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Shahzad Husain asked a question
Subject: Accountancy, asked on on 6/1/20
Question:?Mr. Manoj,a commerce student,opted computer vocational subjects while doing his B.Com.
He decided to start a computer businesss after doing his B.Com.For this purpose,his father built the first floor of their single storey building at a cost of Rs. 3,00,000 and gave him further sum of 2,75,000 for the business.
Manoj decided to start with 10 computers costing 45,000 each. He approached HDFC Bank and managed to secure a loan to the extent of 80% of the cost of computers.It was agreed
that the loan will be repaid in three instalments as follows:
At the end of 1st year: Rs.1,20,000+36,000 for interest
At the end of 2nd year:Rs,1,20,000+24,000 for interest
At the end of 3rd year:Rs,1,20,000+12,000 for interest
He started business on 1st april,2002. On this day he deposited Rs 2,60,000 in the Bank .He purchased computers and paid 90,000 to the computer company from bank and Rs.3,60,000 out of bank loan availed. He deposited Rs.8000 for the electric connection with the electricity board and paid a deposit of Rs.1,20,000 with VSNL for internet and telephone connection.
He got the computer cafe furnished by paying Rs.30,000.He also spent Rs.5000 on advertisement.
All payments were to be made by cheques and all the receipts were to be deposited in the bank on the same day.
At the end of the year the results were: Rs.
Purchase of computer stationery 80,000
Revenue received from students 2,40,000
Revenue on account of internet facility 2,10,000
Revenue from sale of computer stationery 1,50,000
Wages paid to servant 9,600
Telephone charges 62,000
Electricity charges 36,000
Entertainment expenses 5,500
maintenance expenses 6,000
Petty expenses 4,000

He withdrew 40,000 by cheque for his personal expenses and paid bank loan regularly .
you are required to:
i)Journalize the above transiction,post them into ledger and prepare a trial balance ??
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