Taruna , decided to start business …

Taruna , decided to start business of Fashion garments under the name of M / s Designer Wear from 1st April , 2019. She had savings of 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 of 500 sq . feet for Rs 5,00,000 . The space so purchased was suitably renovated to make it ready as showroom . She purchased furniture and fixtures for Rs 75,000 . Total amount of bank loan is to be repaid in 20 quarterly instalments beginning 30th June , 2019. Annual rate of interest is 12 % p.a.  Repayment Schedule of Bank Loan in the first year is as follows :  Due Date  Principal (Rs)  Interest (Rs) Installment (Rs) June 30 , 2019  September 30 , 2019  December 31 , 2019  March 31 , 2020  15,000  15,000  15,000  15,000  9,000  8,550  8,100  7,650  24,000  23,550  23,100  22,650  She started business on 1st April , 2019 getting it registered under Goods and Services Tax ( GST ) . In view of further capital requirement , she further deposited Rs 2,00,000 in the bank . She paid Security Deposits of Rs 5,000 for the electricity connection with BSES Rajdhani Power Ltd. and Rs 2,000 to MTNL for telephone connection . Furniture for Rs 10,000 was purchased further . All payments were to be made by cheque . All the receipts were in cash and to be deposited in the bank in the morning of next day . At the end of the year , her results showed the following :  Total Sales  Rs 20,000 Total Purchases   Rs 17,00,000 Electricity Expenses Rs 40,000  Telephone Charges Rs 50,000  Cartage Outwards Rs 60,000  Travelling Expenses Rs 45,000  Business Promotion ( Restaurant Bill ) Rs 5,000  Maintenance Expenses Rs 25,000  Miscellaneous Expenses Rs 15,000 Electricity Expenses Payable Rs 20,000 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 transactions in the books of M / s Designer Wear , post them into the Ledger and prepare the Trial Balance .  2. Also , prepare its Trading Account , Profit and Loss Account and Balance Sheet . Charge depreciation @ 5 % on Building and 10 % on Furniture and Fixtures . Closing Stock at the end of the year was Rs 5,50,000 .  3. Prepare Bar Diagrams and Pie Charts showing the expenses

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

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

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

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 ?

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