Journalize the following transactions of M/s.Bharat Fashion House and post the entries to the Ledger:
business
Description
Assignment Questions – MAA – MGT402
Journalize the following transactions of M/s.Bharat Fashion House and post the entries to
the Ledger:
June 05 Business started with cash Rs.2,00,000
June 08 Opened a bank account with Syndicate Bank Rs.80,000 June 12 Goods purchased on credit from M/s.Gulmohar Fashion House Rs.30,000
June 12 Purchase office machines, paid by cheque Rs.20,000
June 18 Rent paid by cheque Rs.5,000
June 20 Sale of goods on credit to M/s.Mohit Bros Rs.10,000
June 22 Cash sales Rs.15,000
June 25 Cash paid to M/s.Gulmohar Fashion House Rs.30,000
June 28 Received a cheque from M/s.Mohit Bros Rs.10,000
June 30 Salary paid in cash Rs.6,000
Prepare accounting equation and balance sheet on the basis of the following:
i. Pandiyan started business with cash Rs.1,50,000
ii. He purchased furniture Rs.50,000
iii. He paid rent Rs.20,000
iv. He purchased goods on credit from Mr.Mahesh Rs.45,000
v. He sold goods (cost price Rs.70,000) for cash Rs.75,000
Problem 3 (10 marks)
Hitech Ltd. acquired a machine on 1
st October 2015 at a cost of Rs.50,00,000. It charges
depreciation on straight line method at the rate of 10% every year. The company purchased
a new machine worth Rs.10,00,000 on 1st April 2017. Show the Machinery Account and
Depreciation Account for the year ending 31st March 2016, 2017 and 2018.
Problem 4 (15 marks)
The following are the key Financial Ratios of Reliance Industries Ltd for the year 2016, 2017
and 2018. Analyze the different ratios and give suitable relevant interpretations for each
category of ratios.
