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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Answer:
Explanation:
Journal is here guys legder and trial balance will be uploaded soon
Answer:
Journalise the above post into the prepare the Trial Balance.
Explanation:
From the above question,
They have given :
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.
Journalise the above post into the prepare the Trial Balance.
Dr. Bank Loan Rs. 1,50,000
Dr. Savings Account Rs. 1,00,000
Dr. Electricity Expenses Payable Rs. 20,000
Dr. Building Rs. 1,50,000
Dr. Furniture Rs. 10,000
Dr. Security Deposit Rs. 5,000
Dr. Telephone Charges Rs. 2,000
Dr. Cartage Outward Rs. 60,000
Dr. Travelling Expenses Rs. 45,000
Dr. Entertainment Expenses Rs. 5,000
Dr. Maintainance Expenses Rs. 25,000
Dr. Miscellaneous Expenses Rs. 15,000
Dr. Salary Rs. 60,000
Dr. Interest Paid Rs. 33,550
Dr. Closing Stock Rs. 5,50,000
Dr. Drawings Rs. 60,000
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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