Accountancy Project

NATIONAL LAW UNIVERSITY ODISHA, CUTTACK
ACCOUNTANCY PROJECT
ON THE TOPIC OF
BOOK KEEPING AND FINAL ACCOUNTS OF
A SPORTS CLUB
SUBMITTED BY:
BIPIN PUNIA [2018/BA.LLB/027]

KETAN DEV [2018/BA.LLB/049]
DHRUV SIRPURKAR [2018/BA.LLB/033]
ROHAN ZAVERI [2018/BA.LLB/090]
TANAY SINGH [2018/BA.LLB/109]
(BA-LLB; Class of 2023)
SUBMITTED TO:
MR. A.B. DEBASIS ROUT (ASSISTANT PROFESSOR)

NATIONAL LAW UNIVERSITY ODISHA
TABLE OF CONTENTS
TABLE OF CONTENTS ........................................................................................................ 2
ACKNOWLEDGMENT ......................................................................................................... 4
ANNEXURE-1- BRIEF DESCRIPTION & TRANSACTIONS ......................................... 5
BRIEF DECRIPTION ABOUT BUSINESS ...................................................................... 5
TRANSACTIONS ................................................................................................................ 6
ANNEXURE -2- JOURNAL ................................................................................................. 10
ANNEXURE-3- LEDGER .................................................................................................... 17
CASH ACCOUNT ................................................................................................................... 17
BANK ACCOUNT .................................................................................................................. 21
FURNITURE ACCOUNT ......................................................................................................... 22
LAND ACCOUNT................................................................................................................... 22
PURCHASES ACCOUNT ........................................................................................................ 22
SALES ACCOUNT .................................................................................................................. 23
SUNDRY CREDITORS ACCOUNT .......................................................................................... 24
SUNDRY DEBTORS ACCOUNT .............................................................................................. 24
RENT ACCOUNT ................................................................................................................... 25
SALARY ACCOUNT ............................................................................................................... 25
ADVERTISING EXPENSES ACCOUNT ................................................................................... 26
TELEPHONE BILL ACCOUNT ............................................................................................... 27
ELECTRICITY BILL ACCOUNT ............................................................................................ 27
BILL RECEIVABLE ACCOUNT .............................................................................................. 28
DRAWINGS ACCOUNT .......................................................................................................... 28
DISCOUNT ALLOWED ACCOUNT ......................................................................................... 28
DISCOUNT RECEIVED ACCOUNT ......................................................................................... 29
DEPRECIATION ACCOUNT ................................................................................................... 29
CARRIAGE OUTWARD ACCOUNT ........................................................................................ 29

BASIC PRINCIPLES OF ACCOUNTING Page | 2
ANNEXURE-4- TRIAL BALANCE .................................................................................... 30
ANNEXURE-5- FINAL ACCOUNTS ................................................................................. 31
TRADING ACCOUNT ...................................................................................................... 31
PROFIT AND LOSS ACCOUNT ..................................................................................... 31
BALANCE SHEET ............................................................................................................ 32

ACKNOWLEDGMENT
This project is a subject of extensive research could not have been completed without a few
things. First of all, we would like to express our gratitude to our teacher for this subject, Mr.
A.B. Debasis Rout for helping and guiding us towards the completion of this project. We would
also like to thank the administration for the provision of best facilities without which the
completion of this project would have been impossible. In the end, we would also like to
acknowledge the constant support of our seniors who showed the right track.

ANNEXURE-1- BRIEF DESCRIPTION & TRANSACTIONS
BRIEF DESCRIPTION ABOUT CHAWLA SPORTS CLUB
Chawla Sports Club is the pioneer sports shop in Lajpat Nagar, New Delhi and takes pride in
having almost all sports and fitness equipments in his shop, available at all times. The owner
of the club is Mr.Aryan, has a very good reputation in the market and therefore more often than
not, receives and gives goods and assets on credit. However, Mr. Aryan is also a sports lover
and therefore even withdraws some of the goods kept for sale for his own use.

TRANSACTIONS
1. 01/04/2017 Mr. Aryan commenced his business with capital in cash Rs. 20,00,000.
2. 03/04/2017 Mr. Aryan deposited a sum of Rs. 19,00,000 into bank Account.
3. 05/04/2017 Sporting Equipment like Dumbbells, barbells and other goods were bought for
Rs. 2,00,000 by cheque.
4. 06/04/2017 He withdrew Rs. 10,000 from bank for his personal use.
5. 10/04/2017 He bought further sporting equipment for Rs. 5,00,000 from M/s Chopra & Co. on
credit.
6. 10/04/2017 A club was taken on rent for Rs. 1,00,000 per month.
7. 11/04/2017 Furniture was brought for Rs. 3,00,000 paying Rs. 2,00,000 in form of cheque
and Rs. 1,00,000 on credit from M/s Rai & Co.
8. 14/04/2017 Sold dumbbells, resistance band and other goods worth
Rs. 1,00,000 and got paid in cash.
9. 20/04/2017 Sold 2 golf clubs for Rs.7,00,000 for cash.
10. 25/04/2017 Paid Rs. 2,00,000 to Chopra & Co.
11. 28/04/2017 Salary paid in cash for Rs. 10,000.
12. 29/04/2017 Advertising expenses amounted to Rs. 5,000.
13. 30/04/2017 Telephone bill amounted to Rs. 2,000.
14. 30/04/2017 Electricity bill amounted to Rs. 5,000.
15. 02/05/2017 Rent for the club calculated as Rs. 1,00,000.
16. 03/05/2017 He Sold treadmills, twisters and other goods worth Rs. 3,00,000 on credit to M/s
J Sinha & Co. with delivery to be made on 10/05/2017.
17. 05/05/2017 Bought cricket balls, volleyballs and other goods worth Rs. 5, 00,000 and paid
cheque
18. 07/05/2017 He Took dumbbells worth Rs. 3,000 for his personal use.
19. 10/05/2017 Carriage charges being paid for delivery Rs. 10,000.
20. 15/05/2017 Bought 100 resistance bands and 250 medicine balls from M/S Sinha & co. For Rs.
4,00,000 and paid Rs. 2,00,000 can cheque and rest on credit.
22. 25/05/2017 Telephone bill paid in cash for Rs. 5,000.
23. 28/05/2017 Advertising expenses paid for Rs. 5,000

24. 05/06/2017 Rent for the club amounted Rs. 1,00,000.
25. 10/06/2017 Basketballs and Footballs purchased worth Rs. 2,00,000.
26. 11/06/2017 Additional capital introduced in form of cash worth Rs.1,00,000
27. 15/06/2017 Mr. Aryan took goods worth Rs. 2,00,000 for personal use.
28. 23/06/2017 Received Rs. 3,00,000 in cash from M/s Sinha & Co. and gave discount of 10%.
29. 27/06/2017 Salary amounted paid in cash for Rs. 10,000.
30. 28/062017 Advertising expenses paid for Rs. 5,000.
31. 29/06/2017 Telephone bill paid for Rs. 6,000.
32. 29/06/2017 Electricity bill paid for Rs. 3,000.
33. 03/07/2017 Rent paid in cheque for Rs. 1,00,000.
34. 05/07/2017 Mr Singh Withdrew Rs. 20,000 in cash for personal use.
35. 13/07/2017 He Took yoga equipment worth Rs. 4,000 for his wife.
36. 15/07/2017 Paid Rs. 3,00,000 to M/S Chopra & Co. and received cash discount of 5%.
37. 23/07/2017 Bought goods worth Rs. 3,00,000 from M/S Mishra & Co. and paid in cheque.
38. 25/07/2017 Rs. 5,00,000 Deposited in the bank account.
39. 27/07/2017 Salary in cash being paid for Rs. 10,000.
43. 02/08/2017 Sold 100 yoga mats and 150 resistance bands to M/S Mira & Co. and
received a cheque of Rs. 2,50,000.
44. 15/08/2017 Paid in cheque Rs. 1,00,000 to M/S Sai Carpenters Ltd.
45. 19/08/2017 Took footballs and baseball worth Rs. 5,000 for his Kids.
46. 23/08/2017 Withdrew Rs. 10,000 from bank account for personal use.
47. 25/08/2017 Rent paid amounted to Rs. 1,00,000.
50. 27/08/2017 Electricity bill paid for Rs. 8,000.
51. 28/08/2017 Advertising expenses paid for Rs. 5,000.
52. 03/09/2017 Rent paid in cheque for Rs. 1,00,000.

53. 14/09/2017 Sold 100 resistance bands to M/S Ghanshyam Co. for Rs. 1,00,000 and gave a cash
_______________discount of Rs. 10,000
54. 16/09/2017 Additional capital Introduced of cash Rs. 1,00,000.
55. 28/09/2017 Paid in cheque Rs. 2,00,000 to M/S Ram Co. and received discount of 5%.
57. 29/09/2017 Salary paid Rs 12,000.
60. 05/10/2017 Rent paid Rs. 1,00,000.
61. 10/10/2017 Withdrew Rs. 50,000 for paying household expenses (drawing).
62. 14/10/2017 Bought 100 sweaters for Rs. 3,00,000 on credit from M/S Mira & Co.
63. 25/10/2017 Salary paid Rs. 12,000.
64. 28/10/2017 Advertising expenses amounted to Rs. 5,000
65. 28/10/2017 Electricity bill amounted to Rs 5,000
67. 05/11/2017 Paid rent of the building Rs. 1,00,000.
68. 07/11/2017 Additional capital Introduced in form of cash Rs. 50,000.
69. 12/11/2017 Mr. Aryan took Rs. 50,000 for personal use.
70. 15/11/2017 His Deposited Rs. 50,000 in the bank account.
71. 25/11/2017 Paid salary to two workers Rs. 24,000.
72. 25/11/2017 Telephone bill paid Rs. 3,000.
73. 25/11/2017 Electricity bill paid Rs 4,000.
75. 02/12/2017 Rent of the Club paid Rs. 1,00,000.
76. 15/12/2017 _Sold 50 dumbbells for Rs. 3,00,000 and drew a bill payable to be paid by
_______________M/s Mandira & Co. by 15/3/17.
77. 20/12/2017 Proprietor endorsed the bill of M/S Mandira & Co. to M/S Mira & Co.
78. 25/12/2017 Salary to two workers paid Rs. 24,000.
79. 26/12/2017 Telephone bill paid Rs. 5,000.
80. 28/12/2017 Electricity bill paid Rs 6,000.
81. 28/12/2017 Advertising expenses paid for 5,000.
82. 04/01/2018 Rent paid Rs. 1,00,000.

83. 15/01/2018 Mr. Aryan invested Rs 20,00,000 as capital in form of cash.

84. 26/01/2018 Salary paid to the workers Rs. 26,000.
86. 30/01/2018 Electricity bill paid for Rs 5,000.
88. 05/02/2018 Purchased land on which Club was built for Rs. 15, 00,000 in cash.
89. 15/02/2018 Bought 100 yoga mats worth Rs. 30, 00,000 on credit from M/S Sandeep & Co.
90. 25/02/2018 Salary to workers amounted to Rs. 26,000.
91. 28/02/2018 Electricity bill amounted Rs 10,000.
92. 28/02/2018 Telephone bill amounted Rs. 6,000.
93. 28/02/2018 Advertising expenses amounted for Rs. 5,000
94. 06/03/2018 Sold 50 treadmills to U.S based M/S Talwalkar & Co. for
_______________Rs. 20,00,000 and received a cheque.
95. 20/03/2018 Sold 50 yoga mats and dumbbells to M/S Siddiqui & Co. For Rs. 25, 00,000 and
received cheque.
96. 23/03/2018 Paid Rs. 30,00,000 in form of cheque to M/S Sandeep & Co. and received cash
discount of 5%. Discount of 5%.
97. 28/03/2018 Paid salary to workers Rs. 26,000.
98. 28/03/2018 Paid telephone bill Rs. 5,000.
99. 28/03/2018 Paid advertising expenses for Rs. 5,000.
100. 28/03/2018 Electricity bill being paid for Rs. 7,000.
101. 30/03/2018 Depreciation charged on furniture @ 10%.

ANNEXURE -2- JOURNAL
IN THE BOOKS OF CHAWLA SPORTS CLUB
JOURNAL
DATE PARTICULARS L.F. DEBIT CREDIT

01/04/2017 Cash A/c Dr. 20,00,000
To Capital A/c 20,00,000
03/04/2017 Bank A/c Dr. 19,00,000
To Cash A/c 19,00,000
05/04/2017 Purchases A/c Dr. 2,00,000
To Bank A/c 2,00,000
06/04/2017 Drawings A/c Dr. 10,000
To Bank A/c 10,000
10/04/2017 Purchases A/c Dr. 5,00,000

To Sundry Creditors A/c 5,00,000
10/04/2017 Rent A/c Dr. 1,00,000
To Cash A/c 1,00,000
11/04/2017 Furniture A/c Dr. 3,00,000
To Sundry Creditors A/c 1,00,000
14/04/2017 Cash A/c Dr. 1,00,000
To Sales A/c 1,00,000
20/04/2017 Cash A/c Dr. 7,00,000
25/04/2017 Sundry Creditors A/c Dr. 2,00,000
28/04/2017 Salary A/c Dr. 10,000
To Cash A/c 10,000
Advertising expenses A/c Dr. 5,000
29/04/2017 To Cash A/c 5,000

30/04/2017 Telephone Bill A/c Dr. 2,000

To Cash A/c 2,000
Electricity Bill A/c Dr. 5,000
30/04/2017 To Cash A/c 5,000
02/05/2017 Rent A/c Dr. 1,00,000

03/05/2017 Sundry Debtor A/c Dr. 3,00,000
05/05/2017 Purchases A/c Dr. 5,00,000
07/05/2017 Drawings A/c Dr. 3,000
To Purchases A/c 3,000
10/05/2017 Carriage Outward A/c Dr. 10,000
To Cash A/c 10,000
15/05/2017 Purchases A/c Dr. 4,00,000
To Sundry Creditor A/c 2,00,000
20/05/2017 Salary A/c Dr. 10,000
To Cash A/c 10,000
To Cash A/c 5,000
28/05/2017 Advertising expenses A/c Dr. 5,000
To Cash A/c 5,000
30/05/2017 Electricity Bill A/c Dr. 5,000
To Cash A/c 5,000
05/06/2017 Rent A/c Dr. 1,00,000
10/06/2017 Purchases A/c Dr. 2,00,000
11/06/2017 Cash A/c Dr. 1,00,000
15/06/2017 Drawings A/c Dr. 2,00,000

To Purchases A/c 2,00,000

23/06/2017 Cash A/c Dr. 2,70,000
Discount Allowed A/c Dr. 30,000
27/06/2017 Salary A/c Dr. 10,000
To Cash A/c 10,000
To Cash A/c 5,000

To Cash A/c 6,000
To Cash A/c 3,000
03/07/2017 Rent A/c Dr. 1,00,000
05/07/2017 Drawings A/c Dr. 20,000
To Cash A/c 20,000
10/07/2017 Cash A/c Dr. 5,00,000

13/07/2017 Drawings A/c Dr. 4,000
15/07/2017 Creditors A/c Dr. 3,00,000

To Discount Received A/c 15,000
23/07/2017 Purchases A/c Dr. 3,00,000
27/07/2017 Salary A/c Dr. 10,000
To Cash A/c 10,000
To Cash A/c 5,000
To Cash A/c 3,000

To Cash A/c 3,000

02/08/2017 Cash A/c Dr. 2,50,000
15/08/2017 Creditors A/c Dr. 1,00,000
19/08/2017 Drawings A/c Dr. 5,000
23/08/2017 Drawings A/c Dr. 10,000
25/08/2017 Rent A/c Dr. 1,00,000
27/08/2017 Salary A/c Dr. 11,000
To Cash A/c 11,000
To Cash A/c 6,000
To Cash A/c 8,000
To Cash A/c 5,000
03/09/2017 Rent A/c Dr. 1,00,000

14/09/2017 Cash A/c Dr. 90,000
Discount allowed A/c Dr. 10,000
16/09/2017 Cash A/c Dr. 1,00,000
28/09/2017 Creditor A/c Dr. 2,00,000

To Discount Received A/c 10,000
To Cash A/c 5,000
29/09/2017 Salary A/c Dr. 12,000

To Cash A/c 12,000

To Cash A/c 6,000
To Cash A/c 3,000
05/10/2017 Rent A/c Dr. 1,00,000
10/10/2017 Drawings A/c Dr. 5,000
To Cash A/c 5,000
14/10/2017 Purchases A/c Dr. 3,00,000

To Creditors A/c 3,00,000
25/10/2017 Salary A/c Dr. 12,000
To Cash A/c 12,000
To Cash A/c 5,000
To Cash A/c 6,000
28/10/2017 Advertising expenses A/c 5,000
To Cash A/c 5,000
05/11/2017 Rent A/c Dr. 1,00,000
07/11/2017 Cash A/c Dr. 50,000
To Capital A/c 50,000
12/11/2017 Drawings A/c Dr. 50,000
To Bank A/c 50,000
15/11/2017 Cash A/c Dr. 50,000
To Bank A/c 50,000
25/11/2017 Salary A/c Dr. 24,000
To Cash A/c 24,000
To Cash A/c 3,000


To Cash A/c 4,000
To Cash A/c 5,000
02/12/2017 Rent A/c Dr. 1,00,000
15/12/2017 Debtors A/c Dr. 3,00,000
15/12/2017 Bills Receivable A/c Dr. 3,00,000
To Debtors A/c 3,00,000
20/12/2017 Creditors A/c Dr. 3,00,000
To B/R A/c 3,00,000
25/12/2017 Salary A/c Dr. 24,000
To Cash A/c 24,000
To Cash A/c 5,000
To Cash A/c 6,000
To Cash A/c 5,000
04/01/2018 Rent A/c Dr. 1,00,000

15/01/2018 Cash A/c Dr. 20,00,000
26/01/2018 Salary A/c Dr. 26,000
To Cash A/c 26,000
To Cash A/c 5,000

To Cash A/c 5,000
To Cash A/c 4,000

05/02/2018 Land A/c Dr. 15,00,000

To Cash A/c 15,00,000
15/02/2018 Purchases A/c Dr. 30,00,000
To Creditors A/c 30,00,000
25/02/2018 Salary A/c Dr. 26,000
To Cash A/c 26,000
To Cash A/c 10,000
To Cash A/c 6,000
To Cash A/c 5,000
05/03/2018 Bank A/c Dr. 20,00,000

To Sale A/c 20,00,000
20/03/2018 Bank A/c Dr. 25,00,000
To Sale A/c 25,00,000
23/03/2018 Creditor A/c Dr. 30,00,000
To Bank A/c 28,50,000
To Discount Received A/c 1,50,000
28/03/2018 Salary A/c Dr. 26,000
To Cash A/c 26,000
To Cash A/c 5,000
To Cash A/c 7,000
To Cash A/c 5,000
30/03/2018 Depreciation A/c Dr. 30,000
To Furniture A/c 30,000

ANNEXURE-3- LEDGER
IN THE BOOKS OF CHAWLA SPORTS CLUB
CAPITAL ACCOUNT
Dr. Cr.
DATE PARTICULAR DEBIT DATE PARTICULAR CREDIT

S S
31/03/2017 By Balance c/d 47,50,000 01/04/2017 By Cash A/c 20,00,00
0
10/07/2017 By Cash A/c 5,00,000
11/06/2017 By Cash A/c 1,00,000
16/09/2017 By Cash A/c 1,00,000
07/11/2017 By Cash A/c 50,000
15/01/2018 By Cash A/c 20,00,00

0
47,50,000 47,50,00
0
CASH ACCOUNT
Dr. Cr.
DATE PARTICULARS DEBIT DATE PARTICULARS CREDIT

01/04/2017 To Capital A/c 20,00,000 03/04/2017 By Bank A/c 19,00,00
0
14/04/2017 To Sales A/c 1,00,000 10/04/2017 By Rent A/c 1,00,000
20/04/2017 To Sales A/c 7,00,000 25/04/2017 By Sundry 2,00,000
Creditor A/c
11/06/2017 To Capital A/c 1,00,000
23/06/2017 To Sundry 2,70,000 28/04/2017 By Salary A/c 10,000
Debtors A/c

29/04/2017 By Advertising 5,000

expenses A/c
10/07/2017 To Capital A/c 5,00,000 30/04/2017 By Telephone 2,000
Bill A/c
02/08/2017 To Sales A/c 2,50,000 30/04/2017 By Electricity 5,000
Bill A/c
14/09/2017 To Sales A/c 90,000 02/05/2017 By Rent A/c 5,000
16/09/2017 To Capital A/c 1,00,000
07/11/2017 To Capital A/c 50,000
15/11/2017 To Bank A/c 50,000 10/05/2017 By Carriage 10,000

Outward A/c
15/01/2018 To Capital A/c 20,00,000 15/05/2017 By Purchases A/c 2,00,000
20/05/2017 By Salary A/c 10,000
25/05/2017 By Telephone 5,000
Bill A/c
expenses A/c
30/05/2017 By Electricity 5,000

Bill A/c
05/06/2017 By Rent A/c 1,00,000
10/06/2017 By Purchases A/c 2,00,000
27/06/2017 By Salary A/c 10,000

expenses A/c
29/06/2017 By Telephone 6,000
Bill A/c
Bill A/c
05/07/2017 By Drawings A/c 20,000
15/07/2017 By Sundry 2,85,000

Creditors A/c

27/07/2017 By Salary A/c 10,000

expenses A/c
29/07/2017 By Telephone 3,000
Bill A/c
Bill A/c
25/08/2017 By Rent A/c 1,00,000
27/08/2017 By Salary A/c 11,000
27/08/2017 By Telephone 6,000
Bill A/c
Bill A/c
expenses A/c

expenses A/c
29/09/2017 By Salary A/c 12,000
Bill A/c
30/09/2017 By Telephone 3,000
Bill A/c
05/10/2017 By Rent A/c 1,00,000
10/10/2017 By Drawings A/c 50,000

25/10/2017 By Salary A/c 12,000
Bill A/c
28/10/2017 By Telephone 6,000
Bill A/c
expenses A/c
05/11/2017 By Rent A/c 1,00,000

25/11/2017 By Salary A/c 24,000

25/11/2017 By Telephone 3,000
Bill A/c
Bill A/c

expenses A/c
02/12/2017 By Rent A/c 1,00,000
25/12/2017 By Salary A/c 24,000
26/12/2017 By Telephone 5,000
Bill A/c
Bill A/c
expenses A/c
04/01/2017 By Rent A/c 1,00,000

26/01/2018 By Salary A/c 26,000
expenses A/c
Bill A/c
30/01/2018 By Telephone 4,000
Bill A/c
05/02/2018 By Land A/c 15,00,00
0
25/02/2018 By Salary A/c 26,000
Bill A/c
28/02/2018 By Telephone 6,000
Bill A/c
expenses A/c

28/03/2018 By Salary A/c 26,000

28/03/2018 By Telephone 5,000
Bill A/c
Bill A/c
expenses A/c
31/03/2018 By Balance c/d 6,74,000

62,10,000 62,10,00
0
BANK ACCOUNT
Dr. Cr.

03/04/2017 To Cash A/c 19,00,000 05/04/2017 By Purchases A/c 2,00,000
06/04/2017 By Drawing A/c 10,000
05/03/2018 To Sales A/c 20,00,000 11/04/2017 By Furniture A/c 2,00,000
20/03/2018 To Sales A/c 25,00,000 05/05/2017 By Purchases A/c 5,00,000
03/07/2017 By Rent A/c 1,00,000
23/07/2017 By Purchases A/c 3,00,000
15/08/2017 By Sundry 1,00,000
Creditors A/c
23/08/2017 By Drawing A/c 10,000
03/09/2017 By Rent A/c 1,00,000

28/09/2017 By Sundry 1,90,000
Creditors A/c
12/11/2017 By Drawings A/c 50,000
15/11/2017 By Cash A/c 50,000
23/03/2018 By Sundry 28,50,00
Creditors A/c 0

31/03/2018 By Balance c/d 17,40,00

0
64,00,000 64,00,00
0
FURNITURE ACCOUNT
Dr. Cr.

11/04/2017 To Bank A/c 2,00,000 30/03/2018 By Depreciation 30,000
A/c
11/04/2017 To Sundry 1,00,000 31/03/2018 By Balance c/d 2,70,000
Creditors A/c
3,00,000 3,00,000
LAND ACCOUNT
Dr. Cr.

05/02/2018 To Cash A/c 15,00,000 31/03/2018 By Balance c/d 15,00,00
0
PURCHASES ACCOUNT
Dr. Cr.

05/04/2017 To Bank A/c 2,00,000 07/05/2017 By Drawings A/c 3,000
15/06/2017 By Drawings A/c 2,00,000

13/07/2017 By Drawings A/c 4,000
19/08/2017 By Drawings A/c 5,000

10/04/2017 To Sundry 5,00,000 31/03/2018 By Balance c/d 51,88,00

Creditor A/c 0
05/05/2017 To Bank A/c 5,00,000
15/05/2017 To Cash A/c 2,00,000
15/05/2017 To Sundry 2,00,000
Creditors A/c
10/06/2017 To Cash A/c 2,00,000
23/07/2017 To Bank A/c 3,00,000
14/10/2017 To Sundry 3,00,000
Creditors A/c
15/02/2018 To Sundry 30,00,000
Creditors A/c
54,00,000 54,00,00
0
SALES ACCOUNT
Dr. Cr.

31/03/2017 By Balance c/d 62,50,000 14/04/2017 By Cash A/c 1,00,000
20/04/2017 By Cash A/c 7,00,000
03/05/2017 By Sundry 3,00,000
Debtors A/c
02/08/2017 By Cash A/c 2,50,000
14/09/2017 By Cash A/c 90,000
14/09/2017 By Discount 10,000
Allowed A/c
15/12/2017 By Sundry 3,00,000
Debtors A/c
05/03/2018 By Bank A/c 20,00,00
0
20/03/2018 By Bank A/c 25,00,00
0

62,50,000 62,50,00
0
SUNDRY CREDITORS ACCOUNT

Dr. Cr.

25/04/2017 To Cash A/c 2,00,000 10/04/2017 By Purchases A/c 5,00,000
15/07/2017 To Cash A/c 2,85,000 11/04/2017 By Furniture A/c 1,00,000
15/07/2017 To Discount 15,000 15/05/2017 By Purchases A/c 2,00,000
Received A/c
15/08/2017 To Bank A/c 1,00,000 14/10/2017 By Purchases A/c 3,00,000
28/09/2017 To Bank A/c 1,90,000 15/02/2018 By Purchases A/c 30,00,00
0
28/09/2017 To Discount 10,000
Received A/c
20/12/2017 To Bills 3,00,000
Receivable A/c
23/03/2018 To Bank A/c 28,50,000
23/03/2018 To Discount 1,50,000
Receivable A/c
41,00,000 41,00,00
0
SUNDRY DEBTORS ACCOUNT

Dr. Cr.

03/05/2017 To Sales A/c 3,00,000 23/06/2017 By Cash A/c 2,70,000
15/12/2017 To Sales A/c 3,00,000 23/06/2017 By Discount A/c 30,000
15/12/2017 By Bills 3,00,000
Receivable A/c

6,00,000 6,00,000
RENT ACCOUNT
Dr. Cr.

10/04/2017 To Cash A/c 1,00,000 31/03/2018 By Balance c/d 10,00,00
0
02/05/2017 To Cash A/c 1,00,000
05/06/2017 To Cash A/c 1,00,000
03/07/2017 To Cash A/c 1,00,000
25/08/2017 To Cash A/c 1,00,000
03/09/2017 To Bank A/c 1,00,000
05/10/2017 To Cash A/c 1,00,000
05/11/2017 To Cash A/c 1,00,000
02/12/2017 To Cash A/c 1,00,000
04/01/2018 To Cash A/c 1,00,000
10,00,000 10,00,00
0
SALARY ACCOUNT
Dr. Cr.

28/04/2017 To Cash A/c 10,000 31/03/2018 By Balance c/d 1,90,000
20/05/2017 To Cash A/c 10,000
27/06/2017 To Cash A/c 10,000
27/07/2017 To Cash A/c 10,000
29/09/2017 To Cash A/c 12,000
25/10/2017 To Cash A/c 12,000
25/11/2017 To Cash A/c 24,000
25/12/2017 To Cash A/c 24,000

26/01/2018 To Cash A/c 26,000

25/02/2018 To Cash A/c 26,000
28/03/2018 To Cash A/c 26,000
1,90,000 1,90,000
ADVERTISING EXPENSES ACCOUNT

Dr. Cr.
29/04/2017 To Cash A/c 5,000 31/03/2018 By Balance c/d 60,000
28/05/2017 To Cash A/c 5,000
28/06/2017 To Cash A/c 5,000
28/07/2017 To Cash A/c 5,000
28/08/2017 To Cash A/c 5,000
28/09/2017 To Cash A/c 5,000
28/10/2017 To Cash A/c 5,000
28/11/2017 To Cash A/c 5,000
28/12/2017 To Cash A/c 5,000
28/01/2018 To Cash A/c 5,000
28/02/2018 To Cash A/c 5,000
28/03/2018 To Cash A/c 5,000
60,000 60,000

TELEPHONE BILL ACCOUNT

Dr. Cr.

25/05/2017 To Cash A/c 5,000
29/06/2017 To Cash A/c 6,000
29/07/2017 To Cash A/c 3,000
27/08/2017 To Cash A/c 6,000
30/09/2017 To Cash A/c 3,000
28/10/2017 To Cash A/c 6,000
25/11/2017 To Cash A/c 3,000
26/12/2017 To Cash A/c 5,000
30/01/2018 To Cash A/c 4,000
28/02/2018 To Cash A/c 6,000
28/03/2018 To Cash A/c 5,000
54,000 54,000
ELECTRICITY BILL ACCOUNT

Dr. Cr.

30/05/2017 To Cash A/c 5,000
29/06/2017 To Cash A/c 3,000
30/07/2017 To Cash A/c 3,000
27/08/2017 To Cash A/c 8,000
30/09/2017 To Cash A/c 6,000
28/10/2017 To Cash A/c 5,000
25/11/2017 To Cash A/c 4,000
28/12/2017 To Cash A/c 6,000
30/01/2018 To Cash A/c 5,000
28/02/2018 To Cash A/c 10,000
28/03/2018 To Cash A/c 7,000

67,000 67,000
BILL RECEIVABLE ACCOUNT

Dr. Cr.

15/12/2017 To Sundry 3,00,000 20/12/2017 By Bills 3,00,000
Debtors A/c Receivable A/c
DRAWINGS ACCOUNT
Dr. Cr.

06/04/2017 To Bank A/c 10,000 31/03/2018 By Balance c/d 3,52,000
07/05/2017 To Purchases A/c 3,000
15/06/2017 To Purchases A/c 2,00,000
05/07/2017 To Cash A/c 20,000
13/07/2017 To Purchases A/c 4,000
19/08/2017 To Purchases A/c 5,000
23/08/2017 To Bank A/c 10,000
10/10/2017 To Cash A/c 50,000
12/11/2017 To Bank A/c 50,000

3,52,000 3,52,000
DISCOUNT ALLOWED ACCOUNT

Dr. Cr.

23/06/2017 To Sundry 30,000 31/03/2018 By Balance c/d 40,000
Debtors A/c

14/09/2017 To Sales A/c 10,000

40,000 40,000
DISCOUNT RECEIVED ACCOUNT

Dr. Cr.

31/03/2018 By Balance c/d 1,75,000 15/07/2017 By Sundry 15,000
Creditors A/c
28/09/2017 By Sundry 10,000
Creditors A/c
23/03/2018 By Sundry 1,50,000
Creditors A/c
1,75,000 1,75,000
DEPRECIATION ACCOUNT
Dr. Cr.

30/03/2018 To Furniture A/c 30,000 31/03/2018 By Balance c/d 30,000
30,000 30,000
CARRIAGE OUTWARD ACCOUNT

Dr. Cr.

10,000 10,000

ANNEXURE-4- TRIAL BALANCE
AS AT 31ST MARCH, 2018
SERIAL PARTICULARS DEBIT CREDIT

NO.
1. Capital A/c - 47,50,000
2. Cash A/c 6,74,000 -
3. Bank A/c 17,40,000 -
4. Furniture A/c 2,70,000 -
5. Land A/c 15,00,000 -
6. Purchases A/c 51,88,000 -
7. Sales A/c - 62,50,000
8. Sundry Creditors A/c - -
9. Sundry Debtors A/c - -
10. Rent A/c 10,00,000 -
11. Salary A/c 1,90,000 -
12. Telephone Bill A/c 54,000 -
13. Electricity Bill A/c 67,000 -
14. Bills Receivable A/c - -
15. Drawings A/c 3,52,000 -
16. Discount allowed A/c 40,000 -
17. Discount Received A/c - 1,75,000
18. Depreciation A/c 30,000 -
19. Carriage Outward A/c 10,000 -
20. Advertising expenses A/c 60,000

Total 1,11,75,000 1,11,75,000

ANNEXURE-5- FINAL ACCOUNTS
TRADING ACCOUNT
FOR THE YEAR ENDED 31ST MARCH, 2018
PARTICULARS AMOUNT PARTICULARS AMOUNT

(Dr.) (Cr.)
To Purchases 51,88,000 By Sales 62,50,000
To G.P c/d 10,62,000
62,50,000 62,50,000
PROFIT AND LOSS ACCOUNT

FOR THE YEAR ENDED ON 31ST MARCH, 2018
PARTICULARS AMOUNT PARTICULARS AMOUNT

(Dr.) (Cr.)
By G.P. b/d 10,62,000
To Rent 10,00,000 By Discount Received 1,75,000
To Electricity Bill 67,000 By Net Loss transferred 2,14,000
to B/S
To Telephone Bill 54,000
To Salary 1,90,000
To Discount allowed 40,000
To Depreciation 30,000
To Carriage Outward 10,000
To Advertising expenses 60,000
14,51,000 14,51,000

BALANCE SHEET
BALANCE SHEET AS ON 31ST MARCH, 2018
LIABILITY AMOUNT ASSETS AMOUNT

Capital 47,50,000 Cash 6,74,000
Less: N.L. 2,14,000
Less: Drawings 41,84,000
3,52,000
Sundry Creditors NIL Bank 17,40,000
Furniture 2,70,000
Land 15,00,000
S. Debtors NIL
Bills Receivable NIL
41,84,000 41,84,000

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NATIONAL LAW UNIVERSITY ODISHA, CUTTACK

BOOK KEEPING AND FINAL ACCOUNTS OF

BIPIN PUNIA [2018/BA.LLB/027]

MR. A.B. DEBASIS ROUT (ASSISTANT PROFESSOR)

ANNEXURE-1- BRIEF DESCRIPTION & TRANSACTIONS ......................................... 5

BRIEF DECRIPTION ABOUT BUSINESS ...................................................................... 5

ANNEXURE -2- JOURNAL ................................................................................................. 10

ANNEXURE-3- LEDGER .................................................................................................... 17

CASH ACCOUNT ................................................................................................................... 17

BANK ACCOUNT .................................................................................................................. 21

FURNITURE ACCOUNT ......................................................................................................... 22

PURCHASES ACCOUNT ........................................................................................................ 22

SALES ACCOUNT .................................................................................................................. 23

SUNDRY CREDITORS ACCOUNT .......................................................................................... 24

SUNDRY DEBTORS ACCOUNT .............................................................................................. 24

RENT ACCOUNT ................................................................................................................... 25

SALARY ACCOUNT ............................................................................................................... 25

ADVERTISING EXPENSES ACCOUNT ................................................................................... 26

TELEPHONE BILL ACCOUNT ............................................................................................... 27

ELECTRICITY BILL ACCOUNT ............................................................................................ 27

BILL RECEIVABLE ACCOUNT .............................................................................................. 28

DRAWINGS ACCOUNT .......................................................................................................... 28

DISCOUNT ALLOWED ACCOUNT ......................................................................................... 28

DISCOUNT RECEIVED ACCOUNT ......................................................................................... 29

DEPRECIATION ACCOUNT ................................................................................................... 29

CARRIAGE OUTWARD ACCOUNT ........................................................................................ 29

ANNEXURE-4- TRIAL BALANCE .................................................................................... 30

ANNEXURE-5- FINAL ACCOUNTS ................................................................................. 31

TRADING ACCOUNT ...................................................................................................... 31

PROFIT AND LOSS ACCOUNT ..................................................................................... 31

BALANCE SHEET ............................................................................................................ 32

BASIC PRINCIPLES OF ACCOUNTING Page | 3

BASIC PRINCIPLES OF ACCOUNTING Page | 4

ANNEXURE-1- BRIEF DESCRIPTION & TRANSACTIONS

BRIEF DESCRIPTION ABOUT CHAWLA SPORTS CLUB

BASIC PRINCIPLES OF ACCOUNTING Page | 5

23. 28/05/2017 Advertising expenses paid for Rs. 5,000

BASIC PRINCIPLES OF ACCOUNTING Page | 7

BASIC PRINCIPLES OF ACCOUNTING Page | 8

83. 15/01/2018 Mr. Aryan invested Rs 20,00,000 as capital in form of cash.

BASIC PRINCIPLES OF ACCOUNTING Page | 9

ANNEXURE -2- JOURNAL

IN THE BOOKS OF CHAWLA SPORTS CLUB

DATE PARTICULARS L.F. DEBIT CREDIT

10/04/2017 Purchases A/c Dr. 5,00,000

BASIC PRINCIPLES OF ACCOUNTING Page | 10

30/04/2017 Telephone Bill A/c Dr. 2,000

02/05/2017 Rent A/c Dr. 1,00,000

BASIC PRINCIPLES OF ACCOUNTING Page | 11

To Purchases A/c 2,00,000

29/06/2017 Telephone Bill A/c Dr. 6,000

10/07/2017 Cash A/c Dr. 5,00,000

15/07/2017 Creditors A/c Dr. 3,00,000

BASIC PRINCIPLES OF ACCOUNTING Page | 12

To Cash A/c 3,000

03/09/2017 Rent A/c Dr. 1,00,000

28/09/2017 Creditor A/c Dr. 2,00,000

29/09/2017 Salary A/c Dr. 12,000

BASIC PRINCIPLES OF ACCOUNTING Page | 13

To Cash A/c 12,000

14/10/2017 Purchases A/c Dr. 3,00,000

BASIC PRINCIPLES OF ACCOUNTING Page | 14

25/11/2017 Electricity Bill A/c Dr. 4,000