Journalise the following transactions
( Paid rent of building ? 30,000 half of the building is used by the proprietar los residente
(1) Paid fire insurance of the above building in advance ? 2,500
(it) Paid life insurance premium 25.000
(iv) Paid income tax ? 7.500,
(v) Salary due to clerk ? 1,250,
(vi) Charge depreciation on furniture @ 10% per onnum for 1 month (furniture 2009
(vii) Provide interest on capital ( 1.50,000) at 15% per annum for 6 months.
(viii) Charge interest on drawing ( 25,000) at 18% per annum for 6 months.
(ix) Provide interest on loan from Ram (2,50,000) ot 18% per annum for 2 months.
(x) Charge interest on loan to Shyam (5,00,000) at 18% per annum for 2 months
(xi) Received commission 2,500 half of which is in advance
(xii) Brokerage due to us? 1,250,
(10 maks)
Answers
Answer:
Read the passage given below - 10 Marks
India is one of the fastest growing in 2020. It is on the decline with close to 44 extreme poverty every minute,
according to World poverty clock. according to the Brookings report, today India has 73 million people living in
extreme poverty which makes up 5.5 % of its total population.
Two-thirds of people in India live in poverty. 60% of the Indian population live on less than $2 a day. Over 30%
even have less than $1.25 per day and such people are considered extremely poor.
More than 800 million people in India are considered poor. Most of them live in the countryside and keep
afloat with odd jobs. The lack of employment which provides a liveable wage in rural areas is driving many
Indians into rapidly growing Metropolitan cities such as, Mumbai, Delhi, Kolkata and Bengaluru.
In 2019, the Indian government stated that 6.7 % of its population is below its official poverty limit. According
to Oxfam, India's top one percent of the population now holds 73% of the wealth while 670 million citizens,
compromising the country's poorest half, saw their wealth rise by just 1%. As per the Tendulkar Poverty Line,
poverty reduced from 14.9% in 2011 to 7.0 per cent in 2017 -----the fastest pace the country has seen yet. So,
2020 is extremely challenging year not only for government and business, but also for those who are on the
border line of poverty. Fiscal, monetary and administrative policies have to be designed in a way that provides a
safety for those living at the brink of poverty, lifting people out of poverty ought to be on top of theOn the basis of your understanding of the passage, 10 questions from the 12 that follow -
1. As per the graph, which of these is/are the cause(s) of poverty in India?
a. Colonial past b. Lack of education c. Population explosion d. All of these
2. According to the graph, which state has the highest number of people living below poverty line?
a. Rajasthan b. Bihar c. Madhya Pradesh d. Uttar Pradesh
3. Today, how many people in India live in extreme poverty?
a. About 5 crore b. About 6 crore c. About 7 crore d. About 8 crores
4. What percentage of Indian population live on less than hundred rupees per day?
a. 68.8 % b. 30% c. 40% d. 60