Question
Explain the following:
Business Entity Concept.
Business Entity Concept.
Generate a complete, print-ready paper with questions like this in minutes — across 16+ boards, with answer keys.
|
|
Date of the Bills
|
Period
|
|
I.
|
1st February, 2017
|
2 months
|
|
II.
|
31st January, 2017
|
3 months
|
|
III.
|
30th September, 2017
|
2 months
|
|
IV.
|
30th September, 2017
|
3 months
|
|
V.
|
29th December, 2017
|
2 months
|
|
VI.
|
31st December, 2017
|
2 months
|
|
VII.
|
15th July, 2017
|
30 days
|
|
VIII.
|
27th January, 2016
|
1 month
|
|
2017
|
|
|
Jan. 2
|
Purchased Typewriter for ₹ 7,500
|
|
Jan. 4
|
Sold goods for Cash of the list price of ₹ 25,000 at 20% trade discount and 5% Cash discount
|
|
Jan. 6
|
Sold goods to Gopal Seth for ₹ 10,000
|
|
Jan. 8
|
Gopal Seth returned goods for ₹ 1,500
|
|
Jan. 12
|
Purchased goods from Arun ₹ 12,000, and from varun ₹ 15,000
|
|
Jan. 13
|
Settled Arun's account in full after deducting 5% for cash discount
|
|
Jan. 14
|
Paid cash to Ghanshyam in full settlement of his account
|
|
Jan. 16
|
Received ₹ 7,500 from Lal Chand in full settlement of his account
|
|
Jan. 17
|
Purchased a Scooter for office use ₹ 18,000
|
|
Jan. 20
|
Sold goods for cash 20,000
|
|
Jan. 22
|
Received from Gopal Seth ₹ 4,850 and discount allowed ₹ 150
|
|
Jan 27
|
Paid for Wages ₹ 7,000 and Salaries ₹ 3,000.
|
|
Jan. 28
|
Withdrew goods for ₹ 2,000 and Cash ₹ 1,500 for private use
|
|
Jan. 29
|
Paid for Life Insurance Premium of the Proprietor ₹ 1,600
|
|
S.No
|
|
₹
|
|
i
|
Machinery purchased
|
40,000
|
|
ii
|
Machinery sold
|
10,000
|
|
iii
|
Machinery purchased
|
8,000
|
|
iv
|
Machinery discarded
|
14,000
|
|
v
|
Depreciation on machinery
|
1,000
|