Example of Ledger Accounts
Let us assume ABC Ltd. records the following transactions for the year ending on March 31, 2023:
1. Plant purchased for Rs. 34,000/- through cheque on April 1, 2022.
2. Good sold for cash amounted Rs. 3,900/- on August 18, 2022.
3. Goods sold to MNP Ltd. on credit for Rs. 7,200/- on January 20, 2023.
4. Depreciation charged on Plant Rs. 3,400/- on March 31, 2023.
Solution:
Journal entries in the Books of ABC Ltd. for the year ending March 31, 2023: