Practice Sheet - 5 of 12 (Transactions for the month of Aug' 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 : 01/08/2021 (Transaction No. 72)
₹10,000/- paid towards salary for the month of July’ 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 : 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 : 01/08/2021 (Transaction No. 73)
Amount paid to Mr. Rakesh Das for ₹4,000/- towards Rent for the month of July’ 2021.
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 : 01/08/2021 (Transaction No. 74)
Amount paid to CESU towards electric bill for the month of July’ 2021 for ₹510/-.
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
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Date : 01/08/2021 (Transaction No. 75)
Amount paid to BSNL for ₹680/- towards bill for the month of July’ 2021.
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 : 01/08/2021 (Transaction No. 76)
₹174/- paid towards petrol 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 : 01/08/2021 (Transaction No. 77)
Goods purchased from Sagar Traders, Odisha for ₹3,38,731.28 as per Invoice No-KA/1117.
Item/Product/Taxable Value ₹2,87,516/-, CGST ₹25,607.64- and SGST ₹25,607.64
Total Invoice Value is ₹3,38,731.28(i.e Taxable Value ₹2,87,516 + CGST ₹25,607.64 + SGST ₹25,607.64).
See the Invoice details below.
Debit Ledgers are :
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 : Sagar Traders,Odisha A/c
In Traditional Approach - Sagar Traders,Odisha A/c is under Personal Account - Giver.
In Modern Approach - Sagar Traders,Odisha A/c is under Liability Account - Increases.
Journal Entry
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Date : 01/08/2021 (Transaction No. 78)
Amount paid to ABC Roadways for ₹2516/- vide chq no-700108 from Axis Bank Current A/c towards transportation for above purchase.
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 : 01/08/2021 (Transaction No. 79)
Goods sold to Santoshi Trading Co., Odisha for ₹3,16,327.16 as per Invoice No-6.
Item/Product/Taxable Value ₹2,68,802.40 CGST ₹23,762.38 and SGST ₹23,762.38
Total Invoice Value is ₹3,16,327.16(i.e Taxable Value ₹2,68,802.40 + CGST ₹23,762.38 + SGST ₹23,762.38).
See the Invoice details below.
Debit Ledger : Santoshi Trading Co,Odisha A/c
In Traditional Approach :
Santoshi Trading Co,Odisha A/c is under type Personal Account - Receiver.
In Modern Approach :
Santoshi Trading Co,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 : 02/08/2021 (Transaction No. 80)
₹1,85,246/- paid to Sagar Traders, Odisha through NEFT from Axis Bank Current A/c 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 : 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 : 02/08/2021 (Transaction No. 81)
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 : 02/08/2021 (Transaction No. 82)
Amount paid to Ankit Stationery for ₹190/- as per CM No-423 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 : 02/08/2021 (Transaction No. 83)
₹4,600/- paid towards staff food expenses.
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 : 02/08/2021 (Transaction No. 84)
Amount paid towards medicine for staff for ₹565/-.
Debit Ledger : Staff Welfare Expenses A/c
In Traditional Approach - Staff Welfare Expenses A/c is under type Nominal Account - Expense.
In Modern Approach - Staff Welfare 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 : 02/08/2021 (Transaction No. 85)
Amount paid towards petrol for vehicle for ₹189/-.
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 : 02/08/2021 (Transaction No. 86)
Chq No-507810 ₹72,052/- received from Maa Electrical Pvt. Ltd, Odisha towards outstanding due and deposited into Axis Bank Current A/c.
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 : 02/08/2021 (Transaction No. 87)
₹125 charged on Axis Bank Current A/c towards service charges.
Debit Ledger : Bank Charges A/c
In Traditional Approach - Bank Charges A/c is under type Nominal Account - Expense.
In Modern Approach - Bank Charges 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 : 31/08/2021 (Transaction No. 88)
₹3,38,731.28 paid to Sagar Traders, Odisha from Axis Bank Current A/c through RTGS 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 : 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 : 31/08/2021 (Transaction No. 89)
Amount paid to Ankit Stationery for ₹155/- as per CM No-510 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 : 31/08/2021 (Transaction No. 90)
Amount paid to Soumit Saha towards market visit for ₹2,415/-.
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 : 31/08/2021 (Transaction No. 91)
Amount paid to United India Assurance Company towards Stock Insurance for ₹3,210/- for the period from dt.01/09/2021 to dt.31/08/2022.
Debit Ledger : Insurance Expenses A/c
In Traditional Approach - Insurance Expenses A/c is under type Nominal Account - Expense.
In Modern Approach - Insurance 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 : 31/08/2021 (Transaction No. 92)
Amount paid towards petrol for vehicle for ₹215/-.
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 : 31/08/2021 (Transaction No. 93)
₹3,16,327.16 received from Santoshi Trading Co., Odisha through RTGS to Axis Bank Current A/c 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 : Santoshi Trading Co,Odisha A/c
In Traditional Approach - Santoshi Trading Co,Odisha A/c is under Personal Account - Giver.
In Modern Approach - Santoshi Trading Co,Odisha A/c is under Asset Account - Decreases.
Journal Entry
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Date : 31/08/2021 (Transaction No. 94)
₹5,47,327.66 received from Radhakrishna Enterprises, Odisha through RTGS to Axis Bank Current A/c 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 : Radhakrishna Enterprises,Odisha A/c
In Traditional Approach - Radhakrishna Enterprises,Odisha A/c is under Personal Account - Giver.
In Modern Approach - Radhakrishna Enterprises,Odisha A/c is under Asset Account - Decreases.
Journal Entry
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Let's see different Reports in TallyPrime.
Purchase Register
Press 'D' or click on 'Display More Reports' on GOT(Gateway of Tally) Screen.
Press 'A' or click on 'Account Books'
Press 'P' or click on 'Purchase Register'
Press 'F8' or click on 'F8:Columnar'.
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Double Entry System of Book Keeping
Trading and Profit & Loss Account
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