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CBSE Class 11 commerce Accountancy

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CBSE Class 11 commerce Accountancy Sub Subjects

CBSE Class 11 commerce Accountancy Practice

CBSE Class 11 commerce Accountancy Doubts and Solutions

Asked by rachanasolanki9191 9th January 2020, 4:54 PM
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 2nd January 2020, 6:39 PM
Asked by ushanihar12 22nd December 2019, 5:28 PM
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CBSE Class 11 commerce Accountancy Textbook Solutions

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