SITUATION On 1st January, 2016 Mr …

SITUATION On 1st January, 2016 Mr Veer Das decided to start a driving school and also to sell car accessories through same place. For this purpose he bought a workshop at a cost of * 0, 00, 000 and decided to invest 87, 50, 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 18,00,000 @10% per annum The loan was payable in 4 instalments along with interest due. Purchased cars 13,00,000 60,000 1,50.000 480.000 2.70,000 3,75.000 1,42.500 861000 28.500 18,000 Security depsoited for electricity connection with electricity board Security deposited with BSNL for telephone and internet connection Purchased furniture Fees received from students Bought car accessories Sale of car accessories Wages paid Salories paid Electricity charges Advertisement Postage and call General expenses Insurance premium Bought laptop and printer He withdrew :36,000 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 (1) Depreciate building by 5% and cars and furniture @10% per annum (i) Stationery unpaid 27,000 (i) Advertisement include unissued material worth 12, 000 (iv) Insurance prepaid 4.500 (v) Stock of car accessories & ,500 (2) Post them into ledger and prepare trial balance (3) Prepare financial statements for the year ended 31st December, 2016 Solution Project is to record the transactions in journal book, post them into ledger accounts, draw a trial balance and to prepare the trading and profit and loss account and balance sheet. 13,800 90.000

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 ?

Chapter 3 question number 21

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

Accounting equation practical problem so Accounts

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

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

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.