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Navya Goyal asked a question
Subject: Accountancy, asked on on 10/5/17
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Subject: Accountancy, asked on on 6/7/10
Charvi Khurana asked a question
Subject: Accountancy, asked on on 11/12/17
Q. Aruna, decided to Start business Of fashion garments under the name Of M/s. Degigner Wear. She had a saving Of  about Rs. 10,00,000. She invested Rs. 3,00,000 out of her savings and borrowed equal amount from State Bank of India. She purchased a commercial space oi 500 sq. feet for Rs. 5,00,000. The space was renovated to make it ready for the business. Balance of Rs. 1,00,000 was used for repair and painting af the  space. Total amount of bank loan is to be repaid in 20 quarterly instalment. beginning 30th June, 2016. Annual Rate Of Interest is 12%. 
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: 
  Rs. 
Total Sales 20,00,000
Total Purchases 17,00,000
Electricity Expenses 40,000
Telephone Charges 50,000
Cartage Outwards 60,000
Travelling Expenses 45,000
Entertainment Expenses 5,000
Maintainance Expenses 25,000
Miscellaneous Expenses 15,000
Electricity Expenses Payable 20,000

 
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. 
Sharan asked a question
Subject: Accountancy, asked on on 3/8/16
Tanya Sehgal asked a question
Subject: Accountancy, asked on on 3/8/18
1. Raghu started business with cash Rs.80,000, goods Rs.40,000 and furniture Rs.20,000. 2. Sold goods to Shyam of the list price Rs.20,000 at trade discount of 10%. 3. Paid rent Rs.800, Trade expenses Rs.400and Travelling expenses Rs.500. 4. Paid into bank for opening a current account Rs.25,000. 5. Bought goods from Kamal for Rs.20,000 at a trade discount of 10% and Cash discount of 2%. Paid 60% amount immediately. 6. Received from Shyam full amount at 5% discount. 7. Salary due to clerk Rs.10,000. 8. Charge interest on drawings Rs.800. 9. Received Rs.4,000 from Suhas, which were written off as bad debt in previous year. 10. Total rent paid this year Rs.40,000, @ Rs.3,000 per month. 11. Loan taken for Car for office use Rs.1,00,000. 12. Paid installation charges on machinery Rs.1,000. 13. Goods purchased Rs.30,000, carriage paid on them Rs.3,000. 14. Provide interest on capital @ 6%. 15. Goods costing Rs.1,000 given as charity, Rs.2,000 used by proprietor for his personal use, Rs. 2,000 distributed as free samples. 16. Loan repaid Rs.20,000, being Rs.12,000 as interest and Rs.8,000 as principal amount. 17. Rahul who owed us Rs. 12,000 becomes insolvent and a first and final dividend of 60 paise in a rupee is received from his estate. 18. Goods lost in an accident worth Rs.15,000. These were insured and insurance company admitted a claim of Rs.12,000 only. 19. Proprietor withdrew for private use Rs.4, 000 from office and Rs.6, 000 from bank. 20. Received cash for dividend on securities Rs.200 21. Purchased land and a small office building. The land was worth Rs. 1,50,000 and the building worth Rs. 3, 50,000. The purchase price was paid with Rs. 3,00,000 cash and bills payable for Rs. 5,00,000. 22. Purchase new office equipment worth Rs.1,00,000 by paying Rs. 93,000 cash and balance in exchange of old equipment (book value Rs.15,000) with a recorded value of Rs. 7,000. 23. Charge depreciation @ 10% p.a. for two months on machine costing Rs.30,000. 24. Commission received in advance Rs. 7,000. 25. Cash invested in shares Rs.50,000, brokerage paid 2%.
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