Daksh had an ambition to start …

Daksh had an ambition to start a business. After completing his studies, he surveyed the market for a business opportunity. He did a course in the production and marketing of handmade sheets. There after, he decided to start the business of producing handmade sheets, through which he would be recycling some of the waste material. On 1st April 2014, he started his business with a capital of Rs. 5,00,000 and borrowed Rs. 5,00,000 from his friend at an interest rate of 8% per annum. He purchased premises for Rs. 4,00,000 and installed machinery valued at Rs. 1,00,000. Loose tools of Rs. 80,000, Furniture and Fixtures of Rs. 1,50,000 and a computer for Rs. 20,000 were also purchased. All the cash was kept in a bank and payments were made through the bank. The following is a summary of transactions taken place during the year: Amount (Rs.) Dye and Chemical 10,000 Total Purchase [Rs. 3,95,000(cash) + Rs. 2,05,000(credit)] 6,00,000 Total sales [Rs. 7,50,000(cash) + Rs. 2,50,000(credit)] 10,00,000 Wages 2,40,000 Electricity expenses 18,000 Water expenses 12,000 Cartage on purchases 24,000 Cartage on sales 30,000 Business premises were insured on 1st October, 2014, on a yearly premium of Rs. 24,000. Interest on loan was paid by cheque and a part of loan of Rs. 1,00,000 was also paid at the year end. On 31st March, 2015: Closing stock valued at Rs. 2,48,000. Wages of Rs. 20,000 were still outstanding. Depreciation was to be provided @10% per annum on machinery, loose tools and computer and @5% per annum on premises and furniture and fixtures. A debtor of Rs. 7,200 became insolvent and only 25 paisa in a rupee is expected to be realised from him. You are required to: Journalise these transactions, post them into ledger accounts and prepare a Trial Balance. Prepare financial statements for Daksh.

Chapter 3 question number 21

Features of accounting ?

Show the Accounting equation for the following transaction (i)Gopinath started business with cash

Goods of the selling price of 3000 are further withdrawn by Sonia for personal use 20% of cost is added to fix up the selling price

What is bad depts and how we can show in journal and ledger

Accounting equation practical problem so Accounts

Mohan is admitted as a partner for 1/5th share on the following terms: (a) He is to contribute 14,000 as his share of capital which includes his share of premium for goodwill. (b) Goodwill is valued at 2 years' purchase of the average profits of the last 4 years, which were 10,000; 9,000; 8,000 and 13,000 respectively. (c) Plant to be written down to 25,000 and patents written up by * 8,000. Prepare the Revaluation Account, Partners' Capital Account and the Balance Sheet of the new firm.

Started business with cash RS 90000 stock 30,000 Purchase परचेज फर्नीचर परचेज फर्नीचर फॉर कैश फॉर कैश 15000 में चेक पैड कैरिंग चार्ज रुपीस 1000 इन कैश सोल 1 की 2 का अबोव स्टॉक तो राम ऑन क्रेडिट रिसीव फ्रॉम राम आफ्टर ए डिस्काउंट का 200 रेंट पैड रुपीस 7000 आउट ऑफ़ व्हिच 2000 इस प्रिपेयर्ड

Illustration 62. Given below is the Balance Sheet of Krishna & Suresh who are partners in a firm sharing profits in the ratio of 3 : 2: Liabilities Amount Creditors Bank Overdraft Investment Fluctuation Fund Contingency Reserve Capital A/c : Krishna Suresh 30,000 20,000 21,000 2,000 6,000 5,000 50,000 84,000 Assets Plant Patents Furniture Investments (Market value Stock Debtors Cash 14,000) Amount (₹) 30,000 5,000 3,000 15,000 13,000 17,000 1,000 84,000 Mohan is admitted as a partner for 1/5th share on the following terms: (a) He is to contribute 14,000 as his share of capital which includes his share of premium for goodwill. (b) Goodwill is valued at 2 years' purchase of the average profits of the last 4 years, which were 10,000; 9,000; 8,000 and 13,000 respectively. (c) Plant to be written down to 25,000 and patents written up by * 8,000. Prepare the Revaluation Account, Partners' Capital Account and the Balance Sheet of the new firm.​

Paid cash to kamlesh rs 15000