Aruna, decided to start business of fashion garments under the name of M/s. Designer Wear. She had a saving of about Rs.10,00,000. She invested Rs.3,00,000 out of her savings and borrowed equal amount from State Bank of India. She purchased a commercial space of 500 sq. feet for Rs.5,00,000. The space so purchased was suitably renovated to make it fit for such trade. An amount of Rs.1,00,000 was utilized for the same. Total amount of bank loan is to be repaid in 20 quarterly installments beginning 30th June, 2012. Annual Rate of interest is 12%.Bank loan and interest repaid in the first year are as follows:June 30, 2012Rs.15,000 + Rs.9,000 interestSept 30, 2012Rs.15,000 + Rs.8,550 interestDec 31, 2012Rs.15,000 + Rs.8,100 interestMar 31, 2012Rs.15,000 + Rs.7,650 interestShe started business on 1stApril, 2012. In view of further capital requirement she deposited Rs.2,00,000 in the bank. She paid Security Deposit of Rs.5,000 for the electricity connection with BSES Rajdhani Power Ltd and Rs.2,000 to MTNL for telephone connection. Furniture for Rs.10,000 was purchased.All payments were to be made by cheque. All the receipts were in cash to be deposited in the bank on the same day.
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