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 post into the prepare the Trial Balance.
2. Prepare the Profit and Loss Account and Balance Sheet. Charge depreciation @ 5% on Building and 10% on Furniture. Closing Stock at the end of the year was Rs. 5,50,000.
3. Prepare a Bar Diagram and/or Pie Charts showing the expenses.
Q12. Show an accounting equation on the basis of the following transactions
(i) Ram commenced business with cash Rs. 5,00,000 goods Rs. 60,000 machinery Rs.1,00,000 and furniture Rs. 50,000.
(ii) 1/3 rd of the above goods sold at a profit of 10% on cost and half of the payment is received in cash.
(iii) Depreciation on machinery provided @ 10%
(iv) Cash withdrawn for personal use Rs. 70,000.
(v) Interest on drawings charged @ 5%.
(vi) Goods sold to Shyam for Rs. 80,000 and received a bill receivable for the same amount for 3 months.
(vii) Received Rs. 80,000 from Shyam against the bills receivable on its maturity.
Bank loan and interest repaid in the first year are as follows:
June 30, 2016 = (Rs. 15,000 + Rs. 9,000) interest)
Sept. 30, 2016 = (Rs. 15,000 + Rs. 8,550) interest)
Dec. 31, 2016 = (Rs. 15,000 + Rs. 8,100) interest)
March 31, 2017 = (Rs. 15,000 + Rs. 7,650) interest)
She started business on 1st April. 2016. In view of further capital requirement She transferred Rs. 1,00,000 from her Savings to the Bank Account to the Bank Acoount Of the business. She paid Security Deposit of Rs. 5,000 for the connection with BSES Rajdhani Power Ltd and Rs. 2,000 to MTNL for telephone connection. Furniture for Rs. 10,000 was purchased.
All payments were be made by cheque. All the receipts were in cash to be deposited in the bank on the same day. At the end of the year, their results showed the following:
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 post into the prepare the Trial Balance.
2. Prepare the Profit and Loss Account and Balance Sheet. Charge depreciation @ 5% on Building and 10% on Furniture. Closing Stock at the end of the year was Rs. 5,50,000.
3. Prepare a Bar Diagram and/or Pie Charts showing the expenses.
Q. Nandu and son's Pass book showed a balance of Rs. 21,700 as on 31st December 2016. On comparing the Cash book the following discrepancies were noted.
(a) Cheque issued but not presented for payment Rs. 2,500
(b) Cheque sent to Bank but not credited Rs. 3,000
(c) A customer directly deposited into Bank Rs. 1,000
(d) Bank charges debited in Pass book only Rs. 100.
(e) Bills discounted dishonoured Rs.3,000.
Prepare Bank Reconciliation Statement
31. Wirte opening entry from the following as on 01-01-2017 :
Q. Record the opening entry from the following particulars on 1st april 2013:-
Please answer with explaination.
20 Record the following the subsidiary Books of Kanika Traders
Date Details
2005
Aug. 04 Purchased from M/s Neema Electronics (invoice no. 3250):
Mini-size T. V. @ Rs.2,000 per piece,
15 Tape recorders @Rs. 12,500 per piece.
Trade discount on all items @ 20%.
Aug. 10 Bought from M/s Pawan Electronics (invoice no. 8260):
10 Video cassettes @Rs. 150 per piece,
20 Tape recorders @Rs. 1,650 per piece.
Trade discout @ 10% on purchases.
Aug. 18 Purchased from M/s. Northern Electronics (invoice no. 4256): 15
Northern stereos @ Rs. 4,000 per piece,
20 Northern colour T.V. @ Rs. 14,500 per piece.
Trade discount @ 12.5%.
Aug. 26 Purchased form M/s Neema Electronics (Invoice No. 3294): 10 Mini-size
T. V. @ Rs. 1,000 per piece,
5 Colour T. V. @ Rs. 12,500 per piece.
Trade discount @ 20%.
Aug. 29 Bought from Ws Pawan Electronics: (Invoice No. 8281)
20 Video cassettes @ 150 per piece
2-5 Tape recorder @ 1600/ piece
Trade discount @ 10% on purchases.