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From the following trail balance and adjustment prepare final account saket trader For the year ending 31 March 2016?
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From the following trail balance and adjustment prepare final account ...
Final Accounts of Saket Trader for the year ending 31 March 2016


Trail Balance as on 31 March 2016



































































































Particulars Debit (₹) Credit (₹)
Cash 13,500
Bank 1,50,000
Purchases 5,00,000
Sales 7,50,000
Wages 45,000
Insurance 15,000
Rent 30,000
Interest Received 7,500
Discount Allowed 15,000
Discount Received 10,000
Bad Debts 25,000
Salaries 60,000
Carriage Inwards 20,000
Carriage Outwards 12,500
Office Expenses 7,500
Electricity Charges 10,000
Telephone Charges 5,000
Capital 4,20,500
Drawings
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From the following trail balance and adjustment prepare final account ...
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With an aim to check flow of black money and evasion of taxes through stock market, market regulator SEBI has decided to impose hefty penalty on brokers facilitating such transactions from tomorrow. The regulator recently came across a loophole in its existing regulations, which was being abused by stock brokers for facilitating tax evasion and flow of black money through fictitious trades in lieu of hefty commissions. To remove this anomaly, SEBI has asked stock exchanges to penalise the brokers transferring trades from one trading account to another after terming them as ‘punching’ errors. The penalty could be as high as 2% of the value of shares traded in the ‘wrong’ account, as per new rules coming into effect from August 1.In a widely-prevalent, but secretly operated practice, the people looking to evade taxes approach certain brokers to show losses in their stock trading accounts, so that their earnings from other sources are not taxed. These brokers are also approached by people looking to show their black money as earnings made through stock market. In exchange for a commission, generally 5-10% of the total amount, these brokers show desired profits or losses in the accounts of their clients after transferring trades from other accounts, created for such purposes only.The brokers generally keep conducting both ‘buy’ and ‘sell’ trades in these fictitious accounts so that they can be used accordingly when approached by such clients.In the market parlance, these deals are known as profit or loss shopping. While profit is purchased to show black money as earnings from the market, the losses are purchased to avoid tax on earnings from other sources.As the transfer of trades is not allowed from one account to the other in general cases, the brokers show the trades conducted in their own fictitious accounts as ‘punching’ errors. The regulations allow transfer of trades in the cases of genuine errors, as at times ‘punching’ or placing of orders can be made for a wrong client. To check any abuse of this rule, SEBI has asked the bourses to put in place a robust mechanism to identify whether the errors are genuine or not. At the same time, the bourses have been asked to levy penalty on the brokers transferring their non-institutional trades from one account to the other. The penalty would be 1% of the traded value in wrong account, if such trades are up to 5% of the broker’s total non-institutional turnover in a month. The penalty would be 2% of trade value in wrong account, if such transactions exceed 5% of total monthly turnover in a month.Q. Which of the following sentences is true according to the passage?

From the following trail balance and adjustment prepare final account saket trader For the year ending 31 March 2016?
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From the following trail balance and adjustment prepare final account saket trader For the year ending 31 March 2016? for Class 12 2024 is part of Class 12 preparation. The Question and answers have been prepared according to the Class 12 exam syllabus. Information about From the following trail balance and adjustment prepare final account saket trader For the year ending 31 March 2016? covers all topics & solutions for Class 12 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for From the following trail balance and adjustment prepare final account saket trader For the year ending 31 March 2016?.
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