On 1st January, 2018, Mr. Mukesh Nagpal decided to open a computer training centre in Delhi. He purchased a commercial complex measuring 300 square feet carpet area at a cost of 3,50,000 and decided to invest 2,50,000 as a further capital in the proposed business. He approached Punjab National Bank for loan which agreed to provide 80% loan of the cost of computers. He bought 25 computers of HCL costing 30,000 each.
Answer this question
×Browse free questions and answers by Chapters
- 1 Introduction to Accounting
- 2 Bank Reconciliation Statement
- 3 Financial Statements I
- 4 Application of Computers in Accounting
- 5 Basic Accounting Terms
- 6 Theory Base of Accounting, Accounting Standards and International Financial Reporting Standards (IFRS)
- 7 Bases of Accounting
- 8 Accounting Equation
- 9 Accounting Procedures - Rules of Debit and Credit
- 10 Origin of Transactions - Source Documents and Preparation of Vouchers
- 11 Journal
- 12 Ledger
- 13 Special Purpose Books I - Cash Book
- 14 Special Purpose Books II - Other Books
- 15 Trial Balance
- 16 Depreciation
- 17 Provisions and Reserves
- 18 Accounting for Bills of Exchange
- 19 Rectification of Errors
- 20 Financial Statements of Sole Proprietorship
- 21 Adjustments in Preparation of Financial Statements
- 22 Accounts from Incomplete Records - Single Entry System