WHAT IS JOURNAL & LEDGER?

Illustration 20. From the following transactions of M/S. Wise and Active, write up the Journal in proper form, post the Ledger and prepare a Trial Balance:

Solution:

In the Books of M/S. Wise and Active

JOURNAL

Ledger Accounts

M/S. Wise and Active

CAPITAL ACCOUNT

CASH ACCOUNT

BANK ACCOUNT

MACHINERY ACCOUNT

FURNITURE ACCOUNT

STOCK ACCOUNT

PURCHASES ACCOUNT

SALES ACCOUNT

Narain Bros.

B.K. BROS.

LOAN ACCOUNT

JACOB BROS. LTD.

SAMUEL & CO.

DISCOUNT ALLOWED ACCOUNT

DISCOUNT RECEIVED ACCOUNT

REPAIRS ACCOUNT

CARTAGE ACCOUNT

MUNICIPAL TAXES ACCOUNT

SUNDRY RECEIPTS ACCOUNT

ADVERTISEMENT ACCOUNT

RENT ACCOUNT

SALARIES ACCOUNT

DRAWINGS ACCOUNT

BAD DEBTS ACCOUNT

BAD DEBTS RECOVERED ACCOUNT

TRIAL BALANCE

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