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PLEASE DO AS FAST AS POSSIBLE! THE ONE WHO ANSWERS ALL OF THEM I WILL MARK BRAINLIESTPrepare Journal, Ledger and Trial BalanceComprehensive Project (Including GST)Keshav, a boy from Jaipur District of Rajasthan belongs from farming background. While he was in hishigh school, he realised that the quality of school bags, shoes and stationery etc. was not so good andexpensive too. He then completed his Graduation in commerce and decided to start a soleproprietorship business of providing high quality school bags, shoes and stationery etc., as their needis rising at a rapid pace.He found some good wholesaler and retailers in this field. Keshav suggested his father to start a soleproprietorship business of selling stationery (which includes low cost school uniforms, school bag,school shoes, stationery and books etc.). For this purpose, he took Rs.15,00,000 from his father on 1stApril 2018 and started the business on the same day. He opened a bank account with ICICI bank bydepositing Rs.40,000.On 2nd April 2018 he took loan from ICICI Bank worth Rs.5,00,000 for business @ 8% p.a. interest.Following transactions took place during process:• Purchased goods in cash Rs.50,000 and on credit Rs.30,000 from Ramesh Traders plus GST12% (within the state).• Purchase stationery for office use Rs.1,000 plus GST 12%.• Building purchased for office use Rs.8,00,000.• Sold goods in cash Rs.40,000 (GST 12%).• Sold goods on credit to Mr. Mohit Rs.10,000 (GST 12%).• Transportation expenses paid Rs.800.• Printing machinery purchased from Delhi for Rs.2,00,000 (IGST 18%).• Cash paid to Ramesh Traders on account Rs.25,000.• Cash received from Mr. Mohit Rs.8,000 on account.• Additional capital introduced Rs.1,00,000.• Purchased furniture for office use Rs.30,000 (GST 18%).• Cheque received from Mr. Mohit for remaining amount.• Goods purchased in cash Rs.40,000 (GST 12%).• Cheque of Mr. Mohit was deposited into bank.• Cash deposited into bank Rs.50,000.• Remaining cash paid to Ramesh Traders by cheque.• Cheque of Mr. Mohit was dishonoured.• Interest allowed by bank Rs.5,000.• Goods purchased on credit from Ramesh Traders Rs.60,000 (GST 12%).• Goods purchased in cash Rs.50,000 (GST 12%).• Withdrawn from bank for office use Rs.20,000.• Bank charges Rs.200.• Goods sold in cash Rs.25,000 (GST 12%).• Goods sold on credit to Mahesh Traders Rs.20,000 (GST 12%).• Cash received from Mr. Mohit Rs.2,000.• Paid cash Rs.40,000 and cheque of Rs.16,000 to Ramesh Traders.• Interest on bank loan paid Rs.40,000.• Purchase return Rs.4,000 to Ramesh Traders (GST 12%).• Sales return Rs.6,000 to Mahesh Traders (GST 12%).• Computer purchased for office use Rs.20,000 (Plus GST 18%)• Goods sold in cash Rs.2,00,000 (GST 12%)• Opened a new office in nearby city and paid Rent Rs.15,000 (which includes advance rentRs.5,000).• Salaries paid Rs.20,000.Following expenses were made and cash paid by the business:Personal Expenses: (i) Life insurance premium Rs.2,000(ii) Income tax paid Rs.10,000Direct Expenses: (i) Expenses on purchase Rs.5,000(ii) Other direct expenses Rs.15,000Indirect Expenses: (i) Selling expenses Rs.20,000 (including advertisement and electricityexpenses)(ii) Office expenses Rs.10,000 (including Tea expenses, Telephone and internet expenses)As an accountant you are required to prepare Journal entries, Ledger and Trial Balance. |
Answer» Explanation: PLEASE DO AS FAST AS POSSIBLE! THE ONE WHO ANSWERS ALL OF THEM I WILL MARK BRAINLIEST Prepare Journal, Ledger and Trial Balance Comprehensive Project (Including GST) Keshav, a boy from Jaipur District of Rajasthan BELONGS from farming background. While he was in his high school, he realised that the quality of school bags, shoes and stationery etc. was not so good and expensive too. He then completed his Graduation in commerce and decided to start a sole proprietorship business of providing high quality school bags, shoes and stationery etc., as their need is rising at a rapid pace. He found some good wholesaler and retailers in this field. Keshav suggested his father to start a sole proprietorship business of selling stationery (which includes low cost school uniforms, school bag, school shoes, stationery and books etc.). For this purpose, he took Rs.15,00,000 from his father on 1 st April 2018 and started the business on the same DAY. He opened a bank account with ICICI bank by depositing Rs.40,000. On 2nd April 2018 he took loan from ICICI Bank worth Rs.5,00,000 for business @ 8% p.a. interest. Following transactions took place during process: • Purchased goods in cash Rs.50,000 and on credit Rs.30,000 from Ramesh Traders plus GST 12% (within the state). • Purchase stationery for office use Rs.1,000 plus GST 12%. • Building purchased for office use Rs.8,00,000. • Sold goods in cash Rs.40,000 (GST 12%). • Sold goods on credit to Mr. Mohit Rs.10,000 (GST 12%). • Transportation expenses PAID Rs.800. • Printing machinery purchased from Delhi for Rs.2,00,000 (IGST 18%). • Cash paid to Ramesh Traders on account Rs.25,000. • Cash received from Mr. Mohit Rs.8,000 on account. • Additional capital introduced Rs.1,00,000. • Purchased furniture for office use Rs.30,000 (GST 18%). • Cheque received from Mr. Mohit for remaining amount. • Goods purchased in cash Rs.40,000 (GST 12%). • Cheque of Mr. Mohit was deposited into bank. • Cash deposited into bank Rs.50,000. • Remaining cash paid to Ramesh Traders by cheque. • Cheque of Mr. Mohit was dishonoured. • Interest allowed by bank Rs.5,000. • Goods purchased on credit from Ramesh Traders Rs.60,000 (GST 12%). • Goods purchased in cash Rs.50,000 (GST 12%). • Withdrawn from bank for office use Rs.20,000. • Bank charges Rs.200. • Goods sold in cash Rs.25,000 (GST 12%). • Goods sold on credit to MAHESH Traders Rs.20,000 (GST 12%). • Cash received from Mr. Mohit Rs.2,000. • Paid cash Rs.40,000 and cheque of Rs.16,000 to Ramesh Traders. • Interest on bank loan paid Rs.40,000. • Purchase return Rs.4,000 to Ramesh Traders (GST 12%). • Sales return Rs.6,000 to Mahesh Traders (GST 12%). • Computer purchased for office use Rs.20,000 (Plus GST 18%) • Goods sold in cash Rs.2,00,000 (GST 12%) • Opened a new office in nearby city and paid Rent Rs.15,000 (which includes advance rent Rs.5,000). • Salaries paid Rs.20,000. Following expenses were made and cash paid by the business: Personal Expenses: (i) Life insurance premium Rs.2,000 (ii) Income tax paid Rs.10,000 Direct Expenses: (i) Expenses on purchase Rs.5,000 (ii) Other direct expenses Rs.15,000 Indirect Expenses: (i) Selling expenses Rs.20,000 (including advertisement and electricity expenses) (ii) Office expenses Rs.10,000 (including Tea expenses, Telephone and internet expenses) As an accountant you are required to prepare Journal entries, Ledger and Trial Balance. |
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