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Book Exercise Advance Inventory

The book of Accounts of M/s OM Publication were kept manually upto last year; Now the company is willing to keep all the accounting in Tally, So enter the following balances of last year, from the given Balance Sheet as on 31/3/2010, in Tally, to have the whole accounting process computerised from the current financial year. Also record the given transactions of current Financial year. Balance Sheet as on 31-3-2010
Liabilities Capital Bank O.D. Janata Bank Short Term Loan National Finance Sundry Creditors M/s Papers Mr. Raghunath Pande Bills Payables Profit & Loss A/c 25,000 45,000 Term Deposits Bank of Maharashtra Sundry Debtors M/s Lokmanya Books Closing Stock 8,30,000 60,000 5,000 8,30,000 1,50,000 Jagannath 35,000 40,000 1,75,000 Bank Current A/cs Dhanlaxmi Bank Bank of India 21,000 90,000 10,000 Cash-in-hand 9,000 Rs. 5,00,000 Assets Land & Building Machinery Rs. 4,50,000 45,000

The following are some transaction of the current Financial year. NO. 1 2 Date 1/4/2010 2/4/2010 Particulars Purchased furniture of Rs.20,000/- & Payment made by cheque of Bank of India (Ch.No.561688) Purchased 20 Rims of white Printing Paper ( 23" x 36" ) from M/s Jagannath Papers for Rs.450/- each, on Credit (1 Rim = 500 Sheets) (Sales Tax additional 13 %) Stock kept at warehouse. Received 500 copies of novel "Jai-Hind" from "Prompt Printers & Binders". Out of that 300 copies were kept at warehouse & 200 at shop (Cost price of Novel Jai-Hind is Rs.200 per copy.) Sold 150 copies of novel "jai-Hind" to M/s Lokmanya Book depot on credit (Selling price of "jai-Hind" is Rs.250 per copy.) (Sales tax additional 13 %) Paid machinery repair charges by cash Rs.1000/Received cheque of Rs. 30,000 from M/s Lokmanya Book Depot, which is deposited in bank of India, current A/c. (Ch.No.321644) Withdrawn from DhanaLaxmi Bank - Rs. 10,000/- (Ch.No.202010) Dispatched 8 Rims of White Printing Paper to "Promt Printers & Binders" Received 300 copies of Encyclopedia "The Scientific world" from Prompt Printers & Binders. The stock kept at warehouse. (Cost Price- Rs.80/- per

4/4/2010

4 5 6 7 8 9

5/4/2010 5/4/2010 6/4/2010 9/4/2010 10/4/2010 12/4/2010

10 11 12 13 14 15 16

13/4/2010 14/4/2010 15/4/2010 16/4/2010 19/4/2010 21/4/2010 23/4/2010

17 18

25/4/2010 27/4/2010

19 20 21 22

29/4/2010 30/4/2010 2/5/2010 5/5/2010

23 24 25 26 27 28

7/5/2010 7/5/2010 10/5/2010 12/5/2010 15/5/2010 18/8/2010

29 30 31 32 33 34 35

20/5/2010 20/5/2010 21/5/2010 24/5/2010 26/5/2010 27/5/2010 28/5/2010

copy) Received Bill of "Printing & Binding charges" from Prompt Printers & Binders - Rs. 15,000/-. Transferred 150 copies of "The Scientific world" from warehouse to shop. Sold 50 copies of "The Scientific world" to M/s Ganesh Bhandar on credit @ Rs.120 per copy. (Sales Tax additional 13 %) Received Bills Receivables from M/s Ganesh Bhandar of Rs. 6000/Transferred Rs.25000/- from current A/c in Bank of India to Current A/c in DhanaLaxmi Bank (Ch.No.561689) Purchased 10 Rims of cover paper from M/s Jagannath Paper on credit @ Rs.220/- per Rim. Issued a cheque of Rs.35000/- to M/s Jagannath Papers & paid Rs.3000/- as Commission, by another cheque. Both the cheques are of Bank of India (Ch.No.561690, 561691) Paid Advertisment bill of Rs.10000/- in cash. Sold 40 copies of Novell "Jai - Hind" to local book-saler in cash. Given 10 copies of Book "The scientific world" free with this (Selling price - Rs. 250/per copy. Sales tax 13% additional.) Bill of "Printing & Binding Charges" (dated 13/4/2010) paid by cheque of Dhanalaxmi Bank (Ch. No. 202011) Warehouse Rent paid Rs.3000 in cash. Withdrawn from DhanaLaxmi Bank Rs.10000/- (ch. no. 202012) Received 80 Rims of white Printing paper (18 x 23) from M/s Jagannath Paper on credit at Rs.225/- per Rim. (Sales Tax additional - 13 % ) But the Bill is not received yet. Stock kept at warehouse Received Bill of 80 Rims from M/s Jagannath papers. Paid salary Rs.5000/- & Wages Rs.3000/- in cash. Purchased office stationary of Rs.500/- for Cash Bills receivables from M/s Ganesh Bhandar were honored in cash. Paid Electricity Bill by cheque Rs.4500/- (Ch.No.561692, Bank of India) Dispatched 100 copies of "Jai - Hind" & 50 copies of "The Scientific world" to M/s Ganesh Bhandar on credit at standard rates. The Bill has not been sent yet. Sent the bill of above transaction to M/s Ganesh Bhandar (Sales Tax additional - 13 %) Received a cheque of Rs.47500/- from M/s Lokmanya Book Depot & deposited it in Bank of India (Ch.No.122697) Issued a cheque of Rs.20,000/- in the name of "National Finance" (Ch.No.561693, Bank of India) Received Commission in cash - Rs.4000/Purchased 10 liters of black Ink from M/s Jagannath Paper on credit along with the bill at Rs.60/- per litre. Stock kept at warehouse. Received 10 copies of "Jai-Hind" from M/s Ganesh Bhandar along with the credit Note. Sold 20 copies of "The Scientific world" to Ganesh bhandar for cash at

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31/5/2010 31/5/2010

Rs.108 each (i.e. 10 % discount given on standard Rates.) Paid Warehouse Rent in cash - Rs. 3000. Taken Physical stock of "The Scientific world". 10 copies are less than the stock reflected in stock ledger.

Note : 1) Closing stock in the Balance Sheet contains 10 Rims of Rs.500/- each, of White Printing Paper (23" x 36"). 2) Sales Tax percentage is 13 % on total sales. 3) The company has 2 different Godowns - a) Warehouse, b) Shop. 4) The Inventory Basic Information Details are as follows. A. Stock Groups : a) Finished Goods : i) Novels ii) Reference Books. b) Raw Material : i) Ink ii) Paper B. Stock Categories : i) Printing Paper, ii) Cover Paper

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