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On 1st January, 2016 Mr Veer …

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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 Security depsoited for electricity connection with electricity board Security deposited with BSNL for telephone and Internet connection. Purchased furniture. Fees received from students Bought car accessories Sale of car accessories Wages paid Salaries paid Electricity charges Advertisement Postage and call General expenses Insurance premium Bought laptop and printer Office R) 13,00,000 60,000 1,50,000 1,20,000 19,50,000 3,30,000 4.80.000 2,70,000 3,75,000 1,42,500 66,000 28,500 18,000 13,800 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 (i) 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. (3) Prepare financial statements for the year ended 31st December, 2016.
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