Question

1
RanStarted business of fashion garment undr the Name of Shriman and Shrimati
. He invested Rs 500000
out or s says and secured a loan Rs 5.00 000 from Axis Bank It was agreed that the loan will be prepaid
in five instalments. The rate of interest being 10% pa. He purchase a commercial space of 250 sq feet for
Rs 20 000 and spent Rs.1,00.000 on its decoration. He started business on 1st April 2017 on the same date
he de cs ted Rs 400.000 in the Bank. He deposited Rs 6000 for the electric connection with the Electricity
Boarn and purchased Furniture and fixtures for Rs.20,000.
All payments were to be made by cheques and all receipts were in cash and were to be deposited in the bank
on the same da At the end of the year his books showed the following information
Rs.
TOP nases
9,00,000
Tota a es
12,40,000
S2-es caid to Staff
60,000
Ecctric charges
40,000
Entertainment Expenses
10,000
Travelling Expenses
60,000
Telephone charges
18,000
Misce aneous Expenses
20.000
He worew Rs 2500 by cheque each month for his pesonal expenses. Bank loan was duly paid alongwith
intero
A) cuma se the above transactions Post them in to Ledgers and prepare the Trial Balance
B) Prepare Proft 8 loss Accounts and Balance sheet taking into consideration the following:-
1). Depreciate Building and Furniture & fixtures by 10%
U) Closing stock at the end of the year was Rs. 2,00,000
Ill) Sa ary of staff is yet to be paid Rs. 10,000
C) Prepare profitability Ratio 1) Gross profit Ratio ii) Operating Profit Ratio ii) Net profit Ratio iv) Operating Ratio​

Answer 1

Answer:

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