Tally Exercise No 3 Journal Entries Lab Assignment For Practice

 Class Room Assignment No.2:-

Create a company ‘M/S Albert & Brothers’ for the year 01.04.2006 and books beginning from 01.05.2006 and pass the transactions considering the following
May 1 Albert starts business with Rs. 50,000. He opens a bank account and deposits Rs. 20,000.
May 1 Bought furniture for Rs. 5,000, machinery for Rs. 10,000. May 2 Purchased goods for Rs. 14,000.
May 31 Sold goods for Rs. 8,000.
May 31 Purchased goods from Malhotra & Co. Rs. 11,000. June 1 Paid telephone rent for the year by cheque Rs. 500.
June 1 Bought one typewriter for Rs. 2,100 from ‘Universal Typewriter Co.’ on credit. 
June 2 Sold goods to Keshav Ram for Rs. 12,000.
July 1 Sold goods to Rajesh Kumar for Rs. 2,000 cash.
July 1 Amount withdrawn from bank for personal use Rs. 1,500.
July 2 Received cash from Keshav Ram Rs. 11,900 and discount allowed Rs. 100. July 31 Paid into bank Rs. 5,800.
July 31 Bought 50 shares in X Y & Co. Ltd. At Rs. 60 per share, brokerage paid Rs. 20.
Aug 1 Goods worth Rs. 1,000 found defective were returned to Malhotra & Co. and balance of the amount due to them settled by issuing a cheque in their favour.
Aug 1 Sold 20 shares of X Y & Co. Ltd. at Rs. 65 per share, brokerage paid Rs. 20.
Aug 2 Bought goods worth Rs. 2,100 from Ramesh and supplied them to Suresh at Rs. 3,000. 
Aug 2 Suresh returned goods worth Rs. 100, which in turn were sent to Ramesh.
Aug 31 Issued a cheque for Rs. 1,000 in favour of landlord for rent .
Aug 31 Paid salaries to staff Rs. 1,500 & received from travelling salesman Rs. 2,000 for goods sold by him, travelling expenses Rs. 100.

Lab Assignment No. 2.1:-

Create a Company by name “Khanna Sons” for the year 2007-08, prepare following ledgers and pass necessary entries
1. Commenced business with cash Rs.10, 000, as on 1/4/2007
2. Deposit into bank Rs. 15,000 on 2/4/2007
3. Bought office furniture Rs.3,000 on 2/4/2007
4. Sold goods for cash Rs.2,500 on 1/5/2007
5. Purchased goods form Mr X on credit Rs.2,000 on 2/5/2007
6. Sold goods to Mr Y on credit Rs.3,000 on 31/5/2007
7. Received cash form Mr. Y on account Rs.2,000 on 1/6/2007
8. Paid cash to Mr X Rs. 1,000 on 2/6/2007
9. Received commission Rs. 50 on 2/6/2007
10. Received interest on bank deposit Rs. 100 on 1/7/2007
11. Paid into bank Rs. 1,000 on 2/7/2007
12. Paid for advertisement Rs.500 on 31/7/2007
13. Purchased goods for cash Rs. 800 on 1/8/2007
14. Sold goods for cash Rs. 1,500 on 2/8/2007
15. Paid salary Rs. 500 on 31/8/2007

Lab Assignment No.2.2:-

Create a company in the name of Raj Traders for the year ended 01.04.1998 and books beginning from 01.07.1998 and pass the transactions considering the following:-
Ledgers to be created:- 1) Purchase Account 2) Sales Account 3) Bank Account & Respective parties Accounts, pass the entry in Voucher mode.
(a) On 01.07.1998 purchased goods worth Rs. 1,00,000/- from Mafatlal Industries Ltd.
(b) On 02.07.1998 sold goods worth Rs. 40,000/- to Rakesh Mills.
(c) On 31.07.1998 received Rs. 25,000/- from Rakesh Mills.
(d) Sold goods worth Rs. 50,000/- to Anil Textiles on 02.08.1998.
(e) Received Rs. 40,000/- from Anil Textiles on 31.08.1998.
(f) On 01.09.1998 paid Rs. 50,000/- to Mafatlal Industries Ltd.
(g) Purchased goods worth Rs. 80,000/- each from Arvind Mills and Vimal on 02.08.1998.
(h) On the same day sold goods worth Rs. 40,000/- each to Vikas Sales Agency and Rakesh Mills.
(i) Received Rs. 30,000/- each from Rakesh Mills and Vikas Sales Agency.
(j) On 31.08.1998 paid Rs. 25,000/- each to Arvind Mills and Vimal.

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