She appointed three fitness trainers for …

She appointed three fitness trainers for the gym. They were to be paid 3,72,000 for their services. But their salaries for the year were outstanding. She withdrew 24,000 by cheque each month for her household and personal expenses. At the end of the year, she paid instalment of bank loan with interest. You are required to: (i) Journalize the above transactions. Post them into ledgers and prepare Trial Balance. (ii) Prepare Final Accounts of Sonu . (iii) Charge depreciation @ 25% on machines and equipment, 10% on furniture and fixtures and 5% on building. (iv) Calculate profitability ratios. (v) She approached the bank for further loan. Compute the ratios that the banker will require before granting the loan. (Current ratio, Quick ratio and Debt-equity ratio) (vi) Comment on the efficiency of the business if the net profit ratio and gross profit ratio in similar type of business concerns are 20% and 50% respectively

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.

Chapter 3 question number 21

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

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

Features of accounting ?

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

Paid cash to kamlesh rs 15000

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.​

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