Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Mr Rohan decided to start a trading business on 01-04- 2019 by investing Rs. 25,00,000 in the equity shares of the newly started company and raised Rs. 25,00,000 from the general public by issuing equity shares of Rs. 10 each at par and further Rs. 50,00,000 by issue of 10% debentures redeemable after 10 years. The company has been registered as 'Rohan Fashions Apparels Ltd.' under Indian Companies Act 2013 for which he spent Rs 1,00,000. The business has been carried out for one year period of time with reasonable transactions of buying and selling of apparels in whole sale.
Date
Particulars
Amount
5th Apri12019
Purchased machinery against cheque
1,00,000
15th April 2019
Purchased goodsfor cash
50000
3rd May2019
Drew cash from bank for office use
10000
5th May2019
Sold goods to Krishna
15000
6th May2019
Bought goodsfrom Shyam
22500
20th May2019
Krishna returned goods
2000
25th May2019
Received from Krishna Allowed him discount
12500
500
5th June 2019
Paid cash toShyam Discount received
1000
30th June 2019
Cash salesfor the month
80000
1st July 2019
Paid rent
20,000
Sth July 2019
Paid salary
15th July 2019
Purchased computer against cheque from Computer Mart,
15,000
20th July 2019
Sold goods to M/s Shradha & Co.
10,000
25th July
Sales return from Shradha &Co
4000
1st Aug 2019
Depreciation on office furniture
5,000
5th Aug 2019
Salaries due to staff
50,000
30th Aug 2019
Received commission 325,000, half of which is in advance
15th Sep 2019
Received cash from Ram
8th Nov 2019
18th Nov 2019
Pruchase return of Good( Due to quality Issue
3000
10th Dec 2019
Sold goods to M/s. Had Sales, Delhi
12000
1st Ja n 2020
Paid to Ramavtar
40000
19th Jan 2020
Sold goodsfor cash to Mohan
18th Feb 2020
Bought furniture from S.R. Furnishers against Cash
22400
1st Mar2020
28000
5th Mar2020
10th Mar2020
Purchased goods costing against cheque and availed discount of 3%
15th Mar2020
Sold goods of against cheque allowing 2% discount.
30,000
30th Mar2020
Paid income tax..._
Question 1) Prepare the journal entry for above transactions in the books of the company.
Question 2) Prepare the necessary ledger accounts for the above transactions.
Question 3) Show the Trial balance of the business as on the last date of the accounting period (31- 03-2020)
Explain the budgeting process and its importance to a business, identifying the components of different budgets, forecast estimates for inclusion in the budgets.
Prepare a retained earnings statement for the year and Prepare a stockholders' equity section of given case.
Prepare a master budget for the three-month period.
Construct the company's direct labor budget for the upcoming fiscal year, assuming that the direct labor workforce is adjusted each quarter to match the number of hours required to produce the forecasted number of units produced.
Evaluate the Predetermined Overhead Rate
Determine the company's bid if activity-based costing is used and the bid is based upon full manufacturing cost plus 30 percent.
Complete the schedule to compute the pool rates for the different activities.
Prepare Company financial statements
This individual assignment is based on the TerraCycle Inc.
Discuss the ethical issues
Calculate the GDP in Income Approach and Expenditure Approach
A new plant accountant suggested that the company may be able to assign support costs to products more accurately by using an activity based costing system that relies on a separate rate for each manufacturing activity that causes support costs.
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!
whatsapp: +91-977-207-8620
Phone: +91-977-207-8620
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd