Question

R-27
2021-2-18 13:48
PROJECT 10
On 1st April, 2016 Pankaj started the business of selling Refrigerators with a
Capital of 30 lakhs. Entire amount of Capital was deposited into the bank after
keeping the amount to be given to the Petty Cashier. On the same date, he entered into
an agreement with L.G. Limited to sell the Refrigerators, bought from them on one
month credit basis.
During the year he purchased the following assets making payments through bank
₹
Building
25,00,000
Office Equipments
2,00.000
Furniture
1,50.000
Refrigerators were to be sold for cash only and the cash proceeds were to be
deposited in the bank on the same day. All expenses except petty expenses were to be
paid only through bank. The Petty Cashier was given 32,500 on 1st April, 2016 under
*Imprest Syst 1. The petty cashier would be reimbursed the actual expenses of the
month on the first day of the next month before dopositing the sale proceeds of the day
The following transactions were affected through bank during the year ended 31 st
March, 2017:
16.90.000
24/39,700
66,000
9,400
10.200
7.600
3.600
4.000
Purchases
Sales
Salaries
Advertising expenses
Telephone expenses
Electricity expenses
Printing and stationery
Insurance premium
During the year petty cashier was reimbursed for the expenses incurred by him
amounting to 320,300. The cash with the petty cashier on 31st March 2017 was < 800,
The purchases for the month of March, 2017 amounted to 21.40,000. 4. Limited
was paid for purchases as per terms agreed upon.
Other Trademations :
(1) Salaries have been paid for 11 months.
(in) Telephone expenses 21,000 and Electricity expenses 7800 are yet to be paid.
(iii) The closing stock as an 31st March, 2017 were as follows:
33,50,000
Refrigerators
Stationery
(iv) Charge depreciation on building @ 4% and on Office Equipients and Furniture
600
Prepare Trial Balance as at 31st
March, 2017. Trading
and Profit & Loss Accover
for the year ended on 31st March, 2017 and a Balance Sheet as at that date

Answer 1

Answer:

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