Journalize the following entries:
(i) goods costing ₹ 500 given as charity.
(ii) sold goods to mayank of ₹ 1,00,000, payable 25% by cheque at the time of sale and balance
after 30 days of sale.
(iii) received ₹ 975 from harikrishna in full settlement of his account of ₹ 1,000.
(iv) received a first and final dividend of 60 paise in a rupee from the official receiver of rajan,
who owed us ₹ 1,000.
(v) charge interest on drawings ₹ 1,500.
(vi) sold goods costing ₹ 40,000 to anil for cash at a profit of 25% on cost less 20% trade
discount and paid cartage ₹ 100, which is not to be charged from customers.
Answers
The net income reported on the income statement for the year was Rs.1,10,000 and depreciation of fixed assets for the year was Rs.44,000. The balances of the current asset and current liability accounts at the beginning and end of the year are as follows:
End of the Year (Rs.) Beginning of the Year ( Rs.) Cash Debtors Inventories
Prepaid Expenses Accounts Payable 1,30,000
2,00,000
2,90,000
15,000
1,02,000
1,40,000
1,80,000
3,00,000
16,000
1,16,000
Calculate total cash from operation activities.
(b) From the following particulars, you are required to calculate : (i) Current Ratio (ii) Net Profit Ratio (iii) Gross Profit Ratio Net Sales : Rs.1,40,000; Gross Profit :Rs.10,000; Net Profit :Rs.6,000; B/R : Rs.2000 ;
Debtors:Rs.8,000; Stock: Rs.10,000; Cash: Rs.6000; Creditors:Rs.12,000; B/P:Rs.8,800company had a balance of Rs.4,0,5000 on 1stJanuary ,2018 in its machinery account ,10% per annum depreciation was charged by diminishing balance method .On the 1st July ,2018 the company sold a part of the machinery for Rs.87,500 ( which was purchased on 1st January ,2016 for Rs.1,20,000) and on the same date , the company purchased a new machinery for Rs.2,50,000 .On 31st December ,2018 the director's of the day ahead of time so I can understand that you are busy but I will be back krne ka mood nhi of the company decided to adopt the fixed instalment method of depreciation as per AS-10( Revised) instead of diminishing balance method; the rate of depreciation remaining the same. Prepare Machinery Account in the books of the company for the year ended ,2018.