Record the following transactions of NewWay & Co for the financial year 2017-18

Opening balances of various ledgers as on 1-8-2017

Capital Rs. 1,40,000/-; cash in hand Rs. 50,000/-; Bank a/c: Rs. 20,000/-; Plant: Rs. 1,50,000/-, stock: 25,000/-; creditors: 60000 (Srinivas: 50,000/-,Akhil: 10,000/-); debtors : 1,50,000/-(Anand: 50,000/-,Murthy: 1,00,000/-); purchases: 55,000/-; Sales: 2,50,000/-

The transactions to be recorded:

Aug 2          received cash from Anand Rs. 5,000/-

Aug 31        paid to Srinivas for goods purchased on this day     Rs. 3,000/-

Sep 1           paid into bank        Rs. 1,000/-

Sep 2           received from cash sales  9,000/-

Oct 1           paid for cash purchases    Rs. 4,000/-

Oct 2           withdraw for personal use Rs. 1,000/-

Oct 31         received from Murthy Rs. 50000

Nov1           drawn from bank for office use Rs. 1,000/-

Nov 2          received from Anand Rs. 5,000/-

Dec 1           paid to Srinivas Rs. 5,500/-

Dec 2           paid rent Rs. 600/-

Dec 31         paid cash towards advertisement Rs. 500/-

Mar 2           paid salaries to staff Rs. 1,000/-

Mar 31         paid to Akhil rs. 10,000/-

Solution:

As on 1-8-2017

T.B.: 4,50,000; B/s:

For 1-4-2017 to 1-8-2017

G.P./N.P: 1,95,000/-;

As on 31-3-2018

T.B.: 4,43,500; B/S:3,78,400

G.P.:1,97,000; N.P.:1,94,900