Question

COMPREHENSIVE PROJECT Q. 1.
his B.Com. He decided to start a computer business after doing his B.Com. For this
purpose, his father built the first floor of their single storey building at a cost of
13,00,000 and gave him a further sum of 2,75,000 for the business.
Mr. Manoj, a commerce student, opted Computer vocational subjects while doing
a $.
Manoj decided to start with 10 computers costing 45,000 each. He approached
HDFC Bank and managed to secure a loan to the extent of 80% of the cost of
computers. It was agreed that the loan will be repaid in three annual instalments as
follows:
:
At the end of Ist year
At the end of Ind year
At the end of IIIrd year
:
1,20,000+ 36,000 for interest
1,20,000 + 324,000 for interest
1,20,000 + 12,000 for interest
He started business on 1st April, 2017. On this date he deposited 2,60,000 in the
Bank. He purchased computers and paid 590,000 to the computer company from his
bank and 33,60,000 out of bank loan availed. He deposited 38,000 for the electric
connection with the Electricity Board and paid a deposit of 1,20,000 with VSNL for
internet and telephone connection.
He
got
the Computer Cafe furnished by paying 30,000. He also spent *5,000 on
advertisement.
All payments were to be made by cheques and all the receipts were to be deposited
in the bank on the same day.
At the end of the year, the results were :
₹
Purchases of Computer stationery
80,000
Revenue from fees received from students
2,40,000
Revenue on account of internet facility
2,10,000
Revenue from sale of computer stationery
1,50,000
Wages paid to servant
9,600
Telephone Charges
62,000
Electricity Charges
36,000
Entertainment Expenses
5,500
Maintenance Expenses
6,000
Petty Expenses
4,000
He withdrew 340,000 by cheque for his personal expenses and paid the bank loan
regularly.
You are required to:
(1) Journalize the above transactions, post them into the ledger and prepare a trial
(ii) Prepare Trading
and Profit and Loss Account and Balance Sheet taking into
consideration that a telephone bill of P15,000 and an electricity bill of 33,000
balance.
are yet to be paid.
(iii) Charge depreciation at the rate of 25% on Computers, 15% on furniture and
4% on building.​

Answer 1

Answer:

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