Aruna, decided to Start business Of …

Aruna, decided to Start business Of fashion garments under the name Of M/s. Degigner Wear from 1st April 2019 She had a saving Of  about Rs. 10,00,000. She invested Rs. 3,00,000 out of her savings and borrowed equal amount from State Bank of India. She purchased a commercial space oi 500 sq. feet for Rs. 5,00,000. The space was renovated to make it ready as showroom she purchase furniture and fixture fir 75000. Total amount of bank loan is to be repaid in 20 quarterly instalment. beginning 30th June, 2019. Annual Rate Of Interest is 12%.  Bank loan and interest repaid in the first year are as follows:  June 30, 2019 = (Rs. 15,000 + Rs. 9,000)  interest)  Sept. 30, 2019 = (Rs. 15,000 + Rs. 8,550)  interest)  Dec. 31, 2019 = (Rs. 15,000 + Rs. 8,100)  interest) March 31, 2020 = (Rs. 15,000 + Rs. 7,650)  interest)    She started business on 1st April. 2019 getting it registered under GST. In view of further deposit 2 lakh in the bank. She paid Security Deposit of Rs. 5,000 for the connection with BSES Rajdhani Power Ltd and Rs. 2,000 to MTNL for telephone connection. Furniture for Rs. 10,000 was purchased. All the receipts were in cash to be deposited in the bank on the same day. At the end of the year, their results showed the following:   Rs. Total Sales20,00,000Total Purchases17,00,000Electricity Expenses40,000Telephone Charges50,000Cartage Outwards60,000Travelling Expenses45,000Entertainment Expenses5,000Maintainance Expenses25,000Miscellaneous Expenses15,000Electricity Expenses Payable20,000   She withdrew Rs. 5,000 by cheque each month for her personal expenses. Bank loan was serviced and instalments were paid regularly.  1. Journalise the above post into the prepare the Trial Balance.  2. Prepare the Profit and Loss Account and Balance Sheet. Charge depreciation @ 5% on Building and 10%  on Furniture. Closing Stock at the end of the year was Rs. 5,50,000.

Goods of the selling price of 3000 are further withdrawn by Sonia for personal use 20% of cost is added to fix up the selling price

Paid cash to kamlesh rs 15000

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

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

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.

Accounting equation practical problem so Accounts

Features of accounting ?

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.​

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

Chapter 3 question number 21