CBSE Class 11-commerce Answered
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. He paid 1,50,000 and P.N. Bank financed the remaining 80% amount of 6,00,000 @ 10% p.a. The loan was payable in 4 annual instalments along with interest due.
The transactions during the year were:
( )
Purchase Furniture 40,000
Fees received from students 5,90,000
Bought computer stationery 1,10,000
Sale of Computer Stationery 1,60,000
Wages paid 90,000
Salaries paid 1,25,000
Electricity charges 47,500
Advertisement 22,000
Postage & Call 9,500
General Expenses 6,000
Insurance Premium 4,600
Bought Printer Machine 30,000
He withdrew 12,000 p.m. as drawing and repaid the annual instalment of bank loan along with interest due on 31st December, 2018. Assume all transactions took place through P. N. Bank. You are required to:
• Journalise these transactions after considering the following information:
• Depreciate building by 5 % and computer and furniture @10% p.a.
• Salary unpaid 9,000.
• Advertisement includes unissued material worth 4,000.
• Insurance prepaid 1,500.
• Stock of computer stationery 19,500.
• Post them into ledger and prepare Trial Balance.
• Prepare Financial Statements for the year ended 31st December, 2018.
• Also depict the information diagrammatically.
Asked by Gursimranmann8244 | 02 Jan, 2020, 06:39: PM
Expert Answer
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