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    Inventory Sum 2

    Uploaded by

    vihanjangid223
    This document provides a list of inventory items and transactions for a business over a period of time. It includes opening inventory amounts, purchases and sales of various products on credit terms, returns, expenses, bank transactions, transfers, and a verification of ending inventory quantities. The goal is to record all the transactions, calculate key financial metrics like gross profit, net profit, and prepare a trial balance, income statement, and balance sheet.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd

    Inventory Sum 2

    Uploaded by

    vihanjangid223
    19 views3 pages
    This document provides a list of inventory items and transactions for a business over a period of time. It includes opening inventory amounts, purchases and sales of various products on credit terms, returns, expenses, bank transactions, transfers, and a verification of ending inventory quantities. The goal is to record all the transactions, calculate key financial metrics like gross profit, net profit, and prepare a trial balance, income statement, and balance sheet.

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    This document provides a list of inventory items and transactions for a business over a period of time. It includes opening inventory amounts, purchases and sales of various products on credit terms, returns, expenses, bank transactions, transfers, and a verification of ending inventory quantities. The goal is to record all the transactions, calculate key financial metrics like gross profit, net profit, and prepare a trial balance, income statement, and balance sheet.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    19 views3 pages

    Inventory Sum 2

    Uploaded by

    vihanjangid223
    This document provides a list of inventory items and transactions for a business over a period of time. It includes opening inventory amounts, purchases and sales of various products on credit terms, returns, expenses, bank transactions, transfers, and a verification of ending inventory quantities. The goal is to record all the transactions, calculate key financial metrics like gross profit, net profit, and prepare a trial balance, income statement, and balance sheet.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 3

    DEEPSHIKHA’S COMPUTER

    Inventory Sum 2
    The following would be recording in journal using double entry system. Do the posting
    process from journal entries and prepare the Trial balance, Trading a/c, Profit & loss a/c
    and balance sheet with inventory maintain in the books of M/s. SIFI & CO for the following
    year 2024 to 2025

    Create The Opening stock

    Particular Dr Cr
    Capital 600000
    Cash 50000
    Bank OCC 75000
    Vat payable 50000
    Machinery 100000
    Furniture 50000
    Provision for bad debit 50000
    Debentures 200000
    Indian Overseas Bank 125000
    Prepaid expenses 20000
    Nithya traders (sundry debtors) 20000
    Arun & co (sundry debtors) 15000
    O/S salary 30000
    Bank loan 50000
    STOCK IN HAND:

    I. MEDICAL ITEM :

    • DOLO 100 mg 5000tab @ Rs.5


    • Metasin 3000tab @ Rs.4
    • Zerodal 5000tab @ Rs.10
    • Vicks action 5000tab @ Rs.25

    II. INDUSTRIAL ITEM :

    • Cement 500bags @ Rs.250


    • Bricks 500bags @ Rs.300

    III. ELECTRONIC ITEM :

    • Iron box 10nos @ Rs.800


    • Calculator 525nos @ Rs.100
    • 14"inch TV 150nos @ Rs.850

    By vihan sir 9983529492 jangidvihan123@outlook.com


    DEEPSHIKHA’S COMPUTER

    TRANSACTION DURATION PERIOD:


    1. Paid telephone charge Rs.2000
    2. Withdraw from stock for the protector own use Rs.5000
    3. A cheque received from M/s. Nitya traders was Rs:15000 and balance Rs.5000 Bad Debit
    written off.
    4. Goods sales on credit to M/s. TTC for the following:

    • Iron box 5nos @ Rs.1000


    • 14”inch TV 10nos Rs.10000 Bill.No.81 (45days)
    5. Purchased on credit from M/s. Lingam Traders:

    • TV stand 15nos @ Rs.500


    • Steel chair 20nos @ Rs.250 Bill no:254 (25days)
    6. Goods sold on credit to M/s. National Agencies for the following :

    • Dolo 100mg 1000tab @ Rs.7


    • Metasin 1500tab @ Rs.6
    • Vicks action 500tab @ Rs.30 Bill no:25 (15days)
    7. Depreciation of machinery 5% and furniture 5%
    8. Bank Loan Received Rs.2,00,000
    9. Goods return to M/s. Lingam traders :

    • TV stand 5nos
    • Steel chair 7nos against bill no:245
    10. Amount received from M/s.TTC full payment
    11. Goods purchased from M/s..Neha traders for the following:

    • Cement 200bags @ Rs.250


    • Coal 300bags @ Rs.200
    • Bricks 150bags @ 300 Bill no:458 (25days)
    12. Credit note received from M/s. National Agencies for the following :

    • Dolo 100mg 200tab


    • Metasin 100tab
    • Vicks action 10tab against bill no: 25
    13. Goods sold M/s. BPT contracts for followings:

    • TV stand 10nos @ Rs.700

    By vihan sir 9983529492 jangidvihan123@outlook.com


    DEEPSHIKHA’S COMPUTER

    • Steel chair 10nos @ Rs.400


    • Cement 300bags @ Rs.350
    • Coal 200bags @ Rs.250
    • Bricks 200bags @ Rs.350 bill no: 021 (30days)

    14. With draw from bank Rs.1,00,000


    15. Dividend received from bank Rs.30000
    16. Amount paid to M/s. Neha traders and discount Rs. Received 10%
    17. Stock of calculator 500nos transfer to Madurai branch.
    18. Being verify manual inventory the stock for the following:

    • Coal 200bags
    • Bricks 50bags

    Answers:

    opening balance 1055000


    Gross profit 2850
    Net profit 33850
    Balance sheet 1292100
    Closing stock 471400

    By vihan sir 9983529492 jangidvihan123@outlook.com

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