User Account

All Pages

journal entries, Accounting Basics

Assignment Help:
on april-1,2005,raghu started a business of selling steel pipes and angles.he invested cash of Rs.50,00,000 & opened a current a/c with bank for Rs.20,00,000.He took loan from ICICI Bank of Rs.40,00,000 for 5yrs.@10%p.a.For this purposee he purchased machinery of Rs.13,00,000 ; land of Rs.20,00,000 & furniture of Rs.10,00,000.He withderw goods worth Rs.4,00,000 for personal use.he hired a worker& agreed to pay him Rs.50,000/month.he purchased an insurance of goods amounting to Rs.8,00,000. He purchased iron rods fro RAM & CO. worth Rs.5,00,000 on credit basis.On apr-12,goods worth Rs.2,00,000 were returned to him. On may-30,he sold steel pipes to Gupta & CO. worth Rs.6,00,000 on credit basis. On june-30,he sold steel angles worth Rs.10,00,000 to Kumar & CO.who settled his payment as 25% cash,15% cheque and drew a bill of remaining balance for 3 months.On july-4,steel pipes worth Rs.50,000 were returned by GUPTA & CO. On sept-4,he purchased iron rods worth Rs.2,50,000 from KHANNA & CO. who drew a bill for 6 monts on him which he duly accepted. He sold steel rods worth Rs.2,00,000 to SHARMA & CO. on march-2 and received half amount immediately and the remaining half was payable after 3 months.He sold steel rods to RAKESH & CO. worth Rs. 8,00,000 on 4th march. On march-15,it was found that SHARMA & CO. become insolvent and 50 paise in a rupee was received from his estate.On july-6,office & administrative expenses worth Rs.20,000 and selling & distribution expenses worth Rs.50,000 were paid. Advertising expenses worth Rs.1,00,000 were paid on 3-aug. On 9-oct,loss due to theft was Rs.5,00,000 & insurance CO. paid it. Rs.3,00,000 were paid to RAM & CO. on 17-oct. On dec-16, Rs.5,50,000 were received from GUPTA & CO. On 12-feb-2006,machinery repair expenses were of rs.70,000. On 31-march, wages amounting to Rs.4,50,000 ; electricity bills amounting to Rs.3,00,000 ; heating & lighting expenses amounting to Rs.2,25,000 ; telefone charges of Rs.80,000 ; carriage and freight of Rs.1,20,000 and miscll.expenses of Rs.96,000 were paid. closing stock was valued @ Rs.6,00,000.Depreciation on machinery and furniture is to be provided @ 10% p.a. Wages amounting to Rs.1,50,000 are outstanding.Manager is entitled it commission of 7% on net profit. Interest on drawings is to be charged @ 2%p.a. Interest on capital @5%p.a. is to be provided.

Related Discussions:- journal entries

Payroll, Ask queMary Lapointe, the Chief Financial Officer of your Northern...

Ask queMary Lapointe, the Chief Financial Officer of your Northern Travel Experience company, has advised that the company will be opening an office in Nunavut this year. The offic

the relevant authoritative literature, Determining the physical quantity t...

Determining the physical quantity that should be contained in inventory normally is a simple matter because that amount have of items in the possession of the company. The cost of

The total assets of capp co. are $600, The total assets of Capp Co. are $60...

The total assets of Capp Co. are $600,000 and its liabilities are equal to two-thirds of its total assets. What is the amount of Capp Co.'s owner's equity?

Exercise 5-3 analyzing and recording merchandise, Exercise 5-3 Analyzing an...

Exercise 5-3 Analyzing and recording merchandise transactions-both buyer and seller LO P1, P2 Santa Fe Company purchased merchandise for resale from Mesa Company with an invo

How to create account for barter transactions?, How to create account for b...

How to create account for barter transactions? As My Company is providing a service to another company and that company is reimbursing us with his service.

Rent account, i need to pay rent for 3 year 2011,2012,and 2013. am in 2012 ...

i need to pay rent for 3 year 2011,2012,and 2013. am in 2012 1 December. what entries will be there for rent account and the rant account balance amount

A bond sinking fund investment is started on january, A bond sinking fund i...

A bond sinking fund investment is started on January 5, 2010, by transferring $10,000 in cash to the fund. This $10,000 is invested and earns $1,100 during 2010. The entry to rec

Assets, wat is assets and its types?

wat is assets and its types?

Accrual concept, Accrual Concept The accrual concept makes a distincti...

Accrual Concept The accrual concept makes a distinction among the receipt of cash, and the right to obtain it, and the payment of cash and the legal obligation for pay it. In

Concept of accountability, Problem It is usually recognized that power ...

Problem It is usually recognized that power is an essential component of accountability and that greater accountability is recognized towards those stakeholders who have more p

Write Your Message!

Captcha
Order Assignment

Featured Services

Order Now

Popular Subjects

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd