Question

01-04-2020 by investing Rs. 50,00,000 and raised Rs. 25,00,000 from the general public by issuing equity shares of Rs. 10 each at par and further Rs. 25,00,000 by issue of 10% debentures redeemable after 10 years. The company has been registered in your state under Indian Companies Act 2013 for which Rs 1,25,000 was spent. The business has been carried out for one year period of time with reasonable transactions including buying and selling of merchandise o

Answer 1

Answer:

Mr Rohan after successfully completing his post-graduation in business management in marketing specialization, decided to start a trading business on 01-04-2020 by investing Rs. 25,00,000 in the equity shares of the newly started company and raised Rs. 25,00,000 from the general public by issuing equity shares of Rs. 10 each at par and further Rs. 50,00,000 by the issue of 10% debentures redeemable after 10 years. The company has been registered as ‘Rohan Fashions Apparels Ltd.’ under the Indian Companies Act 2013 for which he spent Rs 1,00,000. The business has been carried out for one year period of time with reasonable transactions of buying and selling of apparels in wholesale.

Now you are asked to…..

1. List down a minimum of thirty transactions that might have occurred during the course of his business. (05 marks)

2. Journalize those transactions in the books of the company. (10 Marks)

3. Prepare the necessary ledger accounts for the above transactions. (10 Marks)

4. Show the Trial balance of the business as on the last date of the accounting period (31-03-2020). (05 Marks)