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QUESTION Ananya started a business of fashion jewellery on x ^ 3+ Apr 2015 under the name of "MY STYLE". She invested 25,00,000 as capital She also took a loan of 2,00,000 from HDFC BANK Itd payable in ten half yearly installment beginning from 30th September 2018 at an interest rate of 10% pa The amount of loan and interest to be repaid in first year each as follows! 30th September, 2018 [20,000 + 10000 interest) 31 th March, 2019 (20,000 + 9000 interest) She took a shop at Hent for her business at a monthly rent of 7,000 per month She purchased furniture for her shop at a cost of Hupees 80,000, she also deposfied Security with BSES and MTNL of 210,000 $ 6000 respectively. All the payments and receipts during the year where made through bank (except capital). At the end of the year, the books of MY STYLE Showed the following INFORMATION AMOUNT Total Salus 12,80,000/- Purchaser 4123001- carn 2100001- credit Electriuty expenses cash 240001- Due but not paid. 13501- Telephone expenser Carh 137001- Due but no paid 21001- Entertainment expensi 23401- Salaries 20000 l^ - Miscellaneous expenses. 92001- Permonth ng the year, ananya withdrew # 0000-00 Dwing the her personal use, Bank loans interest on loan where paid on due datey Journalise the above transaction post them into the ledger-prepare treal balance after charging depreciation on furniture @100% p.a. Closing Stock was valued at & 125000 by chique for Prepare trading & PIL AIC for the year ending 31 mar 19, and a balance sheet that date.
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Sapna Sapna 3 months, 1 week ago

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Sapna Sapna 3 months, 1 week ago

First to fall prepare trading AC and then prepare profit and loss account ,in p and l account only indirect expense are added like depreciation,insurance ,postage etc .
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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Sahil Jainth 3 months, 1 week ago

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On 1st January, 2016 Mr. ARJUN SINGH devided to start a driving school, alle to sell car accessories through same place. For this purpose, be 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 staft for this purpose. He wants to start with 5 second hand cars for hither funds he approached Punjab National Bank and secured a loan of 36 00,000 10% per annum. The fooit was payable in 4 instalments along with interest due Amt (1) Purchased cars 26.00000 Secunty deposited for electricity connection with electricity board 120,000 Security deposited with BSNL for telephone and intemet connection Purchased fumiture 240,000 Fees received from students 19.00,000 660.000 Bought car accessones 960.000 Sale of car accessories 5,40,000 Wages paid 7.50,000 Salanes paid Electricity changes 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, 2015. Assume all transactions took place through Punjab National Bank You are required to (1) Journalise these transactions after considering the following information (i) Stationery unpaid 54,000 (1) Depreciate building by 5% and cars and furniture@ 10% per annum (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
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Aakash Srivastava 3 months, 2 weeks ago

There will be 2 entries Bank a/c. Dr To carcassa/c And P/l a/c. Dr To live stock a/c
Aruna, decided to start business of fashion garments under the name of M/s Designer Wear from 1st April, 2021. She had savings of ₹ 10,00,000. She invested ₹ 3,00,000 out of her savings and also borrowed ₹ 3,00,000 from State Bank of India. She purchased commereial space of 500 sq. feet for ₹ 5,00,000. The space so purchased was suitably a renovated to make it ready as showroom. She purchased furniture and fixtures for ₹ 75,000. Total amount of bank loan is to be repaid in 20 quarterly instalments beginning 30th June, 2021. Annual rate of interest is 12% p.a. Repayment Schedule of Bank Loan in the first year is as follows: Due Date Principal R) InterestR Instalment () June 30, 2021 15,000 9,000 24,000 September 30, 2021 15,000 8550 23,550 December 31, 2021 15,000 8,100 23,100 March 31.2022 15,000 7,650 22,650 She started business on 1st April, 2021 getting it registered under Goods and Services Tax (GST). In view of further capital requirement, she further deposited ₹ 2,00,000 in the bank. She paid Security Deposits of ₹ 5,000 for the electricity connection with BSES Rajdhani Power Ltd. and ₹ 2,000 to MTNL for telephone connection. Furniture for ₹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: Total Sales Total Purchases Electricity Expenses Telephone Charges Cartage Outwards Travelling Expenses Business Promotion (Restaurant Bill Expenses Maintenance Expenses Miscellaneous Expenses Electricity Expenses Payable She withdrew ₹5.000 by cheque each month for her personal expenses. 20,00,000 17,00,000 -40,000 50,000 60,000 45,000 5,000 25,000 15,000 20,000 1/2 DELHI PUBLIC SCHOOL, SAHARANPUR Class-11th Accountancy Assignment Bank Loan was serviced and instalments were paid regularly. Journalise the above transactions in the books of M/s Designer Wear, post them 1. into the Ledger and prepare the Trial Balance. Also, prepare its Trading Account, Profit & Loss Account and Balance Sheet. Charge
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Priyanshi Behal 3 months, 2 weeks ago

Aruna, decided to start business of fashion garments under the name of M/s Designer Wear from 1st April, 2021. She had savings of ₹ 10,00,000. She invested ₹ 3,00,000 out of her savings and also borrowed ₹ 3,00,000 from State Bank of India. She purchased commereial space of 500 sq. feet for ₹ 5,00,000. The space so purchased was suitably a renovated to make it ready as showroom. She purchased furniture and fixtures for ₹ 75,000. Total amount of bank loan is to be repaid in 20 quarterly instalments beginning 30th June, 2021. Annual rate of interest is 12% p.a. Repayment Schedule of Bank Loan in the first year is as follows: Due Date Principal R) InterestR Instalment () June 30, 2021 15,000 9,000 24,000 September 30, 2021 15,000 8550 23,550 December 31, 2021 15,000 8,100 23,100 March 31.2022 15,000 7,650 22,650 She started business on 1st April, 2021 getting it registered under Goods and Services Tax (GST). In view of further capital requirement, she further deposited ₹ 2,00,000 in the bank. She paid Security Deposits of ₹ 5,000 for the electricity connection with BSES Rajdhani Power Ltd. and ₹ 2,000 to MTNL for telephone connection. Furniture for ₹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: Total Sales Total Purchases Electricity Expenses Telephone Charges Cartage Outwards Travelling Expenses Business Promotion (Restaurant Bill Expenses Maintenance Expenses Miscellaneous Expenses Electricity Expenses Payable She withdrew ₹5.000 by cheque each month for her personal expenses. 20,00,000 17,00,000 -40,000 50,000 60,000 45,000 5,000 25,000 15,000 20,000 1/2 DELHI PUBLIC SCHOOL, SAHARANPUR Class-11th Accountancy Assignment Bank Loan was serviced and instalments were paid regularly. Journalise the above transactions in the books of M/s Designer Wear, post them 1. into the Ledger and prepare the Trial Balance. Also, prepare its Trading Account, Profit & Loss Account and Balance Sheet. Charge
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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Rashi Sharma 3 months, 1 week ago

What is the answer
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Chetan Gupta 3 months, 2 weeks ago

What's your question

Time T 3 months, 2 weeks ago

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PROJECT 9. Mr. Tushar decided to start a computer business. For this purpose he built the first floor of his house at a cost of ₹2,00,000 and invested a further sum of ₹3,50,000 in this business. He wanted to start with 12 computers costing ₹40,000 cach. He approached ICICI Bank and secured a loan to the extent of 75% of the cost of computers. It was agreed that the loan will be repaid in four annual instalments as follows At the end of First Year ? 90000 +\ 36,000 for interest At the end of Second Year 290 +\ 27,000 for interest At the end of Third Year \ 90 +\ 18,000 for interest At the end of Fourth Year \$ 90 +\ 9.000 for interest He started business on 1st April, 2022. On the same date he deposited ₹3,30,000 in the Bank. He purchased Computers and paid 25% of the value of computers from his bank and 3,60,000 out of bank loan availed. He deposited ₹10,000 for the electric connection with the Electricity Board and also deposited ₹1,50,000 with the VSNL for internet and telephone connection. He spent 40,000 for getting the Computer Cafe furnished and also spent 6,000 in getting the pamphlets printed and distributed. All payments were to be made by cheques and all the receipts were to be deposited in the bank on the same day. At the end of the year, the results were: ₹ Purchases of Computer stationery like floppy discs, CDs etc. 92,000 Revenue from fees received from students of Computer classes 2,70,000 Revenue on Account of Internet Facility 2,20,000 Revenue from sale of Computer Stationery 1,60,000 Wages paid to Servant 12,000 Electricity Charges 48,000 Telephone Charges 73,000 Entertainment Expenses 7,000 General Expenses 5,200
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Sapna Sapna 3 months, 1 week ago

Wages debit balance because of this is expense Drawing - credit balance Capital - credit balance because this is laiblity Debtor - debit balance because debtor is assets Creditor - credit balance because creditor is laiblity

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