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Mutri Kadila 3 months ago

Provision is a charge against profit that created to meet future possible losses like bad debts.
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Priyanshu Singh 3 months, 1 week ago

That's goods which doesn't use for long time in business is know as non current assets.
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Priya Sharma 3 months, 2 weeks ago

XX % of commission / 100 +rate of commission

Akashi Baruah 3 months, 3 weeks ago

net profit before commision×20/100
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Priyanshu Singh 3 months, 1 week ago

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Kartik Gupta 3 months, 3 weeks ago

10 percent
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Priya Sharma 3 months, 2 weeks ago

Premises or property where the business has gone is property or plants and equipment and in final account asset side of balance sheet

Antima Agarwal 3 months, 3 weeks ago

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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 4 months ago

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Sapna Sapna 4 months 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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