Sheet1Mr. Kamal Gupta promoter of Kamal Enterprises established his proprietary firm to start a business of trading in Product Y on 1 April 2006. He hires an office, fitted with fans, lights and AC at X place @ Rs. 4, 500 p.m. An electricity connection already in place exists in the name of Mr. Chandra Prakash owner. Kamal Enterprise will pay the electricity consumed as per the bill received by the owner from the Electricity suppliers. The following are the details of the transactions entered into by the firm during the three month period of April to June and first week of July.DateTr. No.TransactionAmount (Rs.)1-Apr1Received cash from Kamal Gupta towards the capital5,00,00012Opened a Current Account no. 206 with PNB4,75,00013Issued cheque no. 120 towards security deposit to Chandra Prakash Deposit carries 10% p.a. interest receivable quarterly13,50014Purchased one Cell phone in cash from Mobile Center9,50015Booked in cash a pre paid one year cell connection3,9001-Appointed one peon Naveen and one office assistant Rangaswami on a monthly salary of Rs. 3,000 and Rs. 6,000 respectively. Ordered EMM EII Printers to print invoices, letter heads, visiting cards and vouchers etc. for Rs. 1,25026Purchased office furniture from Mod Furnishers, issued cheque no. 12125,40027Purchased bike from Bagga Auto. All initial ost including insurance borne by the vendor issued cheque no. 12254,55028Purchased bycycle from Remsons store. Paid cash1,65029Received printed stationery. Issued cheque No. 1231,250210Purchased other office stationery in cash from others1,275311Purchase HCL Computer with printing issued cheque No. 124 to Delphi Marketing40,250512Purchased 100 units of Product Y from ABC Ltd. Invoice no. ABC/Inv/001, issued cheque no. 1252,02,000513Cash paid to the transport towards freight of the above purchase1,550614Sold 20 units of Y to DE & Co. vide invoice no. Ke/Inv/1. Received cheque no. 2345 drawn on Syndicate Bank46,200615Sold 5 units of Y to a customer vide cash memo no. KE/CM/111,7501016Purchase 80 units from Y from GH Ltd vide their invoice no. GH/Inv/12. Issued cheque no. 1261,63,2001017Cash paid towards fright of the above purchase1,3251218Sold 15 units of Y to JK Ltd. Vide invoice no. Ke/INV/2. Received cheque no. 321 drawn on Corporation Bank35,8501419Sold 25 Units of Y to MN vide Invoice no. KE/Inv/02. Received cheque no. 456 drawn on Corporation Bank59,7501620Cash paid to the local caf for the fortnightly bill of tea and snacks9451821Purchased 25 units of Y from PQR vide their invoice no. PQR/Inv/009 on credit of 15 days92,4751822Cash paid towards freight of the above purchase7102123Sold 22 units of Y to STU & Co. vide invoice no. KE/Inv/01053,3502224Purchased 45 units of Y from ABC vide their invoice no. ABC/Inv/012. Freight Rs. 760 included. Issued cheque no. 12792,4752825Received cheque no. 567 drawn on Citibank from STU & Co...3026Issued cheque no. 128 to Kamal Gupta for his personal use5,0001-May27Cheque no. 129 issued to Ramaswamy towards April Salary.128Cash paid to Naveen towards April Salary.129Cash paid to the local caf for the fortnightly bill of tea and snacks for April1,075130Issue cheque no. 130 to Chandra Prakash for Aprils rent4,500131Cash paid to Petrol Pump for petrol consumed by the motorcycle during April570332Sold 30 units of Y to MN & Co. @ 2,475 per unit minus a trade discount of 1%. Received cheque no. 4567 drawn on Corporation Bank333Issued Cheque No. 131 to PQR Ltd.92,4751034Sold 35 units of Y to STU & Co. invoice no. KE/Inv/013 on credit of one month85,7501435STU & Co. returned back 5 units of Y vide Return Memo no. STU/RM/00612,2501436Cash paid to Chandra Praksh towards electricity for April8502537Received cheque no. 567 drawn on Citibank from STU & Co. 15 days before the due date. Allowed cash discount of Rs. 30073,2002538Provide 1 unit of Y to MNO & Co. as sales incentive. Valued @ of last purchase, i.e., from ABC Ltd on April 22-transaction no. 242,0552839Sold 40 units of Y to MNO & Co. vide invoice no. KE/Inv/023. Received cheque no. 476 drawn on Corporation Bank1,00,4002840Borne the freight for the above sale. Paid cash7502941Sold 5 units of Y to a customer vide cash memo KE/CM/00212,7502942Deposited cash in PNB5,0002943Cheque no. 132 issued for advertisement in a local daily East Delhi News3,2001-Jun44Cheque no. 133 issued to Ramaswamy towards salary for May.145Cash paid to Naveen towards May Salary.146Cash paid to local caf for the montly bill of tea and snacks for May2,075147Issue cheque no. 136 to Chandra Prakash for Mays rent.148Cash paid to Petrol Pump for petrol consumed by the motorcycle during May525149Cheque no. 137 isseu to Tata AIG insurance for a comprehensive insurance policy for 1 year4,500550Sold 25 units of Y to STU & Co. vide invoice no. KE/Inv/0012 on credit for one month62,375851Purchsed 80 units of Y from PQR Ltd. Vide invoice no. PQR/Inv/040 @ Rs. 2,105 per unit minus a trade discount of 1.5%. Issued Cheque no. 12451,65,874852Cash paid towards freight of the above purchase1,4701053sold 40 units of Y to MNO & Co. vide invoice no. KE/Inv/023. Received cheque no. 4761 drawn on Corporation Bank99,6001054cash withdrawn from PNB, Issued cheque no. 12345,0001555Purchsed 80 units of Y from PQR Ltd. Vide invoice no. PQR/Inv/045 on a month's credit1,70,0001556Cash paid towards freight of the above purchase1,4701557Purchase one Maruti van from Competent Motors all inclusive. Availed a loan of Rs. 1,65,000 from PNB payable in 33 monthly instalments. Issued cheque no. 138 for the balance. Instalments of loan payable on the 1st of every month together with interest @ 12% p.a. on reducing balance1,95,0001558Sold 2 units of Y to OP & Co. vide invoice no. KE/Inv/012 on a week's credit5,1502559Sold 45 units of Y to MNO & Co. vide invoice no. KE/Inv/013 on 15 day's credit1,14,7502860Purchase 50 unit of Y from ABC Ltd. Vide their invoice no. ABC/Inv/090 on a month's credit1,07,2502861Cash paid towards freight of the above purchase7152862Issued 1 unit of Y to Kamal Gupta for his personal use. Valued @ of last purchase from ABC ltd. On June 28-transaction no. 60. Freight cost ignored on valuation2,1452863Received cheque no. 139 and 150 for Rs. 25,000 each, from VWX & Co. as advance towards 25 units of Y to be supplied to the customer50,00029Gets sanction of cash credit limit from PNB against inventory and debtors. Interest payable quarterly @ 15 % p.a., a new account PNB Cash Credit A/C no. 125 is oppened 1,00,0003064Issued Cheque no. 145 to PQR Ltd. Towards half of the dues 15 days before the due date and availed a cash discount of Rs. 40084,6003065Returned 10 units back to ABC Ltd. Vide return memo no. KE/PR/08021,4503066Cheque no 456 issued to PNB for DD no. 678 given to XYZas advance against 35 units of Y to be delivered by the suppliers. PNB charged Rs. 200 as commission40,2003067Cheque no. 897 received from VWX & Co. dishonoured and returned by PNB25,0003068Purchased 10 units of Y from ABC vide their invoice no. ABC/Inv/098. Issued cheque no. 213 from the cash credit A/c. Freight borne by the supplier21,50030Balance in the mobile as at the clsoe of 30th June1,50030Business closed by OPN & Co.. Recovery from them impossible.30Received order of 15 units of Y from PLR & Co. However , the sale could not be effected39,750

Required:1. Record these transactions in the journal of Kamal Enterprise for three months ended 30th June, 20062. Post the transactions from Journal to Ledger3. Prepare the Trial Balance as on 30th June, 2006