On 1" January 2021 Mr. Arnav …

On 1" January 2021 Mr. Arnav Banerjee decided to start a driving school and also to sell accessories through same place. For this purpose he bought a workshop at a cost of Rs. 20,00,000 and decided to invest Rs. 7,50,000 as a further capital in the proposed business He employed assistants and training staff for this purpose. He wants to start with 5 secondhand cars. For further funds he approached State Bank Of India and secured a loan of Rs18,00,000 @ 10% per annum. The loan was payable in 4 equal instalments along with interest due. Following transactions took place. Particulars Amount (Rs.) 13,00,000 Purchased Cars Security deposited for electricity connection with electricity boa 2,10,000 Purchased Furniture 1,20,000 19,50,000 Fees received from students Bought Car accessories 3,30,000 Sale of Car accessories 4,80,000 Wages paid 2,70,000 3,75,000 Salaries paid Electricity charges 1,42,500 Advertisement Postage and courier 66,000 28,500 General expenses 18,000 Insurance Premium 13,800 Bought Laptop and Printer 90,000 He withdrew Rs. 36,000 per month as drawings and repaid the annual installment of Bank loan with interest due on 31 December 2021. Assume that all the transactions took place through State Bank Of India. 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. (ii) Stationery unpaid Rs. 27,000 (iii) Advertisement include unissued material worth Rs. 12,000 (iv) Insurance prepaid Rs. 4,500 Stock of car accessories Rs. 58,500 (2) Post them into Ledger and Prepare the Trial Balance. (v) (3) Prepare the Financial Statements for the year ended 31 December 2021.(i.e) Trading Profit and Loss account and Balance Sheet. (4) Represent the items of the Balance Sheet in the form of Bar Diagram.

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

Chapter 3 question number 21

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

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

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.

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.​

Paid cash to kamlesh rs 15000

Features of accounting ?

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