Solve this:

Solve this: 1 Uah•' has Gaurav and Saurabh Gaurav grxluaton and Saw is of B Com wants G*lrav to further twt Gautav and Saumbh Nan' to boconu• he. Tt*y want to a shits business under the trade name of Fancy S The. 'mttv vees to proposal the problem iS shortage of funds They decried to start business April 2012 Mth • sma•amountote 500.000 They manag«ftobuy a shop 330,000 on IS 7012 Now 'e 19.000 was to run the day to day exmnseso' the business ._SÅrnbh suggested to apptomh a bank Gaurav catsdered the to a go•d idea Nex' day they approached Sdl 10 find out the Äøs Oan bank manag« asked for papers for the proposal which submitted by them SB' a of e 450.000 on 1. to 2012. nterest@ pa due on On 3tv Mach every yea a rco..nt on 182012 SB' Craned his aca)unt with the arnount Of ban on 1 '02012 1 t02C'2 a eonwter the use of business at 40000. the payment was roade through cheque A' paynents deque and receipts Xcount ot to be deposted bank During renovated furniture 200.000 on 31 , 122012 they also Diwali of 10000. Ther transrtøns tre year 31 March 2013 were as follows; Tu Sæs tc p. m) to •aft 5.01 p m 12 rmths to Paves Ei*næs Charges Prenül SY Weare Ex*rses 16.80000 20.40000 10.000 1.200m 100,000 18200 48.000 6.000 60.000 45.000 15.000 5.000 16,000 5.750 AtteerdoftEyeæ, Cbsiv valuig 4,00m0was On 31.32013, They dededto pa p.a, 2 A tebptmebdlofRs6800 is yet to 3 is not pad yet. 4 to saesrna-r is 5% On Saks 5, &est @ 1004 pas to be provd«i on capu and draw*-gs a-•d Saw-abh drawing of e 3000 and 2000 monttv, , Tufa! , f10qat

Dear Student

Here is the Journal as well as Trial balance of the said journal, Ledger accounts and Final accounts just needs posting from journal and trial balance as all the adjustment entries are passed below, Therefore 
i  request you to kindly try to prepare ledgers and final accounts and in case of any doubt or query, you can anytime get back to us, we would reply at the earliest.
Trial Balance
Dr.         Cr.
Particulars   Amount  Particulars   Amount 
Cash in hand   0 Capital    547,000
Shop   350,000 Bank Loan    461,250
Bank A/c   186,050 Sales   2,040,000
Computer A/c   36,000 Outstanding Telephone Expenses   6,800
Furniture A/c   195,000 Commission Payable   102,000
Gift Expenses   10,000 Interest on Drawings   3,000
Purchases   1,680,000      
Carriage Inward   10,000      
Salary To Manager A/c        120,000      
Salary to Staff A/c        100,000      
Telephone Expenses            25,000      
Electricity Expenses           15,000      
Packing Expenses            48,000      
Printing and Stationery             6,000      
Accounting Expenses           60,000      
Advertising           45,000      
Bank Charges           15,000      
Insurance Premium             5,000      
Staff Wellfare           16,000      
Conveyance Expenses             5,750      
Drawings   60,000      
Depreciation A/c   9,000      
Interest on loan   11,250      
Commission    102,000      
Interest on Capital    50,000      
    3,160,050     3,160,050
Journal in the books of M/s Fancy Look and Bros.
Date Particulars    Debit   Credit 
01-04-12 Cash A/c Dr.            500,000  
    To Capital A/c                500,000
  (Being business started with capital)      
01-05-12 Shop A/c Dr.            350,000  
    To Cash A/c                350,000
  (Being shop purchased)      
01-08-12 Bank A/c Dr.            150,000  
    To Cash A/c                150,000
  (Being bank account opened and cash deposited into bank)      
01-10-12 Bank A/c Dr.            450,000  
    To Bank Loan A/c                450,000
  (Being bank loan credited into bank)      
01-10-12 Computer A/c Dr.               40,000  
    To bank A/c                   40,000
  (Being computer purchased)      
31-12-12 Furniture A/c Dr.            200,000  
    To Bank A/c                200,000
  (Being furniture purchased)      
31-12-12 Gift Expenses A/c Dr.               10,000  
    To Bank A/c                   10,000
  (Being diwali gift to employees)      
31-03-12 Purchases A/c Dr.         1,680,000  
    To Bank A/c             1,680,000
  (Being purchases made)      
31-03-12 Bank A/c Dr.         2,040,000  
    To Sales A/c             2,040,000
  (Being sales made)      
31-03-12 Carriage Inward A/c Dr.               10,000  
    To Bank A/c                   10,000
  (Being carriage expenses paid)      
31-03-12 Salary To Manager A/c Dr.            120,000  
  Salary to Staff A/c Dr.            100,000  
  Telephone Expenses  Dr.               18,200  
  Electricity Expenses Dr.               15,000  
  Packing Expenses  Dr.               48,000  
  Printing and Stationery Dr.                 6,000  
  Accounting Expenses Dr.               60,000  
  Advertising Dr.               45,000  
  Bank Charges Dr.               15,000  
  Insurance Premium Dr.                 5,000  
  Staff Wellfare Dr.               16,000  
  Conveyance Expenses Dr.                 5,750  
    To Bank A/c                453,950
  (Being Expenses for full year passed in single entry)      
31-03-12 Drawings A/c Dr.               60,000  
    To Bank A/c                   60,000
  (Being Drawings made by gaurav and sourabh @ 3,000 and 2,000 per month)      
31-03-12 Depreciation A/c Dr.                 9,000  
    To Computer A/c (40,000 x 20% x 6/12)                     4,000
    To Furniture A/c (2,00,000 x 10% x 3/12)                     5,000
  (Being depreciation charged)      
  Telephone Expenses A/c Dr.                 6,800  
    To Outstanding Telephone Exxpenses                     6,800
  (Being Telephone expenses are to be paid)      
  Interest on Loan A/c (4,50,000 x 5% x 6/12) Dr.               11,250  
    To Bank Loan                    11,250
  (Being Interest on loan unpaid)      
  Commission A/c (20,40,000 x 5%) Dr.            102,000  
    To Commision Payable A/c                102,000
  (Being Commission payable)      
  Interest on Capital A/c (5,00,000 x 10%) Dr.               50,000  
    To Capital A/c                   50,000
  (Being Interst on capital provided at 10%)      
  Capital A/c Dr.                 3,000  
    To Interest on Drawings A/c (60,000 x 10% x 6/12)                     3,000
  (Being Interest on drawings charged @10% for 6 monts assuming drawings in each month is done in the middile of the month)      


  • 0
What are you looking for?