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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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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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