Question
What is meant by 'Retiring a bill under rebate'?
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Date of the Bills
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Period
|
|
I.
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1st February, 2017
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2 months
|
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II.
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31st January, 2017
|
3 months
|
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III.
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30th September, 2017
|
2 months
|
|
IV.
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30th September, 2017
|
3 months
|
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V.
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29th December, 2017
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2 months
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VI.
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31st December, 2017
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2 months
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VII.
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15th July, 2017
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30 days
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VIII.
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27th January, 2016
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1 month
|
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a.
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Manoj started business with
(i) Cash
(ii) Goods
(iii) Building
|
₹ 2,30,000
₹ 1,00,000
₹ 2,00,000
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b.
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He purchased goods for cash
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₹ 50,000
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c.
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He sold goods (costing ₹ 20,000)
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₹ 35,000
|
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d.
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He purchased goods from Rahul
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₹ 55,000
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e.
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He sold goods to Varun (Costing ₹ 52,000)
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₹ 60,000
|
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f.
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He paid cash to Rahul in full settlement
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₹ 53,000
|
|
g.
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Salary paid by him
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₹ 20,000
|
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h.
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Received cash from Varun in full settlement
|
₹ 59,000
|
| i. | Rent outstanding | ₹ 3,000 |
| j. | Prepaid Insurance | ₹ 2,000 |
| k. | Commission received by him | ₹ 13,000 |
| l. | Amount withdrawn by him for personal use | ₹ 20,000 |
| m. | Depreciation charge on building | ₹ 10,000 |
| n. | Fresh capital invested | ₹ 50,000 |
| o. | Purchased goods from Rakhi | ₹ 10,000 |
|
2017
|
|
₹
|
|
Jan. 1
|
Paid into bank for opening a Current Account
|
10,000
|
|
Jan. 3
|
Goods sold for ₹ 50,000 and the amount was deposited into the bank
|
|
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Jan. 7
|
Amount withdrawn from bank
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20,000
|
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Jan. 10
|
Goods sold for Cash
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15,000
|
|
Jan. 12
|
Amount deposited into bank
|
12,000
|
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Jan. 14
|
Goods purchased and payment made by cheque.
|
25,000
|
|
S.No
|
|
₹
|
|
i
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Mohan started business with cash
|
40,000
|
|
ii
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Purchased Goods
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20,000
|
|
iii
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Sold Goods
|
24,000
|
|
iv
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Paid Rent
|
400
|
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v
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Paid salaries
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600
|
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vi
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Drew for personal use
|
1,000
|