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After the graduation, Mollie started a business of footwear named “style wear”. Her father gave Rs. 7,60,000 as capital in gift. She also took a loan of Rs. 4,00,000 on 1st April 2014 from Axis Bank which was to be repaid in 10 equal yearly instalment along with 10 %p.a. on 31st March every year. She purchased a shopfor Rs. 3,30,000in a shopping mall and started her business from 1st April 2014. She deposited Rs. 5,000 for electricity connection with TPDDL Ltd.?
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After the graduation, Mollie started a business of footwear named “sty...
After the graduation, Mollie started a business of footwear named “style wear”. Her father gave Rs. 7,60,000 as
capital in gift. She also took a loan of Rs. 4,00,000 on 1st April 2014 from Axis Bank which was to be repaid in 10
equal yearly instalment along with 10 %p.a. on 31st March every year. She purchased a shopfor Rs. 3,30,000in a
shopping mall and started her business from 1st April 2014. She deposited Rs. 5,000 for electricity connection
with TPDDL Ltd. And Rs. 10,000 as a security for the shop in the mall. On the same date, she made some
purchases as follows:-
Furniture Rs. 80,000(by cash)
Goods (footwear) Rs. 1,20,000(by cash)
On 1st May 2014, she transferred her saving A/c balance of Rs. 1,20,000 into current A/c in the name of “Style
Wear” and treated this amount as an additional capital. On the same date, she also appointed Raju and Rahim
as salesmen at the salary of Rs. 8,000p.m. each. She paid Rs. 22,000 on 1st May to Mahima Interiors for
furnishing her showroom.
The summary of transactions which took place duringthe year ( 31st March 2015) are as under:
1. Cash sales 15,70,000
2. Credit sales 3,30,000
3. Cash purchases 7,10,000
4. Credit purchases 60,000
5. Wages paid 15,000
6. Electricity expenses paid 70,000
7. Telephone expenses 55,000
8. Freight and cartage 22,000
9. Advertisement expenses 30,000
10. Miscellaneous expenses 11,000
All the payments were made by cheque, except wages, freight and cartage. All the receipts were in cash and
were deposited in the bank on the same day. At the end of the year, the installment of loan along with interest
was dully paid to Axis bank.
Adjustment:- Depreciation was charged @5%p.a. on shop 10%p.a. on furniture. Closing stock was valued at Rs.
1,75,000. Telephone expenses outstanding for Rs. 1,000. Electricity expenses due but not paid is Rs. 13,000
Prepare vouchers, Journal, Ledger’s A/c, Trial Balance, Trading and Profit &loss A/c and balance sheet
capital in gift. She also took a loan of Rs. 4,00,000 on 1st April 2014 from Axis Bank which was to be repaid in 10
equal yearly instalment along with 10 %p.a. on 31st March every year. She purchased a shopfor Rs. 3,30,000in a
shopping mall and started her business from 1st April 2014. She deposited Rs. 5,000 for electricity connection
with TPDDL Ltd. And Rs. 10,000 as a security for the shop in the mall. On the same date, she made some
purchases as follows:-
Furniture Rs. 80,000(by cash)
Goods (footwear) Rs. 1,20,000(by cash)
On 1st May 2014, she transferred her saving A/c balance of Rs. 1,20,000 into current A/c in the name of “Style
Wear” and treated this amount as an additional capital. On the same date, she also appointed Raju and Rahim
as salesmen at the salary of Rs. 8,000p.m. each. She paid Rs. 22,000 on 1st May to Mahima Interiors for
furnishing her showroom.
The summary of transactions which took place duringthe year ( 31st March 2015) are as under:
1. Cash sales 15,70,000
2. Credit sales 3,30,000
3. Cash purchases 7,10,000
4. Credit purchases 60,000
5. Wages paid 15,000
6. Electricity expenses paid 70,000
7. Telephone expenses 55,000
8. Freight and cartage 22,000
9. Advertisement expenses 30,000
10. Miscellaneous expenses 11,000
All the payments were made by cheque, except wages, freight and cartage. All the receipts were in cash and
were deposited in the bank on the same day. At the end of the year, the installment of loan along with interest
was dully paid to Axis bank.
Adjustment:- Depreciation was charged @5%p.a. on shop 10%p.a. on furniture. Closing stock was valued at Rs.
1,75,000. Telephone expenses outstanding for Rs. 1,000. Electricity expenses due but not paid is Rs. 13,000
Prepare vouchers, Journal, Ledger’s A/c, Trial Balance, Trading and Profit &loss A/c and balance sheet
Community Answer
After the graduation, Mollie started a business of footwear named “sty...
Explanation:
Capital:
Mollie's father gave her a capital of Rs. 7,60,000 as a gift which can be used for the business.
Loan:
Mollie took a loan of Rs. 4,00,000 from Axis Bank on 1st April 2014. The loan is to be repaid in 10 equal yearly instalments along with 10% p.a. on 31st March every year.
Purchase of shop:
Mollie purchased a shop for Rs. 3,30,000 in a shopping mall. This shop will be used for her business.
Electricity connection deposit:
Mollie deposited Rs. 5,000 with TPDDL Ltd. for an electricity connection. This deposit is required to get an electricity connection for her shop.
In summary, Mollie started a business of footwear named "Style Wear" after graduation. Her father gave her a capital of Rs. 7,60,000 and she took a loan of Rs. 4,00,000 from Axis Bank for the business. She purchased a shop for Rs. 3,30,000 and deposited Rs. 5,000 for an electricity connection with TPDDL Ltd.
Capital:
Mollie's father gave her a capital of Rs. 7,60,000 as a gift which can be used for the business.
Loan:
Mollie took a loan of Rs. 4,00,000 from Axis Bank on 1st April 2014. The loan is to be repaid in 10 equal yearly instalments along with 10% p.a. on 31st March every year.
Purchase of shop:
Mollie purchased a shop for Rs. 3,30,000 in a shopping mall. This shop will be used for her business.
Electricity connection deposit:
Mollie deposited Rs. 5,000 with TPDDL Ltd. for an electricity connection. This deposit is required to get an electricity connection for her shop.
In summary, Mollie started a business of footwear named "Style Wear" after graduation. Her father gave her a capital of Rs. 7,60,000 and she took a loan of Rs. 4,00,000 from Axis Bank for the business. She purchased a shop for Rs. 3,30,000 and deposited Rs. 5,000 for an electricity connection with TPDDL Ltd.
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After the graduation, Mollie started a business of footwear named “style wear”. Her father gave Rs. 7,60,000 as capital in gift. She also took a loan of Rs. 4,00,000 on 1st April 2014 from Axis Bank which was to be repaid in 10 equal yearly instalment along with 10 %p.a. on 31st March every year. She purchased a shopfor Rs. 3,30,000in a shopping mall and started her business from 1st April 2014. She deposited Rs. 5,000 for electricity connection with TPDDL Ltd.?
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After the graduation, Mollie started a business of footwear named “style wear”. Her father gave Rs. 7,60,000 as capital in gift. She also took a loan of Rs. 4,00,000 on 1st April 2014 from Axis Bank which was to be repaid in 10 equal yearly instalment along with 10 %p.a. on 31st March every year. She purchased a shopfor Rs. 3,30,000in a shopping mall and started her business from 1st April 2014. She deposited Rs. 5,000 for electricity connection with TPDDL Ltd.? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about After the graduation, Mollie started a business of footwear named “style wear”. Her father gave Rs. 7,60,000 as capital in gift. She also took a loan of Rs. 4,00,000 on 1st April 2014 from Axis Bank which was to be repaid in 10 equal yearly instalment along with 10 %p.a. on 31st March every year. She purchased a shopfor Rs. 3,30,000in a shopping mall and started her business from 1st April 2014. She deposited Rs. 5,000 for electricity connection with TPDDL Ltd.? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for After the graduation, Mollie started a business of footwear named “style wear”. Her father gave Rs. 7,60,000 as capital in gift. She also took a loan of Rs. 4,00,000 on 1st April 2014 from Axis Bank which was to be repaid in 10 equal yearly instalment along with 10 %p.a. on 31st March every year. She purchased a shopfor Rs. 3,30,000in a shopping mall and started her business from 1st April 2014. She deposited Rs. 5,000 for electricity connection with TPDDL Ltd.?.
After the graduation, Mollie started a business of footwear named “style wear”. Her father gave Rs. 7,60,000 as capital in gift. She also took a loan of Rs. 4,00,000 on 1st April 2014 from Axis Bank which was to be repaid in 10 equal yearly instalment along with 10 %p.a. on 31st March every year. She purchased a shopfor Rs. 3,30,000in a shopping mall and started her business from 1st April 2014. She deposited Rs. 5,000 for electricity connection with TPDDL Ltd.? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about After the graduation, Mollie started a business of footwear named “style wear”. Her father gave Rs. 7,60,000 as capital in gift. She also took a loan of Rs. 4,00,000 on 1st April 2014 from Axis Bank which was to be repaid in 10 equal yearly instalment along with 10 %p.a. on 31st March every year. She purchased a shopfor Rs. 3,30,000in a shopping mall and started her business from 1st April 2014. She deposited Rs. 5,000 for electricity connection with TPDDL Ltd.? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for After the graduation, Mollie started a business of footwear named “style wear”. Her father gave Rs. 7,60,000 as capital in gift. She also took a loan of Rs. 4,00,000 on 1st April 2014 from Axis Bank which was to be repaid in 10 equal yearly instalment along with 10 %p.a. on 31st March every year. She purchased a shopfor Rs. 3,30,000in a shopping mall and started her business from 1st April 2014. She deposited Rs. 5,000 for electricity connection with TPDDL Ltd.?.
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After the graduation, Mollie started a business of footwear named “style wear”. Her father gave Rs. 7,60,000 as capital in gift. She also took a loan of Rs. 4,00,000 on 1st April 2014 from Axis Bank which was to be repaid in 10 equal yearly instalment along with 10 %p.a. on 31st March every year. She purchased a shopfor Rs. 3,30,000in a shopping mall and started her business from 1st April 2014. She deposited Rs. 5,000 for electricity connection with TPDDL Ltd.?, a detailed solution for After the graduation, Mollie started a business of footwear named “style wear”. Her father gave Rs. 7,60,000 as capital in gift. She also took a loan of Rs. 4,00,000 on 1st April 2014 from Axis Bank which was to be repaid in 10 equal yearly instalment along with 10 %p.a. on 31st March every year. She purchased a shopfor Rs. 3,30,000in a shopping mall and started her business from 1st April 2014. She deposited Rs. 5,000 for electricity connection with TPDDL Ltd.? has been provided alongside types of After the graduation, Mollie started a business of footwear named “style wear”. Her father gave Rs. 7,60,000 as capital in gift. She also took a loan of Rs. 4,00,000 on 1st April 2014 from Axis Bank which was to be repaid in 10 equal yearly instalment along with 10 %p.a. on 31st March every year. She purchased a shopfor Rs. 3,30,000in a shopping mall and started her business from 1st April 2014. She deposited Rs. 5,000 for electricity connection with TPDDL Ltd.? theory, EduRev gives you an
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