Question

Q20 Anil had the following transactions:
i. Commenced business with cash . 1, 00,000 of which he deposited . 60,000
in bank.
ii. Bought goods for cash 30,000 and on credit 40,000.
iii. Purchased a machine for 2, 00,000 by raising loan from P.N.B Bank, Hisar.
iv. Sold goods costing 20,000 @ a profit of 20% on cost to Mohan on credit.
v. Took goods of 5,000 and cash 4,000 for personal use.
vi. Paid interest on loan 4,000 and installment of bank loan 20,000 by cheque.
vii. Commission received in advance 8,000
viii. Paid 20,000 to creditor by cheque.
ix. Mohan settled his account at a discount of 500
x. Charge depreciation on machine @10% for the whole year.
Use accounting equation to show the effect of above transactions.

Answer 1

basic list of questions and answers on the alleged crime. ... Everything you need to know about the $1.8 billion PNB-Nirav Modi fraud ... India is currently dealing with what likely is its biggest bank fraud so far. ... It is a guarantee that a bank is obliged to repay the loan if the actual borrower—Nirav Modi in ...