Question

Accountancy Project Class XI
Case Study
Madhvi is a widow has two children Gaurav and Geeta. Gaurav has completed his graduation and Geeta is in the first year of B.Com. Madhvi wants Gaurav to go for further studies but Gaurav wants to become a businessman and help her mother. Gaurav wants to start a readymade shirts business under the trade name of M/s Fancy Look & Bros. Her mother agrees to the proposal but the problem is shortage of funds. He decided to start the sole proprietorship business on 1st April 2020, with a small amount of 5,00,000, out of which they managed to buy a shop for 3,50,000 on 1.5.2020. Now the balance i.e. 1,50,000 was too small to run the day to day expenses of the business( which was deposited in Bank). Geeta suggested him to approach a bank. He considered this, to be a good idea. Next day Gaurav approached SBI to find out the possibilities of loan. The bank manager asked for some papers for the proposal which were submitted by Gaurav in time. SBI approved a loan of 4,50,000 on 1.10.2020.
His transactions for the year ending 31 Mar, 2021 were as follows:
Total Purchases
Total Sales
Carriage Inward
Salary to Manager (10,000 p.m.) Salary to the Staff
(@5.000 p.m. for 12 months to two employees) Telephone Expenses
Electricity Charges
Packing Expenses
Printing & Stationery Accounting Expenses Advertising
Bank Charges Insurance Premium Staff Welfare Expenses Conveyance
( All payments and receipts are through Bank)
Closing stock valuing 4,00,000 was lying on 31.3.2021.
Requirement:
(i) Journalise the above transactions.
(ii) Post the items into relevant ledger accounts.
16,80.000 20,40,000 10,000
1,20,000 1,20.000
25,000 15,000 48,000
6,000 60,000 45,000
15,000 5,000 16,000
4,000
GENERAL INSTRUCTIONS:
(A)After preparation of Journal, post them into ledger.

Answer 1

Answer:

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