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CBSE Class 11 commerce Accountancy Part II

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CBSE Class 11 commerce Accountancy Part II Chapters

CBSE Class 11 commerce Accountancy Part II Doubts and Solutions

Asked by rupareliyahari1234 12th February 2020, 10:15 PM
Anusha did her Jewellery Design course from Begluru. She worked for an imitation jewellery firm for five years. After gaining work experience, on 1st April, 2019 she introduced a capital of 2,00,000 in cash and 18,50,000 by cheque and started her business of imitation jewellery under the brand name of ‘Aabhushan Home’ She took a loan of 4,00,000 from the Corp[oration Bank and borrowed 4,50,000 from her friend Kanishka who paid by cheque. On the same day she took premises on rent at 4,000 per month in Sec 18, Gurugram for setting up of her new factory. Anusha also purchased machinery for 7,00,000 and furniture for her office worth 80,000 and made payment by cheque. On the next day she withdrew 5,00,000 from her bank account for meeting day to day business expenses. She hired an assistant to help her in setting up the business at a salary 7,000 per month. Within one month, she was ready to manufacture imitation jewellery. On 1st May, she made purchases of raw material for 45,00,000 out of which 28,00,000 were still payable and hired seven workers on monthly wages of 7,000 per worker. On the same day she purchased a computer for 48,000 and installed it in her factory. The payment for the computer was made through a cheque. She also paid 40,000 by cheque to print catalogues for her products. On 1st July, 2019, Anusha took an insurance cover at a premium of 20,000 per annum. On 1st January, 2020, she purchased 10% investments worth 6,00,000 through bank. On 1st February, 2020 there was a fire in the factory that destroyed goods worth 1,50,000 out of which the insurance company admitted a claim of 60,000 on 31st March, 2020. By the end of the year, total sales amounted to 55,00,000. She withdrew 60,000 from bank for personal use. Anusha repaid 4,50,000 with 22,500 as an interest to Kanishka on account of the loan taken earlier however, interest on bank loan 45,000 is still due. Payment of all routine expenses such as wages, salary, 4 | P a g e rent, annual electricity charges 70,000 and carriage inward expenses 38,000 were made at the end of the year by cash. You are required to prepare the following: a) Journalize the above transactions, post them into ledger accounts and prepare trial balance for the year ended 31st March, 2020. b) Prepare Trading and Profit and Loss Account for the year ended 31st March, 2020 and Balance Sheet after considering the following adjustments: 1) Closing Stock 7,00,000 2) Depreciate Machinery and Furniture by20% per annum. 3) Outstanding Telephone Expenses amounted to 7,500. 4) Accrued Interest on Investments 15,000. c) Comment on the profitability of the firm when similar firms earn Gross Profit @ 30% and Net Profit @20% PREPARE JOURNAL, LEDGER,TRIAL BALANCE AND FINANCIAL STATEMENT .
Asked by tullu.chaturvedi022 8th January 2020, 7:41 PM
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