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class 11 accountancy project on journal, ledger, trial balance and finall accounts 50 transactions

Posted by Prachi Kumrawat 3 months, 3 weeks ago

1 answers

Shubhi Goswami 3 months, 2 weeks ago

On 1st January, 2016 Mr. ARJUN SINGH decided to start a driving school, also to sell car accessories through same place. For this purpose, he bought a workshop at a cost of ₹ 40,00,000 and decided to invest ₹ 15,00,000 as a further capital in the proposed business. He employed assistants and training staff for this purpose. He wants to start with 5 second hand cars. For further funds he approached Punjab National Bank and secured a loan of 36,00,000 @ 10% per annum. The loan was payable in 4 instalments along with interest due. Amt (₹) Purchased cars 26,00,000 Security deposited for electricity connection with electricity board 1,20,000 Security deposited with BSNL for telephone and internet connection 3,00,000 Purchased furniture 2,40,000 Fees received from students 39,00,000 Bought car accessories 6,60,000 Sale of car accessories 9,60,000 Wages paid 5,40,000 Salaries paid 7,50,000 Electricity charges 2,85,000 Advertisement 1,32,000 Postage and call 57,000 General expenses 36,000 Insurance premium 27,600 Bought laptop and printer 1,80,000 He withdrew ₹ 72,000 per month as drawings and repaid the annual instalment of bank loan along with interest due to 31st December, 2016. Assume all transactions took place through Punjab National Bank. You are required to (1) Journalise these transactions after considering the following information (i) Depreciate building by 5% and cars and furniture@ 10% per annum (ii) Stationery unpaid ₹ 54,000 (iii) Advertisement includes unissued material worth ₹ 24,000. (iv) Insurance prepaid ₹ 9,000 (v) Stock of car accessories ₹ 117,000 (2) Post them into ledger and prepare trial balance (3) Prepare financial statements for the year ended 31st December, 2016.

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ANSWER

Ansil Kabeer 3 months, 2 weeks ago

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