General Ledger Examples - Accountancy Knowledge

General Ledger Examples · August 3. Loan taken from Habib Bank Ltd. · August 6. Paid rent for the month of August $4,400 and accrued rent expenses was $600. GeneralLedgerExamplesContentsGeneralLedgerExamples Solution:JournalEntrySolution:StandardLedgerAccountsSolution:TrialBalanceRunningBalanceLedgerExample Solution:JournalEntry Solution:GeneralLedgerAccounts  ReferencesRelatedTopicsRelatedCourses3Comments PreviousExample:JournalEntryExamples NextExample:TrialBalanceExamples StandardLedgerExample SardarHammadissoleownerofbusiness.Hehasbeenstartedbusinesssince1990.FollowingaretransactionforthemonthofAugust2016,prepareJournalEntry,GeneralLedgersandTrialBalance.   August2016 Aug3.ReinvestmentintheshapeofCash$80,000andFurniture$20,000. Aug5.CashSales$10,000andonaccountSales$12,000. Aug6.BoughtgoodsfromAhmedCo.$60,000paid$15,000cashandremainingNotepayablepaywithin30days. Aug9.PurchaseOfficeEquipmentfromWaseemShahworthRupees$99,000,acashdownpaymentof$19,000andbalancewillbepaidbyfourinstallments,firstdueon30August. Aug21.Goodsreturnbycreditcustomerofworth$12,000. Aug30.Paidfirstinstallmentof$20,000.      Solution:JournalEntry     Solution:StandardLedgerAccounts                       Solution:TrialBalance   SardarHammad TrialBalance AsonAugust2016 S.N HeadsofAccount Ref Amount($) Debit Credit 1  Cash   36,000    2  Furniture   20,000    3  OwnerEquity     100,000  4  AccountReceivable   -0-    5  Sales     22,000  6  Purchases   60,000    7  NotePayable     45,000  8  OfficeEquipment   99,000    9  AccountPayable     60,000  10  SalesReturn   12,000                        Total $227,000 $227,000   >>PracticeGeneralLedgerProblemsandSolutions.     RunningBalanceLedgerExample RameeshaHafeez&Co.isaboatrepairyard.DuringAugust2015,itstransactionsincludedthefollowing.Youarerequiredtopass JournalEntry,prepareGeneralLedger(RunningBalance)andTrialBalance.      August2015   August3.LoantakenfromHabibBankLtd.of$25,000.$20,000withdrawnforbusinessandremaininginthebankaccount. August6.PaidrentforthemonthofAugust$4,400andaccruedrentexpenseswas$600. August12.AtrequestofKiwiInsurance,Inc,maderepairsonboatofJonSeaways.Sentbillfor$5,620forservicesrenderedtoKiwiInsuranceInc.(creditRepairServiceRevenue). August18.MaderepairstoboatofDennisCopperandcollectedinfullthechargeof$2,830. August20.PlacedAdvertisementinTheDawnatacostof$165,paymenttobemadewithin30days. August25.Receivedacheckfor$5,620fromKiwiInsuranceIncrepresentingcollectionofthereceivableofAugust12. August30.SentchecktoTheDawninpaymentoftheliabilityincurredonAugust20.    Solution:JournalEntry    Solution:GeneralLedgerAccounts                       Solution:TrialBalance   RameeshaHafeez&Co.  TrialBalance AsonAugust2015 S.N HeadsofAccount Ref Amount(Rs.) Debit Credit 1 Cash   18,430    2 Bank   10,455    3 BankLoan     25,000  4 RentExpense   5,000    5 RentPayable     600  6 AccountReceivable   -0-    7 RepairServicesRevenue     8,450  8 AdvertisingExpense   165    9 AdvertisingExpensePayable     -0- Total 34,050 34,050   >>GeneralLedgerProblemsandSolutionsPDF PreviousExample:JournalEntryExamples NextExample:TrialBalanceExamples Searchhere… Searchfor: RelatedTopics References Sehgal,A.,&Sehgal,D.(n.d.).AdvancedAccountancy(Vol.I&II).NewDelhi:TaxmannPublicationPvt.Ltd. Shukla,M.C.,Grewal,T.S.,&Gupta,S.C.(2008).AdvancedAccountancy(Vol.I&II).NewDelhi:SChand&Co. Weygandt,J.J.,Kimmel,P.D.,&Kieso,D.E.(2012).AccountingPrinciples(10thed.).Hoboken:JohnWiley&Sons,Inc. Williams,M.,&Bettner,H.(1999).Accounting(Thebasicforbusinessdecisions).(11th,Ed.)USA:IrwinMcGraw-Hill.   BackToPrinciplesofAccounting RelatedTopics GeneralLedgerMCQs TrialBalance JournalEntry AccountingMCQs RelatedCourses PrinciplesofAccounting CostAccounting PrinciplesofFinance FinancialAccounting 3Comments DMC5 onApril19,2019at12:13pm Spotonwiththiswrite-up,Iabsolutelybelievethatthiswebsiteneedsalotmoreattention.I’llprobablybebackagaintoreadthroughmore,thanksfortheinfo! http://www.erptechnicals.com onMarch24,2019at3:04am Thanksforwritingthisawesomearticle.I’malongtimereaderbutI’venever beencompelledtoleaveacomment.Isubscribedtoyourblogandshared thisonmyFacebook.Thanksagainforagreatpost! RoryBanta onMarch21,2019at8:41am Hey,Thankyoufortakingthetimetowritethis.Ihavetostartbloggingagainsoonugh.