On 1st January, 2017, Mr. Mukesh Nagpal decided to open a computer training centre in Delhi. He purchased a commercial complex measuring 300 square feet carpet area at a cost of 3,50,000 and decided to invest 2,50,000 as a further capital in the proposed business
He approached Punjab National Bank for loan which agreed to provide 80% loan of the cost of computers. He bought 25 computers of HCL costing 30,000 each. He paid * 1,50,000 and P.N. Bank financed the remaining 80% amount of ? 6,00,000 @ 10% p.a. The loan was payable in 4 annual instalment along with interest due.
The transactions during the year were:
Purchased Furniture
Fees received from students
Bought computer stationery
Sale of Computer Stationery
Wages paid
Salaries paid
Electricity charges
Advertisement
Postage and Call General Expenses
Insurance Premium
Bought Printer Machine
40,000
5,90,000
1,10,000
1,60,000
90,000
1,25,000
47,500 22,000
9500
6,000
4,600 30.000
He withdrew 12,000 p.m. as drawing and repaid the annual instalment of bank loan along with interest due on 31st December 2017. Assume all transactions
took place through P.N. Bank. You are required to (1) Journalise these transactions after considering the following information: ) Depreciate building by 5% and computer and furniture @ 10% p.a.
(it) Salary unpaid 9,000
(iii) Advertisement includes unissued material worth 4,000.
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[12/24, 10:36 PM] Akansha Raghuvanshi: Sry
[12/24, 10:36 PM] +91 82737 93607: Are pgl
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