On 1st January, 2016 Mr. ARJUN …

On 1st January, 2016 Mr. ARJUN SINGH decided to start a driving school, also to sell car accessories through same place. For this purpose, he bought a workshop at a cost of ₹ 40,00,000 and decided to invest ₹ 15,00,000 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 36,00,000 @ 10% per annum. The loan was payable in 4 instalments along with interest due. Amt (₹) Purchased cars 26,00,000 Security deposited for electricity connection with electricity board 1,20,000 Security deposited with BSNL for telephone and internet connection 3,00,000 Purchased furniture 2,40,000 Fees received from students 39,00,000 Bought car accessories 6,60,000 Sale of car accessories 9,60,000 Wages paid 5,40,000 Salaries paid 7,50,000 Electricity charges 2,85,000 Advertisement 1,32,000 Postage and call 57,000 General expenses 36,000 Insurance premium 27,600 Bought laptop and printer 1,80,000 He withdrew ₹ 72,000 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 (i) Depreciate building by 5% and cars and furniture@ 10% per annum (ii) Stationery unpaid ₹ 54,000 (iii) Advertisement includes unissued material worth ₹ 24,000. (iv) Insurance prepaid ₹ 9,000 (v) Stock of car accessories ₹ 117,000 (2) Post them into ledger and prepare trial balance (3) Prepare financial statements for the year ended 31st December, 2016.

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Goods of the selling price of 3000 are further withdrawn by Sonia for personal use 20% of cost is added to fix up the selling price

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.​

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

Chapter 3 question number 21

Accounting equation practical problem so Accounts

Paid cash to kamlesh rs 15000

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

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