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A draws on b 3 bills of exchange for ₹50000,₹40000 and ₹30000 respectively for the goods sold to him on 1st February 2016. these bills were for one month, 2 months and 3 month respectively. the first bill is endorsed to his creditor c. the second bill was discounted with his bank on 4th February 2016 @12% per annum discount and the 3rd bill was sent to his bank for collection on 30th April on the due date all the bills were duly met by b. the bank sent the collection advise for the 3rd bill after deduction ₹250 as collection charges. pass the journal entries in the book of a and b1 |
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Answer» Explanation: Mr. Manishis the General Manager of a transport company drawing a BASIC salary of Rs. 15,000 PER MONTH. He is also receiving D.A. (60% forming part of salary) Rs. 10,000 per month and entertainment allowance of Rs.1,500 per month. He is provided by the company with a car having engine cubic capacity of 1.8 litres for is personal and official use, but running and maintenance expenses for the same are borne by the assessee himself. He is in receipt of BONUS equivalent to 2 month's basic salary. He also owns two house properties in Meerut, the details of which are given below: House 1 House 2 Nature Self occupied LET out Municipal value (Rs.) 45,000 65,000 Annual rent (Rs.) Nil 78,000 Municipal tax paid (Rs.) 3,000 6,000 Interest on taken for construction of house (Rs.) 12,500 21,300 During the previous year he contributed Rs. 36,000 to Recognised Provided Fund, Rs. 25,000 as Life Insurance premium and Rs. 4,000 as medi- claim insurance premium. Compute the total income of Mr. Manish. |
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