I need help in a project on 'accounting process' . It should begin with a storyline in which a buisness have to be chosen(i have chosen a tyres dealer). Then transactions taking place between 1 april 2013 to 30 june 2013(accounting period is 3 months). It should include 40 transactions in following manner : capital 1(71 lacs only cash) rupees(cash), purchase of assets 3 , procuring a bank loan 1 , purchase of goods 6 (cash 3, credit 3) ,sale of goods 6 (cash 3, credit 3) ,incomes and expenses 10 , payment to creditors 2(with discount 1 , without discount 1), receipts from debtors 2 (with discount 1 , without discount 1) , purchase return 2 ,sales return 2, bad debts 1 ,drawings 2 (cash 1 , goods 1) , charity 1 , free sample 1. Totol -40 transactions (only). I need this 40 transactions which should be simple as i have to prepare journal, ledger,vouchers,trial balance and final accounts from this

Question

I need help in a project on 'accounting process' . It should begin with a storyline in which a buisness have to be chosen(i have chosen a tyres dealer). Then transactions taking place between 1 april 2013 to 30 june 2013(accounting period is 3 months). It should include 40 transactions in following manner : capital 1(71 lacs only cash) rupees(cash), purchase of assets 3 , procuring a bank loan 1 , purchase of goods 6 (cash 3, credit 3) ,sale of goods 6 (cash 3, credit 3) ,incomes and expenses 10 , payment to creditors 2(with discount 1 , without discount 1), receipts from debtors 2 (with discount 1 , without discount 1) , purchase return 2 ,sales return 2, bad debts 1 ,drawings 2 (cash 1 , goods 1) , charity 1 , free sample 1. Totol -40 transactions (only). I need this 40 transactions which should be simple as i have to prepare journal, ledger,vouchers,trial balance and final accounts from this

Answer 1

To create a storyline for your accounting project on a tire dealer, you can imagine a fictional tire dealer named "Tyrex Tires". Here's a suggested storyline with 40 transactions for the accounting period from 1 April 2013 to 30 June 2013:

1. April 1, 2013: Mr. A invests Rs. 71 lakh in cash as capital into Tyrex Tires.
2. April 2, 2013: Tyrex Tires purchases three shop counters for cash.
3. April 3, 2013: Tyrex Tires procures a bank loan of Rs. 50 lakh to expand the business.
4. April 5, 2013: Tyrex Tires purchases six sets of tires from a supplier, paying cash for three sets and buying on credit for the remaining three sets.
5. April 10, 2013: Tyrex Tires sells six sets of tires, receiving cash for three sets and selling on credit for the remaining three sets.
6. April 15, 2013: Tyrex Tires earns revenue of Rs. 5 lakh from tire repair and maintenance services performed for customers.
7. April 20, 2013: Tyrex Tires pays Rs. 2 lakh to a creditor with a 10% discount for prompt payment.
8. April 25, 2013: Tyrex Tires receives Rs. 1 lakh from a debtor with a 5% discount for early payment.
9. May 1, 2013: Tyrex Tires purchases two sets of damaged tires from a customer as a purchase return.
10. May 5, 2013: Tyrex Tires sells two sets of defective tires back to the supplier as a sales return.
11. May 10, 2013: Tyrex Tires incurs Rs. 50,000 of bad debts from a debtor who is unable to pay.
12. May 15, 2013: Mr. A withdraws Rs. 1 lakh in cash for personal use.
13. May 20, 2013: Tyrex Tires purchases one set of tires for personal use with cash.
14. May 25, 2013: Tyrex Tires donates Rs. 10,000 to a local charity.
15. June 1, 2013: Tyrex Tires gives out one set of tires as a free sample to a potential customer.

Please note that this is just a suggested storyline, and you can modify it to fit your project requirements. Remember to maintain the consistency of dates and details throughout the transactions.

Once you have these transactions, you can proceed to prepare journal entries by identifying the accounts affected and the corresponding debit and credit amounts. From the journal entries, you can then post them into a ledger, which will ultimately help you create the trial balance and final accounts for Tyrex Tires.