assignment on books of accounts
TRANSCRIPT
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8/8/2019 Assignment on Books of Accounts
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Assignment onBooks of Accounts
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8/8/2019 Assignment on Books of Accounts
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Assignment Question
You have just started a sandwich outlet in our campus
with a capital of 40,000.You buy the necessary vending
machines, hire persons to maintain the shop, make
and sell 20 cheese grilled sandwiches. Maintain allnecessary books of accounts and make appropriate
entries to the same.
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Basic Information Required for
Sandwich Outlet
Number of Students at PROTON.
Costs of raw material required.
Costs of vending machines.
Rent payable to premise owner (PROTON).
Deposit payable to premise owner (PROTON).
No. of employees required to manage the business.
Salaries payable to the employees.
Cost of setting up the infrastructure required like furniture
and refrigerator.
Amount of Reserves to be kept for Contingencies.
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Ingredients required and cost
assumed
Ingredients for 1 sandwich:
a) Bread : 2 slice (2/-)
b) Cheese : 1 cube (6/-)c) Vegetable + Butter : (7/-)
Total cost of 1 sandwich : 15/- Selling price of one sandwich : 25/-
Profit : 10/-
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Sandwich outlet in PROTON
Capital - 40,000
Grilling machine 2500/-Worker 1000/-
Furniture 5000/-
Cheese 3600/-
Bread 1200/-
Raw material
(vegetables+butter)
4200/-
Rent 2500/-
Fridge 5000/-
Deposit 10,000/-
Reserve for future 5000/-
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Journal entries
Date Particular
L
F Dr. amt Cr. amtCash a/c Dr
To Capital a/c
(business commenced)
40,000
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40,000
Machine a/c Dr
To Cash a/c
(grilling m/c & fridge purchased )
7,500
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7,500
Salary a/c Dr
To Cash a/c
(salary paid)
1,000
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1,000
Furniture a/c Dr
To Cash a/c
(furniture purchased)
5,000
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5,000
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Journal entries
Date Particular L Dr. amt Cr. amtPurchase a/c Dr
To Cash a/c
(raw material purchased)
9,000
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9,000
Rent a/c Dr
To Cash a/c
(rent paid)
2,500
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2,500
PROTON a/c Dr
To Cash a/c
(security amt deposited)
10,000
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10,000
Cash a/c Dr
To Sales a/c
(20 Sandwiches sold at
Rs.25/piece)
15,000
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15,000
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Journal entry
Date Particular L Dr. amt Cr. amtcash a/c Dr
to reserve a/c
(cash send to reserve)
5000
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5000
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Ledger AccountCash Account
Date Particular J
F
Dr.
amt
Date Particular Cr.
amt
To Capital a/c
To Sales a/c
To reserve a/c
Total
40,000
15,000
5000
60,000
By m/c a/c
By Salary a/c
By Furniture a/c
By Purchase a/c
By Rent a/c
By PROTON a/cBy Balance c/d
Total
7,500
1,000
5,000
9,000
2,500
10,00025,000
60,000
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Capital Account
Date Particular
To Balance c/d
Dr.
amt
40,000
Date Particular
By Cash a/c
Cr.
Amt
40,000
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Machine Account
Date Particular
To Cash a/c
Dr.
amt
7,500
Date Particular
By Balance c/d
Cr.
Amt
7,500
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Salary Account
Date Particular
To Cash a/c
Dr.
amt
1,000
Date Particular
By Balance c/d
Cr.
Amt
1,000
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Furniture Account
Date Particular
To Cash a/c
Dr.
amt
5,000
Date Particular
By Balance c/d
Cr.
Amt
5,000
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Purchase Account
Date Particular
To Cash a/c
Dr.
amt
9,000
Date Particular
By Balance c/d
Cr.
Amt
9,000
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Rent Account
Date Particular
To Bal c/d
Dr.
amt
2,500
Date Particular
By Cash a/c
Cr.
Amt
2,500
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PROTON Account
Date Particular
To Cash a/c
Dr.
amt
10,000
Date Particular
By Bal c/d
Cr.
Amt
10,000
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Sales Account
Date Particular
To Bal c/d
Dr.
amt
15,000
Date Particular
By Cash a/c
Cr.
Amt
15,000
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Reserve Account
Date Particular
To bal c/d
Dr.
amt
5,000
Date Particular
By cash a/c
Cr.
Amt
5,000
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Trading and P/L account
Particular Dr. amt Particular Cr.
amt
To Purchase a/c
To Gross profit
To Salary a/c
To Rent a/c
To Net profit
Total
9,000
6,00015,000
1,000
2,500
2,500
6,000
By Sales a/c
By Gross profit
Total
15,000
15,000
6,000
6,000
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Balance Sheet
Liabilities Amt Assets Amt
Capital
P/L (profit)
reserve
40,000
2,500
5,000
47,500
Machine
PROTON
Furniture
Cash
7,500
10,000
5,000
25,000
47,500
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