General Ledger Examples




 

 Standard Ledger Example

Sardar Hammad is sole owner of business. He has been started business since 1990. Following are transaction for the month of August 2016, prepare Journal Entry, General Ledgers and Trial Balance.

  

August 2016

Aug 3. Reinvestment in the shape of Cash $80,000 and Furniture $20,000.

Aug 5. Cash Sales $10,000 and on account Sales $12,000.

Aug 6. Bought goods from Ahmed Co. $60,000 paid $15,000 cash and remaining Note payable pay within 30 days.

Aug 9. Purchase Office Equipment from Waseem Shah worth Rupees $99,000, a cash down payment of $19,000 and balance will be paid by four installments, first due on 30 August.

Aug 21. Goods return by credit customer of worth $12,000.

Aug 30. Paid first installment of $20,000.

 

 Solution: Journal Entry

 

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Solution: Standard Ledger Accounts

 

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Solution: Trial Balance

 

Sardar Hammad

Trial Balance

As on August 2016

S.N Heads of Account Ref Amount ($)
Debit Credit
1  Cash 36,000
 2  Furniture 20,000
 3  Owner Equity 100,000
 4  Account Receivable -0-
 5  Sales 22,000
 6  Purchases 60,000
 7  Note Payable 45,000
 8  Office Equipment 99,000
 9  Account Payable 60,000
 10  Sales Return 12,000

 Total

$227,000

$227,000

 

 

 >>> Practice General Ledger Problems and Solutions.

 

Running Balance Ledger Example

Rameesha Hafeez & Co. is a boat repair yard. During August 2015, its transactions included the following. You are required to pass Journal Entry, prepare General Ledger (Running Balance) and Trial Balance.    

 

August 2015  

August 3. Loan taken from Habib Bank Ltd. of $25,000. $20,000 withdrawn for business and remaining in the bank account.

August 6. Paid rent for the month of August $4,400 and accrued rent expenses was $600.

August 12. At request of Kiwi Insurance, Inc, made repairs on boat of Jon Seaways. Sent bill for $5,620 for services rendered to Kiwi Insurance Inc. (credit Repair Service Revenue).

August 18. Made repairs to boat of Dennis Copper and collected in full the charge of $2,830.

August 20. Placed Advertisement in The Dawn at a cost of $165, payment to be made within 30 days.

August 25. Received a check for $5,620 from Kiwi Insurance Inc representing collection of the receivable of August 12.

August 30. Sent check to The Dawn in payment of the liability incurred on August 20.

 

 Solution: Journal Entry

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 Solution: General Ledger Accounts

 

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Solution: Trial Balance

 

Rameesha Hafeez & Co.  

Trial Balance

As on August 2015

S.N Heads of Account Ref Amount (Rs.)
Debit Credit
1 Cash 18,430
 2 Bank 10,455
 3 Bank Loan 25,000
 4 Rent Expense 5,000
 5 Rent Payable 600
 6 Account Receivable -0-
 7 Repair Services Revenue 8,450
 8 Advertising Expense 165
 9 Advertising Expense Payable -0-

Total

34,050

34,050

 

>>> General Ledger Problems and Solutions PDF

 


References

Sehgal, A., & Sehgal, D. (n.d.). Advanced Accountancy (Vol. I & II). New Delhi: Taxmann Publication Pvt. Ltd.

Shukla, M. C., Grewal, T. S., & Gupta, S. C. (2008). Advanced Accountancy (Vol. I & II). New Delhi: S Chand & Co.

Weygandt, J. J., Kimmel, P. D., & Kieso, D. E. (2012). Accounting Principles (10th ed.). Hoboken: John Wiley & Sons, Inc.

Williams, M., & Bettner, H. (1999). Accounting (The basic for business decisions). (11th, Ed.) USA: Irwin McGraw- Hill.

 

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