Question

Mr.Trushar decided to start a computer business. For this purpose he built the first floor of his house at cost of ₹2,00,000 and invested a further sum of ₹3,50,000 in this business. He wanted to start with 12 computers costing ₹40,000 each. He approached ICICI Bank and secured a loan to the extent of 75% of cost of computers. It was agreed that the loan will be repaid in four annual installments as follows : At the end of First year : ₹90,000 +₹36,000 for interest At the end of Second year : ₹90,000 +₹27,000 for interest At the end of Third year : ₹90,000 +₹18,000 for interest At the end of Forth year : ₹90,000 +₹9,000 for interest He started business on 1st April ,2002. On the same date he deposited ₹3,30,000 in the bank. He purchased computers and paid 25% of the value of computers from his bank and₹3,60,000 out of bank loan availed. He deposited ₹10,000 for the electric connection with the Electricity Board and also deposited ₹1,50,000 with the VSNL for the internet and telephone connection. He spent ₹40,000 for getting the Computer Cafe furnished and also spent ₹6,000 in getting the pamphlets printed and distributed.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 stationary like floppy discs, CDs etc ₹92,000 Revenue from fees received from students of Computer classes ₹2,70,000 Revenue on Account of Internet Facility ₹2,20,000 Revenue from sale of Computer Stationary ₹1,60,000 Wages paid to Servant ₹12,000 Electricity Charges ₹48,000 Telephone Charges ₹73,000 Entertainment Expenses ₹7,000 General Expenses ₹5,200 He withdrew ₹5,000 by cheque each month for his personal expenses and duly paid the bank loan. Journalize the above transactions, post them into the Ledger and prepare a trial balance.

Answer 1

Answer:

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Answer 2

Answer:

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