M. Govind keeps self-balancing ledgers. Record the following transactions in the

Question

M. Govind keeps self-balancing ledgers. Record the following transactions in the General Ledger Adjustment Account in the Sales Ledger :

1.4.2006 Received Rs. 475 from Mr. X in full settlement. He was allowed a discount of Rs. 25.
2.4.2006 Received Rs. 2,000 from Mr. Y towards his dues in full.
3.4.2006 Goods supplied to Mr. T. Rs. 700 and received Rs. 300 after adjustment of the advance of Rs. 400.
4.4.2006 Bad debts recovered from Mr. Q Rs. 1,000.
5.4.2006 Goods sold to the following :
Mr. A Rs. 1,000
Mr. B Rs. 1,500
Mr. C Rs. 2,000
15.4.2006 Mr. P paid Rs. 750 towards dues. Balance thereafter due was Rs. 250.
25.4.2006 Amount received from the following :
Mr. A Rs. 750
Mr. B Rs. 1,000
Mr. C Rs. 2,000
30.4.2006 Advance received from Mr. R for supply Rs. 2,000.

Explanation / Answer

Hi,

Please find the answer as follows:

Sales Ledger

2006 Description Amount 2006 Description Amount Apr-01 Balance b/d 400 Apr-01 Balance b/d 3500 Apr-02 Sales Ledger Adjustment Account 300 Apr-03 Sales Ledger
Adjustment Account (Sales) 700 Apr-30 Sales Ledger
Adjustment Account (P, X & Y) 3250 Apr-30 Sales Ledger
Adjustment Account 4500 Sales Ledger
Adjustment Account (A, B & C) 3750 Sales Ledger
Adjustment Account [R] 2000 Apr-30 Balance c/d 1000 Apr-30 By Balance c/d 2000 10700 10700 May-01 Balance b/d 2000 May-01 Balance b/d 1000

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