Briefly- explain short term planning? Explain its advantages and disadvantages
Answers
Answer:
R od purchased 500 metre fund for Rs 15 crore le build a factory At the end of the year, the market value of land was Rs 1 35 crore Rtd treated Rs 15 lakh as low and recorded the land at Rs. 1.35 crore. is ita correct treatment" Which principle is applicable here explain the principle.
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Q2) Vikas is keeping his accounts according to Single Entry System His capital on 31 Dec 2018 win Rs 2,5i,000 and his capital on 31 Dec 2019 was Rs 4.25000. He further imforms you that during the year he gave a loan of Rs 1000 her brother from business in his private account and also withdrew Rs 1000 per month for personal purposes. He used a flat for his personal purpose, the tent of which at the rate of Rs. 1800 pet h and electricity charges at an average of 10% of rent per month were paid from the business account
During the year, he seld his 7 Gnvt. Trends of Rs. 50,000 prentum and hmught this money into the business. Prepare a statement of Profit & Loss for the year ending 31 Dec 2019
Q3) Show the acting quution in the basis of following transactione Started his with cash Rs. 60,000 and Goods Rs. 30,000
Purchased goods for cash Rs. 40,KI0 and credit RX 25,000 (0 Goods costing Rs. 42.000 sald at a protit of 33. Three fourth payment received in cash.
Good costing Rs. 20.000 sold at a loss of 5% out of which Rs. 12.000 received in cash 141
Enter the following transactions in a Cush Book with Cash and Rank Columns. Also record necessary entries in journal 2020 Balance of cash in hand Rs. 15.00. Overdraft at bunk Rs. 7400.
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May 1 May 2 Further capital introduced Rs. 30,000 cut of which Rs 25 00 deposited into Bank. May 3 Purchased good on credit from Mohan of the list price of Rs. 15000 plus CGST &
SGST 6% each.
May 6 Settled the scent of Mohan hy paying cash R LXXI May 10 Drew from Hank for household expenses Rs. 3000 and for income tax R 800 May 14 Sale uf old chairs for Rx. SIX) plus CGST & SGST each payment received in
cal May 20 Received from Naresh a cheque of Rs 4210 in full senlement of his account of Rs.
4400
May 22 Cheque received from Naresh sent to hank May 25 Sagar Chand, who owed us Rs. 10,000 became bankrupt and paid us 40 paise in a
rupee May 26 Received repayment of a loan of Rs. 3600 and deponited out of it Rs. 2000 into the
hunk
May 28 Cheque received from Naresh dishonoured, Bank debit Rs. 20 in respect of this
cheque as Bank charges May 31 Interest debited by bank Rs. 650.