June Aflatoon Sale| Doubtnut par mil raha hai sabhi Courses par 10% ka Discount| Last Date-30th June

On 15th June , 2019 Mohan sold goods to Sohan valued at ₹ 2,000. He drew a bill at 3 months for the amount and discounted the same with his bank for ₹ 1,960 . On the due date the bill was dishonoured and Mohan paid to the amount due plus the noting charges of ₹ 10. Pass the necessary Journal entries in the book of all parties.

On 30th June, 2016, the pass book of Nataraj showed a bank overdrat of 46,000. The following additional information is available. You are requred to prepare a bank reconciliation statement as on the above mentioned date : (i) Out of total cheques issued, cheques for ₹22,000 have not been presented for payment so far. (ii) Cheques paid into bank for collection, but not yet cleared total ₹31,000. (iii) Bank has charged ₹2,300 as interest on overdraft : it does not appear in chsh book. (iv) A customer has directly deposited ₹8,300 with bank in Nataraj's account for which there is no entry in cash book. (v) Dividend on shares collecteed by bank and credited in the pass book amounts to ₹2,000 for which no intimation has been given no Nataraj so far. (vi) A bill for ₹10,000 discounted with the bank was sishonoured on maturity. Bank has dibited nataraj with ₹10,100 insluding ₹100 for noting charges, the transaction has not yet been recorded in cash book.

Casco Infrastructure Ltd. Issued 21,000, 7% Debentures of Rs. 100 each on 1st January, 2013 redeemable at a premium of 8% on 30th June, 2018. The Company decided to transfer the required amount to Debentures Redemption Reserve in three equal annual instalment starting from 31st March, 2016. The company invested the funds as required by law in fixed deposit in a bank on 1st April, 2018 earning interest @ 10% p.a. Tax was deducted on interest earned @ 10% by the bank. Pass Journal entries for issue and redemption of debentures, ignoring on debentures.

On 30th June, 2016, the Cash Book of M/s Ram and Shyam showed a balance of ₹4,000 at Bank. They had sent the Pass Book that cheques worth only ₹8.000 had been creadited before that date. Similarly, out of cheques of ₹10,000 issued during the month of June, cheques for ₹500 were presented and paid payment :- The Pass Book also showed the following payment : (i) ₹640 as premium on the life policy according to standing instructions, and (ii) ₹4,000 against a pro-note, as per instructions. The Pass Book showed that bank had collected ₹1,200 as interset on Government Securities. The bank had charged interst ₹100 and bank charges ₹40. There was no entry in the Cash Book for the payments, interset etc. Prepare the Bank Rconciliation Statement as on 30th June, 2016.

On 1st April, 2016, Green Ltd. Purchased machinery for Rs 1,20,000 and on 30th September, 2017, it acquired additional machinery at a cost of Rs 20,000. On 30th June, 2018, one of the original machines which had cost Rs 5,000 was found to have become obsolete and was sold as scrap for Rs 500. It was replaced on that date by a new machine costing Rs 8,000. Depreciation is to be provided "@ "15% p.a. on the Written Down Value. Accounts are closed on 31st March every year. Show Machinery Account for the first three years.

Sunrise Ltd. purchased a second-hand machine for Rs 5,50,000 and spent Rs 50,000 on its repairs. Depreciation is to be provided "@" 10% p.a. following Straight Line Method. The machine is sold for Rs 4,40,000. Accounting year is financial year. Calculate the gain (profit) or loss on sale of the machine in cach of the following altcrnutive cases: Case 1 : If date of purchase is 1st April, 2015 and date of sale is 31st March, 2018. Case 2 : If date of purchase is 1st April, 2016 and date of sale is 30th September, 2018. Case 3 : If date of purchase is 1st July, 2015 and date of sale is 31st March, 2018. Case 4 : If date of purchase is 1st July, 2016 and date of sale is 30th September, 2018.

Hp Ltd. has 1,00,000, 8% Debentures of Rs. 50 each due for redemption in five equal annual instalments starting from 30th June, 2015. Debentures Redemption Reserve has a balance of Rs. 5,00,000 on that date. Pass Journal entries.

Green Ltd. purchased a machinery on 1st August, 2015 for Rs 60,000. On 1st October, 2016, it purchased another machine for Rs 20,000. On 30th June, 2017, it sold the first 'machine for Rs 38,500 and on the same date purchased a new machinery for Rs 50,000. Depreciation is provided "@" 20% p.a. on cost each year. Accounts are closed each year on 31st March. Show the Machinery Account for three years.