Question

On 01.04.18, Mrs Anamika kapoor started a gym and physical fitness centre with a capital of Rs. 14,00,000. She opened a bank A/C b y depositing Rs9,60,000 in it. She purchased a building in her locality for setting up her gym, it costs Rs 4,00,000. The payment was made through cash. She managed a loan of Rs 12,00,000 for this purpose. The loan was repayble with interest Rs. 2,40,000 in three yearly instalments. At the end of the first year, she had to re pay Rs. 5,20,000(principle Rs.4, 00,000+interest Rs. 1,20,000) Anamika purchased existing machines and equipments for Rs. 16,00,000 plus IGST@18%.She gave Rs. 4,000 for electricity connection. In this tech savy world, to run a business successfully, she purchased computers worth Rs. 3,90,000 plus CHAT and SGST @9% each and paid a deposit of Rs.10, 000 with BSNL for internet connection. She got her gym furnishes by paying Ra. 1,00,000 plus CGST and SGST@14% each. She made people aware about her gym by distributing pamphlets which cost her Rs. 18,000. All payments were to be made by cheques. All the receipts were in cash to be deposited in the bank on the same day. The membership of the gym was available for Rs. 5,000 for six weeks. At the end of the year (31.03.2019) the position of her business showed the following: Total revenue realised (services were provided charging CGST and SGST @6% each)..............19,92,000 Outstanding electricity charges (GST not applicable)................1,24,000 Telephone charges.....34,000 Petty expenses...........48,000 Entertainment expenses- 40,000 Maintenance expenses- 40, 000 The above mentioned expenses are subject to levy of CGST & SGST @6% each. Purchase of fitness magazine CDs and books.... 2,20,000 Wages for the staff maintaining the gym.... 1,26,000 She appointed three fitness trainers for the gym. They were to be paid Rs. 3,72,000 for thier services. But thier salaries for the year were outstanding. She withdrew Rs. 24,000 by cheque each month for her household and personal expenses. At the end of the year, she paid instalments of bank loan with interest. You are required to: (i) Journalise the above transactions. Post them into ledger and prepare Trial balance. (ii) Prepare final accounts of Anamika kapoor. (iii) Charge depreciation@25% on machines and equipments, 10% on furniture and fixtures and 5% on

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