On 1 January 2009, Vas had the following assets and liabilities:
Building Rs 5,000; A’s acceptance Rs 1,000; Due from X Rs 3,000; Due from Y Rs 2,000; Cash Rs 1,500; Shares Rs 5,000; B’s acceptance Rs 2,000; Stock-in-hand Rs 20,000; Overdraft at bank Rs 1,500; Bills Payable Rs 1,200; Due to Kumar Rs 1,000; Due to Ravi Rs 2,500; Reserve for doubtful debts Rs 250; Wages due Rs 250.
Transactions during the month of January 2009.
|
Rs |
||||
|
Jan |
1 |
Paid wages due |
200 |
|
|
3 |
Sold goods to Mr. P less 10% for cash in 20 days. |
2,000 |
||
|
5 |
Sold goods to Mr. X less 5% trade discount |
5,000 |
||
|
7 |
Cash paid into bank |
7,000 |
||
|
9 |
Paid Kumar by cheque in full settlement |
950 |
||
|
11 |
Sent Mr. X a credit note for Rs 250 for an allowance claimed by him for inferior goods |
|||
|
15 |
Discounted A’s acceptance at bank for |
975 |
||
|
17 |
B became insolvent; received from him first and final dividend of forty-paise in the rupee. |
|||
|
19 |
Withdrew from bank for office use |
750 |
||
|
23 |
Received cheque from Mr. P for the amount due and paid the same into bank. |
|||
|
25 |
Sold shares Rs 5,000 at a premium of 3% less brokerage 1% |
|||
|
27 |
Paid Ravi by cheque in full settlement |
2,450 |
||
|
28 |
Mr. P’s cheque was returned dishonoured and the discount was disallowed. |