Mr. Tushar decided to start a …

Mr. Tushar decided to start a computer business. For this purpose he built the first floor of his hourse at a cost of Rs. 200000 and inversted a further sum of Rs. 350000 in this business
He wanted to start with 12 computers costing Rs. 40000 each. He approached ICICI Bank and secured a loan to the extent of 75% of the cost of computers. It was agreed that the loan will be repaid in four annual instalmeets as follows:
At the end of First Year : Rs. 90000 + Rs. 36000 for interset
At the end of second year : Rs 90000 + Rs. 27000 for interset
At the end of Third year : Rs. 90000 + Rs. 18000 for interset
At the end of Fourth year : Rs. 90000 + Rs. 9000 for interset
He started business on1st April, 2016. On the same date he deposited Rs. 3,30,000 in the Bank. He purchased Computers and Paid 25% of the value of computer from his bank Rs. 3,60,000 out of bank loan availed. He deposited Rs. 10000 for the electric connection with the Electricty Board and also deposited Rs. 150000 with the VSNL for internet and telephone connection.
He spent Rs. 40000 for getting the Computer Cafe furnished and also spent Rs. 6000 in getting the pamphlets printed and distributed.
All payments were to be made by cheques and all the receipts were to be deposited in bank on the same day.
At the end of the year, the results were:
Purchases of Computer stationary like floppy discs, CDs etc. Rs. 92000
Revenu from fees recevied from students of Computer classes Rs. 270000
Revenu on Account of Internet Factility Rs. 220000
Revenu from sale of Computer Stationery 160000
Wages paid to servant 12000
Electricity Charges 48000
Telephone Charges 73000
Entertainment Expenses 7000
General Expenses 5200
He withdraw Rs.5000 by cheque each month for his personal expenses and duly paid the bank loan.
You are requried to:
(i) Journalize the above transaction post them into the Ledger and prepare a trial balance.
(ii) Prepare Profit and Loss Account and Balance Sheet taking into consideration that a telephone bill of Rs. 6800 is yet to be paid
(iii) Depreciate Building by 5% furniture by 20% and computers by 30%

Paid cash to kamlesh rs 15000

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

Chapter 3 question number 21

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

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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

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.​

Features of accounting ?