COMPREHENSIVE PROJECT Rocky completed his post-graduation …

COMPREHENSIVE PROJECT Rocky completed his post-graduation from IIM Ahmadabad with masters in Business Administration (MBA) and International Relations. He has decided to purchase an existing business in the Chennai which has been adversely affected by the flood. He is extremely inclined towards providing employment to the people in the affected areas nearby. The owners are in no position to recover the former condition of the factory and have therefore decided to sell it Rocky purchased the business of Adheera, on 1st April 2018. The business is mainly concerned with manufacturing electronic goods i.e. Pen Drives, Battery Chargers, USB Cables etc. Following assets were taken over by Rocky on the above mentioned date: Land and Building Plant and Machinery Furniture & Fittings 80,000 25,000 30,000 Stock Office Equipment 10,000 Rocky paid 2,50,000 as purchase consideration. On the same day he brought 2,00,000 as his capital and took loan ₹50,000 from the bank @ 8% p.a. interest and 20,000 from his Friend Garuda @ 6% p.a. interest to meet the working capital. His transactions during the accounting period were as follows: 1. Total Purchases 2,80,000 including credit purchases worth ₹2,00,000. 2. He invested 20,000 in shares of KGF Limited. Total Sales 4,80,000 including credit sales worth 1,80,000. 3 Direct Expenses: . Wages 35,000 5,000 Manufacturing expenses Factory Lighting 2,000 Carriage inwards 1,000 Commission on purchases 1,500 Freight 5,000 Indirect Expenses: ₹ 20,000 Salaries Office Rent 1,000 Postage and Telephone exp 500 Stationery 300 Water & Electricity (office) Conveyance 200 800 Advertising 200 He withdrew 26,000 from the business to buy a personal Laptop, (11) Goods worth ₹3,000 given as free samples, (iii) Cash received from debtors 10,000. (iv) Cash paid to Creditors ₹1,20,000. (v) Interest paid on Bank Loan ₹2,800. (vi) Interest paid on Friend's Loan ₹1,000. (vii) Bills Receivable received from debtors ₹8,000. (viii) Bill accepted in favour of creditors ₹10,000. (viii) Interest received on investment ₹1,000. You are required to: a) Give journal entries for these transactions and post them into ledger account

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.

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

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

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

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.​

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

Accounting equation practical problem so Accounts