- Sriram started a business with Rs. 100,000 cash and purchased furniture for Rs. 45,000 and raw materials for Rs. 50,000. He sold raw materials for Rs. 60,000, paid salaries of Rs. 5,000 and rent of Rs. 2,000.
- Srinivas started a business with Rs. 300,000 cash. He purchased plants and machinery for Rs. 100,000 and goods for Rs. 80,000. He sold goods for Rs. 160,000 and had various other expenses.
- Laxman started a business with Rs. 500,000. He purchased furniture, computers and raw materials. He sold raw materials for Rs. 250,000
ACCOUNTS ONLY (SINGLELEDGER)
Problems with accounts only in Single Ledger
Sriram started a business with cash 1,00,000/- .
Purchase Furniture 45,000/- .
Purchase Raw material 50,000/- .
Sold Raw material 60,000/- .
Paid salaries 5,000/- .
Paid rent 2,000/- .
S.No. Ledger name Group Name Amount
1 Sri Ram Capital Account 1,00,000
2 Furniture Fixed Assets 45,000
3 Purchase R/M Purchase Account 50,000
4 Sold R/M Sales Account 60,000
5 Salaries Indirect Expences 5,000
6 Rent “ “ “ 2,000
Reports:-
Gross Profit = Sales-Purchase-Direct Expences + Closing stock + Direct Income
=60,000-50,000-0+0+0 = 10,000/- .
Net Profit = gross Profit-Indirect Expences + Indirect Income
=10,000-(5,000+2,000)+0 =3,000/-
Balance Sheet = Net Profit + Capital Account
=3,000 + 1,00,000 = 1,03,000/-
Srinivas Started a business with cash 3,00,000/- .
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2.
Purchase Plants& Machinery 1,00,000/- .
Purchase Goods 80, 000/- .
Sold Goods 1,60,000/- .
Paid salaries 10,000/- .
Carriage in words 1,000/- .
Carriage on sales 2,000/-
Rent received 2,000/-
Printing & Stationery 1,000/-
Electrical Charges 1,000/-
Telephone Bill 1,000/-
Adds Charges 1,500/-
S.No. Ledger name Group Name Amount
1 Srinivas Capital Account 3,00,000
2 Plants & Machinery Fixed Assets 1,00,000
3 Purchase Goods Purchase Account 80,000
4 Sold Goods Sales Account 1,60,000
5 Salaries Indirect Expences 10,000
6 Carriage in words Direct Expences 1,000
7 Carriage on Sales Indirect Expences 2,000
8 Rent received Indirect Income 2,000
9 Printing & Stationery Indirect Expences 1,000
10 Electrical Charges “ “ “ 1,000
11 Telephone Bill “ “ “ 1,000
12 Adds Charges “ “ “ 1,500
Gross Profit = 1,60,000+80,000-1,000+0+0= 79,000/-
Nett Profit = 79,000-16,500+2,000= 64,500/-
Balance Sheet =64,500 + 3,00,000= 3,64,500/- .
3.
Accounts only inMultiple Ledger
Laxman Started a Business 5,00,000/-
Purchase furniture 50,000/-
Purchase computer 30,000/-
Purchase raw material 1,50,000/-
Sold raw material 2,50,000/-
Paid rent 3,000/-
Telephone bill 1,000/-
Carriage on sales 2,000/-
Carriage in words 1,000/-
Bad debitors 1,000/-
S.No. Ledger name Group name Amount
1 Laxman & co Capital account 5,00,000/-
2 Furniture Fixed assets 50,000/-
3 Computer “ “ “ 30,000/-
4 Purchase raw material Purchase account 1,50,000/-
5 Sold raw material Sales account 2,50,000/-
6 Rent Indirect expenses 3,000/-
7 Telephone bill “ “ “ 1,000/-
8 Carriage on sales “ “ “ 2,000/-
9 Bad debtors “ “ “ 1,000/-
10 Carriage in words Direct expenses 1,000/-
Gross Profit =(2,50,000 -1,50,000) -1000 =1,00,000-1,000=99,000/-
Net Profit = 99,000-{3,000+1,000+2,000+1,000)=92,000/-
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