Record the following transactions of Arun Icecreams for the year 2014-15
2014
Apr 1 Arun started business with Rs. 10,000
Apr 2 Bought furniture for Rs. 500 from Shyam Furniture Co.
May 31 Bought Goods for Rs. 3,000 from Ram
Jun 2 Purchased from Suman&Co Rs. 2,000
Jul 31 Sold goods to Mr. Raju for Rs. 10,500
Aug 31 Paid salaries Rs. 1000
Nov 2 Paid to Shyam Furniture co. Rs. 500
Dec 31 Paid Suman &Co Rs. 1500 in full settlement of their dues Rs. 2000
2015
Feb 2 Received in cash the dividends Rs. 300
Solution:
Trail Balance: 24,300/-
Gross Profit: 5,500/-; Net Profit: 5,300
Balance Sheet:18,300/-