13
Transactions
14
1
1. 1.5.2019: Nandan Kapur started business with cash 3,00,000.
2. 2.5.2019: Mr. Kapur paid 22,500 in cash to purchase a computer with pre-loaded Tally. ERP 9. The
computer does not have any disposal value at the end of the estimated useful life of 4 years.
All assets are to be depreciated using the Straight Line Method.
3. 2.5.2019: Mr. Kapur paid rent for office space 5,000 quarterly. He paid the security deposit of 20,000 by
cheque.
4. 2.6.2019: Mr. Kapur opened account with Axis Bank, Delhi for the firm by depositing cash of 2,00,000.
5. 3.6.2019: Mr. Kapur hired Mayank as Manager (Operations) on a monthly salary of 7,500. He also hired
Vijay Narayan as Assistant Manager (Marketing) on a monthly salary of 4,500.
6. 20.6.2019: Mr. Kapur introduced Capital and paid 9,00,000 through cheque.
7. 1.7.2019: Mr. Kapur issued cheque and purchased the following fixed Assets:
(a) A cell phone for office use for 7,500 (estimated useful life 3 years).
(b) Furniture for 20,000 (estimated useful life 10 years).
(c) An Air-conditioner for 20,000 (estimated useful life 5 years).
(d) Electrical Fittings for 15,000 (estimated useful life 10 years).
The Assets have no disposal value at the end of their estimated useful life.
8. 5.7.2019: Paid 12,000 for salaries for June, 2019 by Axis Bank cheque.
9. 2.8.2019: Mr. Kapur paid 1,000 in cash towards electricity bill charges for previous three months of 2019.
10. 2.8.2019: Mr. Kapur obtained a mobile phone subscription from Sunny Telecommunications by paying a
deposit of 3,000 in cash.
Answers
Answer:
Journalize the Following transactions in books of Mr Tom for 2010
Explanation:
Step 1: Software designed specifically for financial accounting is used to prepare final accounts, cash flow statements, inventory records, bank reconciliation statements, tax-related reports, and many other crucial documents.
Step 2: Software called Tally Accounting is used for financial accounting. It is a common piece of business accounting software offered by Tally Solutions. TallyPrime is an all-inclusive business management solution and a very reliable ERP system.
Step 3: Jan.01 Cash A/c Dr. 1,00,000
To Capital A/c 1,00,000
(Business started with cash)
Jan.03 Purchases A/c Dr. 20,000
To Gupta & Co. 20,000
(Goods purchased on credit)
Jan.05 Cash A/c Dr. 5,000
To Sales A/c 5,000
(Goods sold for cash)
Jan.0 Purchases Dr. 8,000
To Cash A/c 8,000
(Goods purchased for cash)
Jan.10 Ahmed & Co. Dr. 10,000
To Sales A/c 10,000
(Goods sold on credit)
Jan.11 Bank A/c Dr. 50,000
To Cash A/c 50,000
(Cash deposited into bank)
Jan.13 Computers A/c Dr. 20,000
To Cash A/c 20,000
(Computers purchased)
Jan.15 Cash A/c Dr. 70,000
To Loan from Mehboob 70,000
(Loan taken from Mehboob)
Jan.16 Sales Return A/c Dr. 2,000
To Ahmed & Co. 2,000
(Goods returned by Ahmed & Co.)
Jan.17 Furniture A/c Dr. 10,000
To Mehfil Mart 10,000
(Furniture purchased)
Jan.18 Interest on Mehboob Loan A/c Dr. 2,000
To Cash A/c 2,000
(Interest on Loan paid)
Jan.19 Insurance Claim A/c Dr. 1,000
To Ahmed & Company 1,000
(Insurance Claim due)
Jan.22 Rent A/c Dr. 2,000
To Bank A/c 2,000
(Rent paid)
Jan.24 Cash A/c Dr. 20,000To Bank A/c 20,000
(Cash withdrawn from bank)
Jan.25 Cash A/c Dr. 9,000
To Sales A/c 9,000
(Goods sold for cash)
Jan.26 Loss by Accident A/c Dr. 10,000
To Purchases A/c 10,000
(Goods lost by accident)
Jan.27 Advertisement A/c Dr. 5,000
To Bank A/c 5,000
(Advertisement expenses paid)
Jan.28 Bank A/c Dr. 7,000
To Ahmed & Company 7,000
(Payment Received in full settlement)
Jan.29 Gupta & Company Dr. 20,000
To Bank A/c 19,200
To Discount Received A/c 800
(Payment made)
Jan.31 Co Sundry Income A/c 500
(Sundry Income received)
As long as a member doesn't hold a position that would make them a member of management, such as an officer or director, their independence won't be deemed to be compromised.
For a creditors' committee in charge of a debtor corporation that will carry on with its current management as long as extension agreements are in place, a member fulfils the following duties:
carries out general supervision to ensure adherence to price and budgetary constraints established by management with the creditors' approval as part of a larger programme targeted at the liquidation of deferred debt.
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