Question

Aruna, decided to Start business Of fashion garments under the name Of M/s. Degigner 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 oi 500 sq. feet for Rs. 5,00,000. The space was renovated to make it ready for the business. Balance of Rs. 1,00,000 was used for repair and painting af the space. Total amount of bank loan is to be repaid in 20 quarterly instalment. beginning 30th June, 2016. Annual Rate Of Interest is 12%. Bank loan and interest repaid in the first year are as follows: June 30, 2016 = (Rs. 15,000 + Rs. 9,000) interest) Sept. 30, 2016 = (Rs. 15,000 + Rs. 8,550) interest) Dec. 31, 2016 = (Rs. 15,000 + Rs. 8,100) interest) March 31, 2017 = (Rs. 15,000 + Rs. 7,650) interest) She started business on 1st April. 2016. In view of further capital requirement She transferred Rs. 1,00,000 from her Savings to the Bank Account to the Bank Acoount Of the business. She paid Security Deposit of Rs. 5,000 for the 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 be made by cheque. All the receipts were in cash to be deposited in the bank on the same day. At the end of the year, their results showed the following: Rs. Total Sales 20,00,000 Total Purchases 17,00,000 Electricity Expenses 40,000 Telephone Charges 50,000 Cartage Outwards 60,000 Travelling Expenses 45,000 Entertainment Expenses 5,000 Maintainance Expenses 25,000 Miscellaneous Expenses 15,000 Electricity Expenses Payable 20,000 She withdrew Rs. 5,000 by cheque each month for her personal expenses. Bank loan was serviced and instalments were paid regularly. 1. Journalise the above post into the prepare the Trial Balance. 2. Prepare the Profit and Loss Account and Balance Sheet. Charge depreciation @ 5% on Building and 10% on Furniture. Closing Stock at the end of the year was Rs. 5,50,000. 3. Prepare a Bar Diagram and/or Pie Charts showing the expenses

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