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Sahil Jogi 2 days, 21 hours ago

What is Business

Sahil Jogi 2 days, 21 hours ago

What is According
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On 1" January 2021 Mr. Arnav Banerjee decided to start a driving school and also to sell accessories through same place. For this purpose he bought a workshop at a cost of Rs. 20,00,000 and decided to invest Rs. 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 secondhand cars. For further funds he approached State Bank Of India and secured a loan of Rs18,00,000 @ 10% per annum. The loan was payable in 4 equal instalments along with interest due. Following transactions took place. Particulars Amount (Rs.) 13,00,000 Purchased Cars Security deposited for electricity connection with electricity boa 2,10,000 Purchased Furniture 1,20,000 19,50,000 Fees received from students Bought Car accessories 3,30,000 Sale of Car accessories 4,80,000 Wages paid 2,70,000 3,75,000 Salaries paid Electricity charges 1,42,500 Advertisement Postage and courier 66,000 28,500 General expenses 18,000 Insurance Premium 13,800 Bought Laptop and Printer 90,000 He withdrew Rs. 36,000 per month as drawings and repaid the annual installment of Bank loan with interest due on 31 December 2021. Assume that all the transactions took place through State Bank Of India. 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 Rs. 27,000 (iii) Advertisement include unissued material worth Rs. 12,000 (iv) Insurance prepaid Rs. 4,500 Stock of car accessories Rs. 58,500 (2) Post them into Ledger and Prepare the Trial Balance. (v) (3) Prepare the Financial Statements for the year ended 31 December 2021.(i.e) Trading Profit and Loss account and Balance Sheet. (4) Represent the items of the Balance Sheet in the form of Bar Diagram.
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Prepare the final accounts from the following trial balance for the year ended 31st March, 2015. Name of AccountsDebit Balance (Rs)Name of AccountsCredit Balance (Rs)Drawings85,000Capital15,00,000Purchases28,00,000Creditors4,50,000Carriage inward40,000Outstanding expenses90,000Wages3,00,000Rent received20,000Power1,10,000Purchase return1,50,000Depreciation on machinery20,000Sales44,00,000Advertisement development1,50,000Provision for bad debts20,000Plant and machinery7,00,000Discount received35,000Goodwill1,80,000  Agent’s samples60,000  Opening stock3,50,000  Debtors2,62,000  Cash at bank1,60,000  Cash in hand198,000  Salaries5,00,000  General expenses1,70,000  Prepaid expenses9,000  Salary to agent2,10,000  Rent and insurance2,30,000  Discount allowed70,00  Sales return29,000  Commission to agent32,000   66,65,000 66,65,000 Adjustments: (i) Closing stock was valued at Rs 5,00,000 goods costing Rs 50,000 was destroyed by fire. The insurance company admitted a claim for Rs 30,000 only. (ii) Depreciate agents samples by 25%. (iii) Write-off advertisement development by 30%. (iv) Write-off Rs 22,000 as bad debts and create a provision for doubtful debts on debtors at 5%. (v) Proprietor withdrew Rs 10,000 for his private use. This amount was included in general expenses. (vi) Charge 5% manager's commission on net profit after charging his commission. (vii) There is an contingent liability of Rs 2,00,000 in respect of a court case.
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Sakshi Jha 2 weeks, 4 days ago

show me project 1and2
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Manan Jain 1 week, 4 days ago

Kharbanda A/C To purchase return
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Aruna, decided to start business of fashion garments under the name M/S Designer Wear from 1st April,2020. She had Savings of Rs. 10,00,000 .She invested Rs. 3,00,000 out of her savings and also borrowed Rs.3,00,000 from State Bank of India. She purchased a commercial space of 500 sq. feet for Rs. 5,00,000. The space so purchased was suitably renovated to make it ready as showroom.she purchased furniture and fixtures for Rs . 75,000. Total amount of bank loan is to be repaid in 20 quarterly instalments beginning 30th June,2020. Annual rate of interest is 12% p.a. Repayment Schedule of Bank Loan in the first year is as follows: Due Date Principal Interest Instalment June 30, 2020 15,000 9,000 24,000 September 30, 2020 15,000 8,550 23,550 December 31, 2020 15,000 8,100 23,100 March 31, 2021 15,000 7,650 22,650 She started business on 1st April, 2020 getting it registered under Goods and Services Tax (GST). In view of further capital requirement, she further deposited Rs. 2,00,000 in the bank. She paid Security Deposits of Rs. 5,000 for the electricity connection with BSES Rajdhani Power Ltd. and Rs. 2,000 to MTNL for telephone connection. Furniture for Rs. 10,000 was purchased further. All payments were to be made by cheque. All the receipts were in cash and to be deposited in the bank in the morning of next day. At the end of the year, her results showed the following: Rs. Total Sales 20,00,000 Total Purchases 17,00,000 Electricity Expenses 40,000 Telephone Charges 50,000 Cartage Outwards 60,000 Travelling Expenses 45,000 Business Promotion (Restaurant Bill) Expenses 5,000 Maintenance Expenses 25,000 Miscellaneous Expenses 15,000 Electricity Expenses Payable 20,000 She withdrew Rs. 5,000 by cheque each month for her personal expenses. Bank Loan was serviced and instalments were paid regularly. 1. Journalise the above transactions in the books of M/s Designer Wear, post them into the Ledger and prepare the Trial Balance. 2. Also, prepare its Trading Account, Profit and Loss Account and Balance Sheet. Charge depreciation @ 5% on Building and 10% on Furniture and Fixtures. Closing Stock at the end of the year was 5,50,000
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Rishab Kandwal 4 weeks ago

Bank A/C dr To Adv. Commission A/c. Expl. As per modern rules of accounting assets when increases is debited thus bank being our asset will get debited Whereas adv commission will become a liability.
Commission received a/c Dr. To Commission received in advance.
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. Amt Purchased cars Security depsoited for electricity connection with electricity board 13,00,000 Security deposited with BSNL for telephone and Internet connection 60,000 1,50,000 Purchased furniture Fees received from students 1,20,000 19,50,000 Bought car accessories Sale of car accessories 3,30,000 4,80,000 Wages paid 2,70,000 3,75,000 Salaries paid Electricity charges 1,42,500 Advertisement Postage and call 66,000 28,500 General expenses Insurance premium 18,000 13,800 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 (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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Preeti Dabral 4 weeks, 1 day ago

A sole proprietorship is a form of business organisation which is owned, managed and controlled by one person who is the recipient of all profits and bearer of all risks.
The salient features of the sole proprietorship form of organization are as under:

  1. Single Ownership - A sole trading concern is owned by one individual. It is run entirely at his risk of loss. The sole trader provides both capital and management to the business.
  2. Personal Organization or Common Identity - A sole proprietorship concern has no separate legal entity independent of the owner. The owner and the business concern are one and the same. The owner owns everything the business owns and he owes everything the business owns.
  3. Capital - In a sole proprietorship, the capital is employed by the owner himself from his personal resources. He may also borrow money from his friends and relatives if he cannot depend solely on his personal resources.
  4. Unlimited Liability - The liability of the proprietor for the debts of the business is unlimited. The creditors have the right to recover their dues even from the personal property of the proprietor in case the business assets are not sufficient to pay their debts.
  5. One Man Control - Sole proprietorship is a one-man show. He takes all the decisions, procures material resources, employs persons and directs and controls the affairs of the enterprise. He is not required to consult anyone else in taking any decision.
  6. Profits and Losses - The surplus arising in the business of the sole trader entirely belongs to him and similarly, all the business losses and risks are to be borne by him alone.
  7. No Special Legislation - Sole proprietorship is not governed by any special legislation.

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