On 01-04-2006 Mr. Dhanpal started business with Rs.2,00,000
cash and opened a bank account with Rs.1,50,000. He
purchased furniture for his business for Rs.25,000. Goods
were bought from Deendayal for Rs.50,000 on credit. He sold
goods for Rs.27,000 in cash and 30,000 on credit. He paid
Rs. 2,500 for business expenses during April month. Rs.
10,000 was withdrawn for office purposes from the bank. Find
out the closing balance of cash and bank.
Answers were Sorted based on User's Feedback
cash ac dr. =200000
to ccapital a/c= 200000
bank a/c dr......150000
to cash a/c.............150000
if u bought furniture purchase in cash
furniture a/c dr......25000
to cash ......................25000
cash a/c dr.......27000
to sales................27000
if expenses paid in cash
expenses a/c dr........2500
to cash ....................2500
cash a/c dr........10000
to bank...................10000
so dear cash and bank closing balance is
cash balance (200000-150000-25000+27000-2500+10000) =59500
rs
bank balance (150000-10000)=140000
cash balance is 59500 and bank balance is 140000 ok dear
arju
Is This Answer Correct ? | 5 Yes | 0 No |
Answer / asha
1-4-2006 cash/c-----dr 2,00,000
to capitala/c 2,00,000
bank a/c----dr 1,50,000
to cash a/c 1,50,000
furniture a/c----dr 25,000
to cash a/c 25,000
purcheses a/c------dr 50,000
to deendayal a/c 50,000
cash a/c------dr 27,000
to goods a/c 27,000
sales a/c--------dr 30,000
to goods a/c 30,000
business exp a/c-------dr 2,500
to cash a/c 2,500
cash a/c--------dr 10,000
to bank a/c 10,000
ledger
cash a/c
dr cr
to capital 2,00,000 by bank 1,50,000
to goods 27,000 by fur 25,000
to bank 10,000 by exp 2,500
by bal c/d 59,500
total; 2,37,000 total; 2,37,000
bank a/c
dr cr
to cash 1,50,000 by bank 10,000
by bal c/d 1,40,000
total; 1,50,000 total; 1,50,000
therefor the final closing balance of
cash 59,500 and
bank 1,40,000
Is This Answer Correct ? | 2 Yes | 0 No |
Answer / arju
Request all to give me a detailed step by step answer.
Is This Answer Correct ? | 3 Yes | 2 No |
Answer / arju
Hii
Can anyone pls give me the journal entries for the above?
And Yash ur answer in not an answer.
Is This Answer Correct ? | 0 Yes | 0 No |
Answer / arju
Sorry Yash even this time u r incorrect.
The answer is 99500 and 140000.
I think u missed out the 50,000 credit purchase. I dont know
why but the answer is marked 99500 as correct.
But i cant understand why good purchased under credit is
considered as cash balance!!
Actually this is from a university quiz and the correct
answers are the above.
Can anyone explain to me whether credit purchase is
considered as cash asset and why?
Is This Answer Correct ? | 0 Yes | 0 No |
Answer / arju
no u r not correct
its 200000-150000=50000
50000-25000=25000
25000+50000=75000
75000+27000=102000
102000-2500=99500
Is This Answer Correct ? | 0 Yes | 0 No |
Answer / arju
are bhai 50000 rs is coming from the credit purchase of
goods from Deendayal(see above)
Is This Answer Correct ? | 0 Yes | 0 No |
Took a loan of Rs.2000 from Sachin for the marriage. state whether the the following transcation is business transcation or non business transcation? with reson or explaination?
Mention some of the major contributions made by you in your present and previous jobs
what is IPO
Expand---------BRM
2. You are required to prepare a Profit & Loss Account for the year ending 31st December, 2007 and the Balance Sheet on that date. The Trial Balance of XYZ Ltd. for the year ended 31st December 2007 is as follows:- Trial Balance of XYZ Ltd. as on 31st Dec. 2007 Debit Balances Rs. Credit Balances Rs. Materials used 3,50,000 Sales(including 2% Sales tax) 9,18,000 Cost of Labour 1,50,000 Sale of Scrap 100 Stock, finished and work in process on 31st December, 2006 50,000 Rent received 2,000 Wages : Factory Staff 15,000 Discounts 2,750 Directors Remuneration 50,000 Recovered against fire claim re : Stock 5,000 Salaries : Clerical Staff 75,000 Capital : Equity 25,000 Insurances : Workmen’s Compensation 1,500 Preference- 9% 8,000 General, fire etc. 2,000 Creditors 1,56,000 Directors’ Life Insurance 1,500 Provision for Taxation 1,05,000 Maintenance : Buildings 1,000 Profit & Loss Account 13,750 Plant and Machinery 12,500 Rent and Rates of premises and hire of plant 20,000 Heat, Light and Power 15,000 Experimental and Laboratory Expenses 10,000 Canteen Expenses 5,000 Staff Welfare expenses 2,500 Motor Expenses 12,500 Professional Charges 2,800 Postage and Telephone 3,500 Books, Printing and Stationery 11,000 Sundry expenses 10,000 Carriage and Packing on Sales 3,300 Discounts 5,000 Debtors 1,78,000 Freehold Property 50,000 Plant and Machinery 12,500 Fixtures and Fittings – Offices 3,500 Office machinery and Equipment 3,000 Motor Car and Van 6,500 Stock of materials on 31st Dec. 2007 1,20,000 Bank 38,000 Sales Tax Paid 15,000 12,35,600 12,35,600 Depreciation is to be provided at the following rates: Plant and Machinery 10% Fixture and Fittings 05% Office Machinery, etc. 10% Motor Vans and Cars 25% The stock of finished goods and work in progress as on 31st December, 2007 was Rs. 35,000. Provide for preference dividend and ordinary dividend at 10%. The total taxation liability is estimated at Rs.1,50,000 of which Rs. 75,000 relates to the current year. Debtors include Rs. 10,000 deposited as security against government contracts. The Works Manager is paid partly by salary and partly by a commission; he is entitled to a commission of 5% on the amount by which the surplus in the factory cost exceeds 20% of the sales for the period. Charge the commission if any in the Profit and Loss Account.
what is the work of cost accountant?
what are the questions commomly asked in reuter's interview.?
what is excice duty and where is applicable
difference between company and industry?
What is the difference between Depreciation charged in P&L a/c and the Depreciation deducted from Assets' value in Balance Sheet, in an accounting period?
2 Answers ABC, Thomson Reuters,
Expand---------PRTS
what are micro-cap, small-cap, mid-cap, large-cap companies?