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Question
The following balances appeared in the books of Kumaran on April 1, 2017.
| Assets | ₹ | Liabilities | ₹ |
| Cash | 1,00,000 | Amount due to Anush | 40,000 |
| Stock | 40,000 | Kumaran’s capital | 1,20,000 |
| Amount due from Rohit | 10,000 | ||
| Furniture | 10,000 |
Find the capital and show the ledger posting for the above opening balances.
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Solution
Opening Entry
| Date | Particulars | L.F. | Debit ₹ | Credit ₹ |
| Cash A/c .........Dr. Stock A/c .......Dr. Rohit A/c .........Dr. Furniture A/c .........Dr. To Anush A/c To Capital Kumaran A/c (Balance of assets and liabilities brought forward) |
1,00,000 40,000 10,000 10,000 - - |
- - - - 40,000 1,20,000 |
Cash Account
Dr. Cr.
| Date | Particulars | J.F. | ₹ | Date | Particulars | J.F. | ₹ |
| 2017 | 2017 | ||||||
| April 1 | To Valance b/d | 1,00,000 | April 30 | By Balance c/d | 1,00,000 | ||
| 1,00,000 | 1,00,000 | ||||||
| May 1 | To Balance b/d | 1,00,000 |
Stock Account
Dr. Cr.
| Date | Particulars | J.F. | ₹ | Date | Particulars | J.F. | ₹ |
| 2017 | 2017 | ||||||
| April 1 | To Balance b/d | 40,000 | April 30 | By Balance b/d | 40,000 | ||
| 40,000 | 40,000 | ||||||
| May 1 | To Balance b/d | 40,000 |
Rohit (Debtors) Account
Dr. Cr.
| Date | Particulars | J.F. | ₹ | Date | Particulars | J.F. | ₹ |
| 2017 | 2017 | ||||||
| April 1 | To Balance b/d | 10,000 | April 30 | By Balance c/d | 10,000 | ||
| 10,000 | 10,000 | ||||||
| May 1 | To Balance b/d | 10,000 |
Furniture Account
Dr. Cr.
| Date | Particulars | J.F. | ₹ | Date | Particulars | J.F. | ₹ |
| 2017 | 2017 | ||||||
| April 1 | To Balance b/d | 10,000 | April 30 | By Balance c/d | 10,000 | ||
| 10,000 | 10,000 | ||||||
| May 1 | To Balance b/d | 10,000 |
Creditors Account
Dr. Cr.
| Date | Particulars | J.F. | ₹ | Date | Particulars | J.F. | ₹ |
| 2017 | 2017 | ||||||
| April 30 | To Balance c/d | 40,000 | April 1 | By Balance b/d | 40,000 | ||
| 40,000 | 40,000 | ||||||
| May 1 | To Balance b/d | 40,000 |
Kumaran’s Capital Account
Dr. Cr.
| Date | Particulars | J.F. | ₹ | Date | Particulars | J.F. | ₹ |
| 2017 | 2017 | ||||||
| April 30 | To Balance c/d | 1,20,000 | April 1 | By Balance b/d | 1,20,000 | ||
| 1,20,000 | 1,20,000 | ||||||
| 1,20,000 | May 1 | To Balance b/d | 1,20,000 |
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