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I am very thankful to C.B.S.E. New Delhi ,which issued timely guidelines along with specific project work in the interest of student. I am extending my heartiest gratitude & profound thanks to our teacher Mrs. Shipra Sharma , who always gave valuable suggestion & guidance in completion of my project. At last , I would like thanks those who helps me to complete this project.
This is to certify that Karuna of XII Commerce of B.B.B.D.A.V.Sen.Sec. School , Moonak has completed her project under my supervision. She has taken care & shown sincerity in the completion of this project. It is her original work & fit for evaluation of class XII project work in Accountancy.
Mrs. Shipra Sharma Teacher of commerce B.B.B.D.A.V.Sen.Sec.School
MOONAK
Comprehensive
Problem : 1
Mr. Manoj , a commerce student , opted Computer vocational subjects while doing his B.Com. He decided to start a computer business after doing his B.Com. For this purpose , his father built the first floor of their single storey building at a cost of Rs.2,00,000 and gave him a further sum of Rs.3,50,000 for the business. Manoj decided to start with 12 computers costing Rs.40,000. He approached HDFC Bank and managed to secure a loan to the extent of 75% of the cost of computers. It was agreed that the loan will be repaid in three annual instalments as follows : At the end of Ist year : Rs.90,000+Rs.36,000 for interest Rs.90,000+Rs.27,000 for interest Rs.90,000+RS.9,000 for interest
At the end of IInd year : At the end of IIIrd year :
He started business on Ist April, 2002 . On this date he deposited Rs.3,30,000 in the Bank . He purchased computers and paid 25% to the computer company from his bank and Rs.3,60,000 out of bank loan availed . He deposited Rs.10,000 for the electric connection with the Electronic Board and paid a deposit of Rs.1,50,000 with BSNL for internet and telephone connection. He got the Computer Cafe furnished by paying Rs.40,000 . He also spent Rs.6,000 on advertisement. All payments were to be made by cheques and all the receipts to be deposited in the bank on the same day. At the end of the year, the results were : Rs. • Purchases of computer stationary 92,000
• Revenue from fees received from students
2,70,000
• Revenue on account of internet facility • Revenue from sale of computer stationary • Wages paid to servant • Electricity charges • Telephone charges
2,20,000 1,60,000 12,000 48,000 73,000
• Entertainment charges
Maintenance expenses
7,000
52,000
He withdrew Rs.5,000 by cheque for his personal expenses and paid the bank loan regularly.
You are required to:
(i) Journalize the above transactions, post them into the ledger and prapare a trial balance. (ii)Prepare profit ansd loss account balance sheet taking into consideration that a telephone bill of Rs.6,800 and electricity bill of Rs. 3,000 are yet to be paid. (iii)Charge depriciation at the rate of 30% on computers, 15% on furniture and 4% on building. (iv)Comment on the efficiency of the buisness if the gross profit ration and net profiit ratio in similar type of business concerns are 60% and 25%. (v)Manoj approached the bank for the further loan.compute the ratios that the banker will required before granting the loan.(Current Ratio, Quick Ratio and Debt Equity Ratio)
Journal
Date 2009 April 1 Building A/C Dr. Cash A/C Dr. To Capital A/C (Capital invested in the business ) Bank a/c To Cash A/C (cash deposited into bank) Bank a/c To Bank loan A/C (loan taken from ICICI Bank) Dr. 2,00,000 3,50,000 Particular Dr. Amt. Cr. Amt
5,50,000
April 1
3,30,000
3,30,000
April 1
Dr.
3,60,000
3,60,000
April 1
Computer A/C Dr. To Bank A/C (Computer purchased for 3,60,000 from the loan and balance from own source)
48,00,000
48,00,000
April 1
Electricity Board A/C Dr. 10,000 BSNL A/C Dr. 1,50,000 To Bank A/C (Security deposited with electricity Board and BSNL) Furniture A/C To Bank A/C (Furniture for computer cafe) Dr. 40,000
1,60,000
April 1
40,000
2010 March 31 Advertisement A/C To Bank A/C (Payment made for advertisement) Purchases A/C To Bank A/C (Computer stationary is purchased) Dr. 6,000 6,000
March 31
Dr.
92,000
92,000
March 31
Bank A/C Dr. To Revenue from fee & Sales A/C ( Revenue Received) Wages A/C Electric Charges A/C Telephone Charges A/C Entertainment Expenses A/C Maintenance A/C To Bank A/c (Expenses paid) Dr. Dr. Dr. Dr. Dr.
6,50,000
6,50,000
March 31
12,000 48,000 73,000 7,000 5,200
1,45,200
March 31
Drawings A/C Dr. To Bank A/C (Amount withdrawn for personnel use) Interest on bank loan A/C To Bank A/C (Interest due on Bank Loan) Bank Loan A/C Dr. To
60,000
60,000
March 31
Dr. 36,000
36,000
March 31
This is to certify that Karuna of XII Commerce of B.B.B.D.A.V.Sen.Sec. School , Moonak has completed her project under my supervision. She has taken care & shown sincerity in the completion of this project. It is her original work & fit for evaluation of class XII project work in Accountancy.
Mrs. Shipra Sharma Teacher of commerce B.B.B.D.A.V.Sen.Sec.School
MOONAK
Comprehensive
Problem : 1
Mr. Manoj , a commerce student , opted Computer vocational subjects while doing his B.Com. He decided to start a computer business after doing his B.Com. For this purpose , his father built the first floor of their single storey building at a cost of Rs.2,00,000 and gave him a further sum of Rs.3,50,000 for the business. Manoj decided to start with 12 computers costing Rs.40,000. He approached HDFC Bank and managed to secure a loan to the extent of 75% of the cost of computers. It was agreed that the loan will be repaid in three annual instalments as follows : At the end of Ist year : Rs.90,000+Rs.36,000 for interest Rs.90,000+Rs.27,000 for interest Rs.90,000+RS.9,000 for interest
At the end of IInd year : At the end of IIIrd year :
He started business on Ist April, 2002 . On this date he deposited Rs.3,30,000 in the Bank . He purchased computers and paid 25% to the computer company from his bank and Rs.3,60,000 out of bank loan availed . He deposited Rs.10,000 for the electric connection with the Electronic Board and paid a deposit of Rs.1,50,000 with BSNL for internet and telephone connection. He got the Computer Cafe furnished by paying Rs.40,000 . He also spent Rs.6,000 on advertisement. All payments were to be made by cheques and all the receipts to be deposited in the bank on the same day. At the end of the year, the results were : Rs. • Purchases of computer stationary 92,000
• Revenue from fees received from students
2,70,000
• Revenue on account of internet facility • Revenue from sale of computer stationary • Wages paid to servant • Electricity charges • Telephone charges
2,20,000 1,60,000 12,000 48,000 73,000
• Entertainment charges
Maintenance expenses
7,000
52,000
He withdrew Rs.5,000 by cheque for his personal expenses and paid the bank loan regularly.
You are required to:
(i) Journalize the above transactions, post them into the ledger and prapare a trial balance. (ii)Prepare profit ansd loss account balance sheet taking into consideration that a telephone bill of Rs.6,800 and electricity bill of Rs. 3,000 are yet to be paid. (iii)Charge depriciation at the rate of 30% on computers, 15% on furniture and 4% on building. (iv)Comment on the efficiency of the buisness if the gross profit ration and net profiit ratio in similar type of business concerns are 60% and 25%. (v)Manoj approached the bank for the further loan.compute the ratios that the banker will required before granting the loan.(Current Ratio, Quick Ratio and Debt Equity Ratio)
Journal
Date 2009 April 1 Building A/C Dr. Cash A/C Dr. To Capital A/C (Capital invested in the business ) Bank a/c To Cash A/C (cash deposited into bank) Bank a/c To Bank loan A/C (loan taken from ICICI Bank) Dr. 2,00,000 3,50,000 Particular Dr. Amt. Cr. Amt
5,50,000
April 1
3,30,000
3,30,000
April 1
Dr.
3,60,000
3,60,000
April 1
Computer A/C Dr. To Bank A/C (Computer purchased for 3,60,000 from the loan and balance from own source)
48,00,000
48,00,000
April 1
Electricity Board A/C Dr. 10,000 BSNL A/C Dr. 1,50,000 To Bank A/C (Security deposited with electricity Board and BSNL) Furniture A/C To Bank A/C (Furniture for computer cafe) Dr. 40,000
1,60,000
April 1
40,000
2010 March 31 Advertisement A/C To Bank A/C (Payment made for advertisement) Purchases A/C To Bank A/C (Computer stationary is purchased) Dr. 6,000 6,000
March 31
Dr.
92,000
92,000
March 31
Bank A/C Dr. To Revenue from fee & Sales A/C ( Revenue Received) Wages A/C Electric Charges A/C Telephone Charges A/C Entertainment Expenses A/C Maintenance A/C To Bank A/c (Expenses paid) Dr. Dr. Dr. Dr. Dr.
6,50,000
6,50,000
March 31
12,000 48,000 73,000 7,000 5,200
1,45,200
March 31
Drawings A/C Dr. To Bank A/C (Amount withdrawn for personnel use) Interest on bank loan A/C To Bank A/C (Interest due on Bank Loan) Bank Loan A/C Dr. To
60,000
60,000
March 31
Dr. 36,000
36,000
March 31
