PROJECT WORK It is suggested to …

PROJECT WORK It is suggested to undertake this project after completing the unit on preparation of financial statements. The student(s) will be allowed to select any business of their choice or develop the transaction of imaginary business. The project is to run through the chapters and make the project an interesting process. The amounts should emerge as more realistic and closer to reality, Specific Guidelines for Teachers Give a list of options to the students to select a business form. You can add to the given list: 1. A beauty parlour 2. Men's saloon 3. A tailoring shop A canteen 5. A cake shop 6. A confectionery shop 7. A chocolate shop 8. A dry cleaner 9. A stationery shop 10. Men's wear 11. Ladies wear 12. Kiddies wear 13. A Saree shop 14. Artificial jewellery shop 15. A small restaurant 16. A sweet shop 17. A grocery shop 18. A shoe shop 19. A coffee shop 20. A music shop 21. A juice shop 22. A school canteen. . An ice cream parlour 23 24. A sandwich shop 25. A flower shop After selection, advise the student(s) to visit a shop in the locality (this will help them to settle on a realistic amounts different items. The student(s) would be able to see the things as they need to invest in furniture, decor, lights, machines, computers etc. A suggested list of different item is given below. 1. Rent 2. Advance rent (approximately three months] 3. Electricity deposit 4. Electricity bill 5. Electricity fitting 6. Water bill 7. Water connection security deposit 8. Water fittings 9. Telephone bill 10. Telephone security deposit 12. Furniture 11. Telephone instrument 13. Computers 14. Internet connection 15. Stationery 16. Advertisements 17. Glow sign. 18. Rates and Taxes 19. Wages and Salary 20. Newspaper and magazines. 21. Petty expenses 22. Tea expenses 23. Packaging expenses. 24. Transport 25. Delivery cycle or a vehicle purchased 26. Registration 27. Insurance 28. Auditors fee 29. Repairs & Maintenance 30. Depreciations 31. Air conditioners 32. Fans and lights 33. Interior decorations 34. Refrigerators 35. Purchase and sales At this stage, performas of bulk of originality and ledger may be provided to the students and they may be asked to complete the same. In the next step the students are expected to prepare the trial balance and the financial statements.

The following is the trial balance of Zoya steel ltd. As on 31st March 2018

On 1st may 2020 cash book bank overdraft balance was ₹4000 on depositing ₹20,000 into bank and giving a cheque of ₹14,400 for rent the balance will be

Supplied goods costing 3600 to Sanjay . Issued invoice at 20 % above cost less 10 % trade discount

I'm so confused while preparing balance sheet . Chapter accounting equation .

To know the exact reason leading to net profit or net loss

Q43. Vikram Ltd. issued 50,000 shares of Rs. 10 each at a premium of Rs. 1 per share payable as follows: Rs. 3 on Application Rs. 4 on Allotment (including premium) Rs. 2 on First Call Balance when required Applications were collected for 46,000 shares and all of these were accepted. Directors did not make final call. A shareholder holding 800 shares did not pay the (Rs.) pending on first call. The shares were forfeited and re-issued at Rs. 7 per share, Rs. 8 per share paid. Pass Cash Book and Journal Entries

Journal entries of Q 18. Ch 3

sum

Neerav and madhur are partners in a firm they share profits in the ratio of 3:2

Difference between expenses and expenditure