Agency,Odisha A/c
In Traditional Approach - Ambica Agency, Odisha A/c is under Personal Account - Giver.
In Modern Approach - Ambica Agency, Odisha A/c is under Liability Account - Increases.
Journal Entry
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Date : 02/07/2021 (Transaction No. 61)
Amount paid to ABC Roadways vide Chq No-700107, Axis Bank Current A/c for ₹6,425/- towards transportation charges.
Debit Ledger : Carriage & Freight A/c
In Traditional Approach - Carriage & Freight A/c is under type Nominal Account - Expense.
In Modern Approach - Carriage & Freight A/c is under type Expense Account - Increases.
Credit Ledger : Axis Bank Current A/c
In Traditional Approach - Axis Bank Current A/c is under Real Account - Goes Out.
In Modern Approach - Axis Bank Current A/c is under Asset Account - decreases.
Journal Entry
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Date : 31/07/2021 (Transaction No. 62)
Paid ₹5,00,000/- from HDFC Bank CC A/c through RTGS to Sagar Traders, Odisha towards outstanding due.
Debit Ledger : Sagar Traders,Odisha A/c
In Traditional Approach - Sagar Traders,Odisha A/c is under type Personal Account - Receiver.
In Modern Approach - Sagar Traders,Odisha A/c is under type Liability Account - Decreases.
Credit Ledger : HDFC Bank(Cash Credit) A/c
In Traditional Approach - HDFC Bank(Cash Credit) A/c is under Real Account - Goes Out.
In Modern Approach - HDFC Bank(Cash Credit) A/c is under Liability Account - Increases.
Journal Entry
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Date : 31/07/2021 (Transaction No. 63)
Paid ₹7,58,114.60 from Axis Bank Current A/c through RTGS to Ambica Agency, Odisha towards outstanding due.
Debit Ledger : Ambica Agency, Odisha A/c
In Traditional Approach - Ambica Agency, Odisha A/c is under type Personal Account - Receiver.
In Modern Approach - Ambica Agency, Odisha A/c is under type Liability Account - Decreases.
Credit Ledger : Axis Bank Current A/c
In Traditional Approach - Axis Bank Current A/c is under Real Account - Goes Out.
In Modern Approach - Axis Bank Current A/c is under Asset Account - Decreases.
Journal Entry
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Date : 31/07/2021 (Transaction No. 64)
Amount paid to Ankit Stationery for ₹380/- as per CM No-286 towards purchase of office stationery.
Debit Ledger : Printing & Stationery A/c
In Traditional Approach - Printing & Stationery A/c is under type Nominal Account - Expense.
In Modern Approach - Printing & Stationery A/c is under type Expense Account - Increases.
Credit Ledger : Cash A/c
In Traditional Approach - Cash A/c is under type Real Account - Goes Out.
In Modern Approach - Cash A/c is under type Asset Account - decreases.
Journal Entry
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Date : 31/07/2021 (Transaction No. 65)
Amount paid to Mr. Ajit Patel for ₹3,452/-towards market visit.
Debit Ledger : Travelling Expenses A/c
In Traditional Approach - Travelling Expenses A/c is under type Nominal Account - Expense.
In Modern Approach - Travelling Expenses A/c is under type Expense Account - Increases.
Credit Ledger : Cash A/c
In Traditional Approach - Cash A/c is under Real Account - Goes Out.
In Modern Approach - Cash A/c is under Asset Account - decreases.
Journal Entry
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Date : 31/07/2021 (Transaction No. 66)
Amount paid to Mr. Samir Chand towards sales promotion expenses for ₹1,235/-.
Debit Ledger : Sales Promotion A/c
In Traditional Approach - Sales Promotion A/c is under type Nominal Account - Expense.
In Modern Approach - Sales Promotion A/c is under type Expense Account - Increases.
Credit Ledger : Cash A/c
In Traditional Approach - Cash A/c is under Real Account - Goes Out.
In Modern Approach - Cash A/c is under Asset Account - decreases.
Journal Entry
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Date : 31/07/2021 (Transaction No. 67)
Amount paid for ₹184/- towards purchase of gum for office use.
Debit Ledger : Miscellaneous Expenses A/c
In Traditional Approach - Miscellaneous Expenses A/c is under type Nominal Account - Expense.
In Modern Approach - Miscellaneous Expenses A/c is under type Expense Account - Increases.
Credit Ledger : Cash A/c
In Traditional Approach - Cash A/c is under Real Account - Goes Out.
In Modern Approach - Cash A/c is under Asset Account - decreases.
Journal Entry
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Date : 31/07/2021 (Transaction No. 68)
Amount paid to Aman Lubricants as per CM No-425 for ₹344/- towards engine oil for vehicle.
Debit Ledger : Vehicle Maintenance A/c
In Traditional Approach - Vehicle Maintenance A/c is under type Nominal Account - Expense.
In Modern Approach - Vehicle Maintenance A/c is under type Expense Account - Increases.
Credit Ledger : Cash A/c
In Traditional Approach - Cash A/c is under Real Account - Goes Out.
In Modern Approach - Cash A/c is under Asset Account - decreases.
Journal Entry
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Date : 31/07/2021 (Transaction No. 69)
Amount received from Maa Electrical Pvt. Ltd, Odisha through IMPS deposited into Axis Bank Current A/c for ₹2,00,000/- towards outstanding due.
Debit Ledger : Axis Bank Current A/c
In Traditional Approach - Axis Bank Current A/c is under type Real Account - Comes in.
In Modern Approach - Axis Bank Current A/c is under type Asset Account - Increases.
Credit Ledger : Maa Electricals Pvt.Ltd,Odisha A/c
In Traditional Approach - Maa Electricals Pvt.Ltd,Odisha A/c is under Personal Account - Giver.
In Modern Approach - Maa Electricals Pvt.Ltd,Odisha A/c is under Asset Account - Decreases.
Journal Entry
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Date : 31/07/2021 (Transaction No. 70)
Amount received from Jagannath Sales, Odisha through RTGS credited into Axis Bank Current A/c for ₹8,25,598.80 towards outstanding due.
Debit Ledger : Axis Bank Current A/c
In Traditional Approach - Axis Bank Current A/c is under type Real Account - Comes in.
In Modern Approach - Axis Bank Current A/c is under type Asset Account - Increases.
Credit Ledger : Jagannath Sales,Odisha A/c
In Traditional Approach - Jagannath Sales,Odisha A/c is under Personal Account - Giver.
In Modern Approach - Jagannath Sales,Odisha A/c is under Asset Account - Decreases.
Journal Entry
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Date : 31/07/2021 (Transaction No. 71)
Goods sold to Radhakrishna Enterprises, Odisha for ₹5,95,314.72 as per Invoice No-5
Item/Product/Taxable Value ₹5,04,504/-, CGST ₹45,405.36 and SGST ₹45,405.36
Total Invoice Value is ₹5,95,314.72(i.e Taxable Value ₹5,04,504 + CGST ₹45,405.36 + SGST ₹45,405.36).
See the Invoice details below.
In Traditional Approach :
Radhakrishna Enterprises,Odisha A/c is under type Personal Account - Receiver.
In Modern Approach :
Radhakrishna Enterprises,Odisha A/c is under type Asset Account - Increase.
Credit Ledgers are :
Sales A/c
CGST A/c
SGST A/c
In Traditional Approach :
Sales A/c is under type Nominal Account - Income.
CGST A/c is under type Personal Account - Giver.
SGST A/c is under type Personal Account - Giver.
In Modern Approach :
Sales A/c is under type Revenue Account - Increase.
CGST A/c is under type Liability Account - Increase.
SGST A/c is under type Liability Account - Increase.
Journal Entry
Click here to know how to enter the above Sales Voucher in TallyPrime.
View Reports in TallyPrime Accounting Software.
One can view different Reports like Ledger Statements, Trial Balance, Profit & Loss Account, Balance Sheet etc. at any time for any period.
1) Let's View Trial Balance as on date 31/07/2021
Follow these steps.
On 'Gateway of Tally' Screen
Press 'D' or select and press 'Enter Key' on 'Display More Reports'
Press 'T' or select and press 'Enter Key' on 'Trial Balance'
Press 'F2' or click on 'F2:Period' to select Period (from date 01/04/2021 to date 31/07/2021)
After entry the required date range, press 'Enter Key'Press 'Alt+F1' to view Trial Balance in detail format(Group with Ledger Wise)
The above image is the Final view of Trial Balance from date 01/04/2021 to 31/07/2021.
2) Let's View Profit & Loss Account as on date 31/07/2021
Follow these steps.
On 'Gateway of Tally' Screen
Press 'P' or select and press 'Enter Key' on 'Profit & Loss A/c'
Press 'F2' or click on 'F2:Period' to select Period (from date 01/04/2021 to date 31/07/2021)
After entry the required date range, press 'Enter Key'
Press 'Alt+F1' to view Profit & Loss A/c in details.
The above image is the Final view of Profit & Loss Account from date 01/04/2021 to 31/07/2021.
3) Let's View Balance Sheet as on date 31/07/2021
Follow these steps.
On 'Gateway of Tally' Screen
Press 'B' or select and press 'Enter Key' on 'Balance Sheet'
Press 'F2' or click on 'F2:Period' to select Period (from date 01/04/2021 to date 31/07/2021)
After entry the required date range, press 'Enter Key'
Press 'Alt+F1' to view Balance Sheet in details.
The above image is the Final view of Balance Sheet from date 01/04/2021 to 31/07/2021.
Related Articles :
Double Entry System of Book Keeping
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