Accountancy, asked by nisaal, 4 months ago

On 1st April 2013, Mr.Vishal Rathore started a business of

manufacturing, purchasing and selling furniture for office uses. He

started his business under the name ‘Comfort Furniture House’ with a capital of ₹21,00,000.


He opened a bank account in Axis Bank by depositing ₹14,40,000 in

it. He owned premises in central market for setting his workshop and showroom for furniture business for ₹6,00,000. The payment was

made through cash account.

He managed to get a loan of ₹18,00,000 for this purpose. The loan was repayable with interest of ₹3,60,000 in three yearly installment.

At the end of the first year he has to repay ₹7,80,000 [₹6,00,000 (principal )+ ₹1,80000(interest)].

Vishal purchased manufacturing machines and equipment for

₹24,00,000 .He gave ₹ 6,000 for electricity connection . In this tech

savy world to run a business successfully he purchased computers and mobile phone worth ₹5,85,000 and paid a deposit of ₹ 15,000 with VSNL for internet connection.

He got his business premises

furnished by paying ₹ 1,50,000 for furniture and fixtures. He made

people aware about his Comfort Furniture House by distributing

pamphlets which cost him ₹27,000.

All payments were to be made by cheques .All the receipts were in

cash to be deposited in the bank on the same day. During the year.

The showroom delivered various furniture items to different offices.


At the end of the year the position of his business showed the

following.

Total revenue realised (sale of furniture) ₹29,88,000

Outstanding Electricity charges ₹1,86,000

Telephone charges ₹51,000

Petty expenses ₹72,000

Manufacturing expenses ₹60,000

Maintenance expenses ₹60,000

Purchase of raw material ₹3,30,000

Wages for the craftsmen ₹ 1,89,000

He withdrew ₹36,000 by cheque each month for his household and

personal expenses, At the end of the year he paid instalment of bank

with interest He appointed some craftsmen and salesmen for the

business During the year, salaries outstanding were ₹5,8,000


You are required to prepare:

I. Journalise the above transaction .Post them into ledger and

prepare Trial balance

II. Prepare Trading and Profit Loss Account and Balance sheet

of Vishal Rathore

III. Charge depreciation @25% on equipment and machines,@10%

furniture and fixtures and 5%on business premises.

IV. Prepare a pie /Bar diagram to show the expenses and profit.

Prepare this project roughly and submit me, then I will

explain how to make it final project then will do final

Revise all lessons for final exam.​

Answers

Answered by Dhwani3334
0

Answer:

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