Cinemugam (Kollywood)

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Following records of Mr. Raj were kept on single entry system. (March 2009)

Following records of Mr. Raj were kept on single entry system. (March 2009) Particular 31.3.2006 31.3.2007 Stock Furniture Plant and Machinery Loan taken Bank Balance Debtors Creditors 15000 53500 42500 21000 1900 43000 18000 14000 44000 55500 21000 2100 35000 14900 Mr. Raj invested Rs. 4000 in the business. Also he had withdrawn Rs. 15,000 for his private expenses from business. Rs. 500 to be provided for bad debts. Depreciate plant and machinery @ 5% and furniture @5% Prepare: i. Statement of Affairs as on 31.3.2006. ii. Statement of Affairs as on 31.3.2007. iii. Statement of Profit and Loss for the year ended on 31.3.2007. Answer Capial at the Begining of the year 116900 Capital at the end of the year 114700 Trading Profit 8800 Net Profit 3325

Minal draws a bill on Usha for Rs. 5,000 at 3 months. Usha accepts the bill and return to Minal. Minal discounted the bill @ 12 % p.a. with the bank. On Maturity Usha finds herself unable to make payment of the bill and requested Minal to renew the bill. Minal accepts the proposal on the condition that Usha should Pay Rs. 2,000 in cash and accept a new bill at one month along with interest at 10% p.a. These arrangements were carried through. Usha retires the bill by paying Rs. 3015/- Pass Journal Entries in the books of Usha.

Archana purchased goods from Babita on credit for Rs. 20,000. On next day Archana paid Rs. 10,000 to Babita and accepted a bill drawn by Babita for the balance amount for four months. Babita discounted the bill with her bank for Rs. 9600/-. Before the due date Archana approached Babita with a request to renew the Bill. Babita agreed with the condition that Archana should pay Rs. 6000 along with interest of Rs. 120 and accept a new bill for the balance. These arrangements were duly carried out. New bill is met on the due date. Pass journal entries in the books of Archana.

Minal draws a bill on Usha for Rs. 5,000 at 3 months. Usha accepts the bill and return to Minal. Minal discounted the bill @ 12 % p.a. with the bank. On Maturity Usha finds herself unable to make payment of the bill and requested Minal to renew the bill. Minal accepts the proposal on the condition that Usha should Pay Rs. 2,000 in cash and accept a new bill at one month along with interest at 10% p.a. These arrangements were carried through. Usha retires the bill by paying Rs. 3015/- Pass Journal Entries in the books of Minal.

On 1st March, 2013. Ramchandra sold goods to Raman worth Rs. 8,000/- and Raman accepted the Bill for Rs. 8,000/- at 3 months drawn by Ramchandra. Ramchandra discounted the bill with his bank @ 6% p.a. On due date the bill was dishonoured and Raman requested Ramchandra to accept Rs. 4,000/- immediately and draw upon him a new bill for the remaining amount at 3 months together with an interest @ 10% p.a. Ramchandra agreed. The second Bill was duly honoured. Give Journal entries in the books of Ramchandra

BILL OF EXCHANGE TRADE BILL

Drawer: Yamini Gupta, Sarvapriya Vihar, Delhi Drawee – Kamini Sharma, Raj baug, Agra. Period – 100 days. Term – After acceptance Date of Bill – 1 st January, 2007 Amount – Rs. 10,500/- Date of Acceptance – 3 rd January, 2007

PROFORMA OF BILL OF EXCHANGE

Drawer : Abhijit Patil, Vikram nagar, Patna. Drawee : Tejas Kapare, Kothrud, Pune. Payee : Amey Patki, Nagpur. Amount : Rs. 7500 Period : 60 days Term : After sight Date of Bill Drawn : 1 st June 2006 Date of Acceptance : 11 th June 2006 Accepted bill for Rs. : 7000 only.

FORMAT OF BILL OF EXCHANGE

. Drawer : Vijay Bhat, Main Road, Nagpur. Drawee : Ashok Kulkarni, M.G. Road, Nagpur. Payee : Anil Jadhav, Pune. Amount : Rs. 6,950. Period : 80 days. Date of Bill : 7 th March, 1996. Accepted on : 10 th March, 1996. For 90 days

BILL OF EXCHANGE FORMAT

Drawer : Vilas Ptil, 44, M.G. Road, Nanded. Drawee : Pankaj Pawar, 70, Bhavani Galli, Solapur. Payee : Ramchandra Rampure, Rampur. Period : 60 days. Date of Bill : 28 th January, 1995 Date of Acceptance : 29 th January, 1995 Amount of the Bill : Rs. 2,800/-

FORMAT OF BILL OF EXCHANGE

Drawer : Mr. Avadhoot Raktade, (March 2012) 586. Main Road, Ajara Drawee : Mr. Mukund Aglawe 133, Chandni Chowk, Panvel. Amount : Rs. 8,800. Period : Two Months. Date of Bill : 1 st May, 2010. Date of Acceptance : 5 th May, 2010.

Bill of exchange format

On 10 th March, 1995 Rajesh Bhoyar, Gandhinagar, Nagpur draws a 2 months bill for Rs. 3,000 on Samir Choudhary, Main Road, and Belapur. Samir Choudhary accepted the bill on 15 th March 1995.

PREPARE A BILL OF EXCHANGE FROM THE FOLLOWING DETAILS.

1. Drawer : Soundariya, Neelam Bhawan, Kalyan Drawee : Sugandi, Dastur Nagar, Amaravati Payee : Umesh , Deogad Period : 90 days Amount : Rs. 7,555 Date of bill : 15 th March 1995 Accepted on : 20 th March 1995

Mensuration Assignment

1. The radius of a circle is 21 cm. Find (i) length of the arc (ii) area of the sector, when the corresponding central angle are: (a) 60 0 (b) 75 0 (c) 135 0 2. An arc of length 18cm subtends an angle of 270 0 at the centre. Find the radius and the area of the sector formed by this arc. 3. The area of a sector of a circle is 207.9 sq. cm. and the measure of the arc of the sector is 54 0 . Find (i) the radius of the circle (ii) the length of the arc. 4. The circumference of a circle is 198 cm. The measure of the arc of the circle is 40 0 . Find (i) the radius of the circle (ii) area of the sector. 5. If the sector of a circle with radius 10 cm has central angle 18 0 . find the area of the sector. Answers: 1. (a) 22cm, 231 sq.cm. (b) 27.5 cm, 288.75 sq.cm. (c) 49.5 cm , 519.75 sq.cm. 2. Radius = 12 cm; A(sector) = 108sq. cm. 3. 21 cm, 19.8 cm. 4. 31.5 cm, 346.5 sq.cm. 5. 15.7 sq.cm.

Admission of a partner

Reconstitution of a Partnership Firm : Admission of a Partner * How can a New Partner be Admitted:- According to section 31(1) of Indian Partnership Act 1932, a person can be admitted as a new partner only with the consent of all exiting partners. * A new partner is needed into the business due to the following reasons:- 1. When more capital is needed for the expansion of the business. 2. When a competent and experienced person is needed for the efficient running of the business. 3. To increase the goodwill and reputation of the business by taking a reputed and renowned Person into the partnership. 4. To encourage a capable employee by taking him into the partnership. * Following Adjustments are needed at the time of the admission of a new partner :- 1. Calculation of new profit sharing ratio. 2. Accounting treatment of goodwill. 3. Accounting treatment for revaluation of Assets and Liabilities. 4. Accounting treatment of reserves and accumul