Question

X
8
Deepikon and Priyanka were good friends in college. After completing their MBA
they worked in a leading MNC which was into global sales of premium dry fruits
brands. Two years into their MNC career, they decided to contribute to start up
India mission. Both of them quit their jobs and started their new venture by
contributing Rs 1.50,000 each On 01 April 2015, they opened a small outlet in
Bangalore for selling premium brands of dry fruits. They tied up with leading online
sales platforms to market their products
On 01 April 2017, both friends had a meeting with their accountant Ajitha to
understand how the business was doing. The accountant briefed them that they are
doing fine. She mentioned that though the current bank balance is only Rs 22.000,
there were customers who owed Rs 16,500 and would pay soon. Also the business
owed to its suppliers Rs 15,600 in addition to a loan outstanding from ICICI bank of
Rs 1,50,000. Regarding the mini truck which the business acquired two years ago for
R$ 6,00,000. Ajitha informed that they had charged depreciation of 10% on it on
WDV method. Regarding inventory of dry fruits, the accountant stated that they are
valued at Rs.8,400. Ajitha reassured the owners, that as on date their assets were
more than their liabilities and hence their business is doing well.
On 31 March 2018, the friends and their accountant met to review their operations
The accountant briefed them the following
Cash Sales through the store was for Rs2,30,000, but a customer
returned one box priced at Rs 20.000
Credit sales through the store was for Rs 4,65,000, out of which
Jonly 10% customers are still outstanding to pay All others paid
their dues
Online sales amounted to Rs 6,87 000 and the entire amount is
already received
Monthly rent of Rs 20000 was paid on the first day of every month
for the first nine months. But on 1 Jan 2018, the Landlord asked
for payment of R.2,40.000) Yor the next
12 months and the firta
paid the same 100
Total salary per month amounted to Rs 40,000/- and it was paid on
the 5th of every month. Hence Salary of March 2018 is yet to be
paid
Fee for online sales Rs 20.000 paid
Though the firm made purchases of dry fruits for Rs.3.06.690/-
during the year goods amounting Rs. 12.340/- are still lying unsold
The Yirm paid the annual interest of 10.25% on the loan
outstanding. Also a part of principal amount was repaid on the last
day of the year Rs 20,000/-
Considering the above information
1. Prepare Balance Sheet of the firm as on 1.04.2017. (2 Marks)
Commute Cost of Goods Sold.(3 Marks)​

Answer 1

Ok I am answer You

wait................