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Project on 50 transaction journal

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Project on 50 transaction journal

Posted by Hemanshu Agarwal 2 weeks ago

CBSE > Class 11 > Accountancy

0 answers

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Posted by Shri Narayan Suthar 1 week, 3 days ago

CBSE > Class 11 > Accountancy

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Ram and Raghav are twin brothers. Ram was interested in computers and would find the time to always work on computers either at college or at his friends place.His Keen interest in the subject made him take up computer software for his degree course. He pleaded with his father Mr rangan and purchase the computer for his use at home. Raghav was always interested in sitting at his father’s shop at the nearby market place selling electrical appliances he would often go and help his father at the shop after college hours. Mr rangan was happy that Raghav showed interest in his business but was worried about Ram who would always spend time with computers and modern gadgets. He felt that if the interest of the two sons be put together they could start a new business of their own. The boom in the IT industry made him find ways to satisfy his son’s dream. After college, the twins were drifting apart due to varied interest . Rangan decided that this is the time for him to intervene and make decisions for his sons. he asked Raghav a commerce graduate to draw a proposal for the same. Raghav came out with the following ideas: The area they decided to run a shop consisted of lower income group families and many of them did not poses computers at home. The shop could provide the following: -computer classes for various age groups. -computer using facilities on payment per hourly basis and printing of documents from computers. -internet access facility at the prevailing market rates by entering into contract with VSNL. -computer games corner for children. Ram jump at the idea and they made up a common proposal. Ram wanted that they purchased 10 computers and start with two areas of operation and expand when things go well. The shop they had at the market place was a single story building. Their father offered to build the first floor and give it to them for their business.. he spend rs 100000 on construction facility and give them rs 250000 for the business. The sons went to bank and put up their proposal and manage to get a loan to the extent of 75% of the cost of computer rs 400000 with printers. As the bank manager was aware of the creditworthiness of Mr rangan .he advanced the loan of rs 3 lakh. Total amount to be repaid will be rupees 360000 including interest in three annual installment as follows: -end of 1 st year=rs.1,30,000(1,00,000+30000) -end of 2nd year=rs.1,20,000(1,00,000+20,000) -end of 3rd year=rs.1,10,000(1,00,000+10,000) They started business on first April,2016. Raghav decided to deposit rs 2,40,000 in the bank .he gave rs 100000 to computer company as 25% of the value of computers purchased and rupees 3 lakh out of bank loan availed. he deposited rs.1,000 for the electrical connection with the electricity board as security deposit. He paid a deposit of rs 100000 with VSNL for the internet connection. he used the telephone connection at the shop as there were two connections at the shop the brothers got the computer cafe furnished by paying rs 25000. Raghav got pamphlets printed and distributed at the cost of rupees 4500 in the surrounding colonies. All payments what to be made by cheques. All the receipts when cash to be deposited in the bank on the same day. The students on the average paid a monthly fee of rs 1500 for the three months computer evening classes. There were a number of Internet subscribers and receipts on the account of internet facility was rupees 10000 amount in the first quarter on an average. The decided to buy and sell computer stationery also like floppy disc CDS at etc. At the end of the year the results showed the following: Total revenue including sales of computer stationery rs. 498000 Purchase of computer stationery rs 55000 Electricity charges yet to be paid rs 1,24,000 Telephone charges 34 000 Petty expenses 12000 Entertainment expenses 10000 maintenance expenses 10000 There was a helper at their father’s shop who agreed to clean up the computer cafe and fetched water to visitors. For these services, he was paid rs.500. The brothers withdrew rs 3000 by cheque every month for their personal expenses. They paid the bank loan regularly. Father was pleased at their sons efficiency. He wanted to expand business. You are required to journalise the above transactions. Post them into ledger and prepare trial balance.

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CBSE > Class 11 > Accountancy

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