Raja decided to start business of fashion Garments under the name of M/S RAJA
GARMENTS from 1.4.2019. He had savings of Rs. 1000000. He invested Rs. 300000
out of his Savings and borrowed an equal Amount from SBI. He purchased a
commercial space of 500sq.feet for Rs. 500000. The space so purchased was suitably
renovated to make it ready as showroom. He purchased furniture for Rs. 75000 plus
CGST and SGST @ 9% each. Total Amount of Bank Loan is to be repaid in 20
quarterly installments beginning 30.6.2019. Annual Rate of interest is 12% p.a.
Repayment schedule of Bank Loan in the first year is as follows:-
Date
Interest
Installment
30.6.2019
30.9.2019
31.12.2019
31.3.2020
Principal
Amount
15000
15000
15000
15000
9000
8550
8100
7650
24000
23550
23100
22650
Answers
Answer:
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Answer:
Explanation:
JOURNALS
security deposit 7000
To bank A/c 7000
Furniture and fixture A/c 10000
To bank A/c 10000
Bank loan A/c 15000
Bank interest 9000
To Bank A/c 24000
Bank loan A/c 15000
Bank interest 8550
To bank A/c 23550
Bank loan A/c 15000
Bank interest 8100
To bank A/c 23100
Bank loan A/c 15000
bank interest A/c 7650 22650
Bank A/c 2000000
To sales A/c 2000000
Purchase A/c 1700000
To bank A/c 1700000
electricity expenses A/c 40000
travelling exp 45000
carriage 60000
Telephone exp 50000
entertainment exp 5000
maintainence 25000
misc 15000
To bank 240000
Drawing A/c 60000
To bank A/c 60000