Journal Entries and Ledger Prep Default …
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Journal Entries and Ledger Prep
Default (GPT-3.5)
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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 20,00,000 and decided to invest ₹ 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 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
Security depsoited for electricity connection with electricity board 60,000.
Security deposited with BSNL for telephone and Internet connection 1,50,000
Purchased furniture 1,20,000
Fees received from students19.50,000
Bought car accessories 3,30,000
Sale of car accessories4,80,000
Wages paid2,70,000
Salaries paid 3,75,000
Electricity charges1,42,500
Advertisement66,000
Postage and call28,500
General expenses 18,000
Insurance premium13,800
Bought laptop and printer 90,000
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
(ii) Stationery unpaid 27,000 (iii) Advertisement include unissued material worth 12,000.
(iv) Insurance prepaid 4,500 (v) Stock of car accessories 58,500.
(2) Post them into ledger and prepare trial balance.
Posted by Devil Bro 1 year, 2 months ago
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