Section C: MCS-035: Accountancy and financial Management
Post the following transactions of a medical company to prepare the journal, ledger and trial balance:
| July 2023 | Transaction | Amount |
| 5 th July | Started business with cash | 1,50000.00 |
| 10th July | Deposited in the bank | 30,000.00 |
| 15th July | Purchased furniture from distributors on credit | 60,000.00 |
| 18th July | Purchased medical equipment on cash | 60,000.00 |
| 20th July | Purchase Computer and other related items with cash | 75,000.00 |
| 22nd July | Sold medicines for cash | 45,000.00 |
| 25th July | Sold medicine on credit | 60,000.00 |
| 27th July | Paid salary to staff | 35,000.00 |
| 31st July | Paid rent | 25,000.00 |
To record the given transactions for a medical company in July 2023, we need to follow the process of journalizing, posting to the ledger accounts, and preparing the trial balance. Here’s how we can handle each of the transactions.
Journal Entries
-
July 5 - Started business with cash
Dr. Cash A/C 1,50,000
Cr. Capital A/C 1,50,000
(Being business started with cash) -
July 10 - Deposited in the bank
Dr. Bank A/C 30,000
Cr. Cash A/C 30,000
(Being cash deposited into the bank) -
July 15 - Purchased furniture from distributors on credit
Dr. Furniture A/C 60,000
Cr. Accounts Payable (Creditors) A/C 60,000
(Being furniture purchased on credit) -
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