Q 2. Mr. Tushar decided to start a computer business.For this purpose, he built the first floor of his house at a cost of Rs. 4,00,000; invested a further sum of Rs. 6,50,000 and used furniture worth Rs. 1,00,000 in this business. He wanted to start with 15 computers costing Rs. 60,000 each. He approached bank for sanction of a loan to the extent of 75% of the cost of the computers.The bank agreed to pay loan @ 12% interest per annum. He started business on 1st April, 2019.On the same date he deposited Rs. 3,30,000 in the bank.He purchased computers and paid 40% of the amount immediately availing cash discount of 3%.He also spent Rs. 6000 in getting the pamphlets printed and distributed.He sold 6 computers at a profit of 25% on cost after 2 months of starting business.At the end of the year, the results were Wages paid to helpers Rs.12,000 Electricity charges Rs.48,000 Entertainment expenses Rs. 7000 He withdrew Rs.5000 by cheque each month for his personal expenses and duly paid interest on loan. Telephone bill of Rs. 6800 is yet to be paid. Depreciate building by 5%, furniture by 20% . Ravi , who owed Rs. 20,000 to Tushar became insolvent and could pay only 30 paise in a rupee. Journalise the above transactions keeping in mind that all the payments were to be made by cheques and all the receipts were to be deposited into the bank.
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