Scribd
Upload
30 views1 page

DocScanner 01-Oct-2023 3-25 PM

Uploaded by

Alan walker
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF or read online on Scribd
30 views1 page

DocScanner 01-Oct-2023 3-25 PM

Uploaded by

Alan walker
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF or read online on Scribd
You are on page 1/ 1
[cA - Foundation - Principles & Practice of Accounting - Compiler] | Prof.Rahul Malkan 2021 2021 Rs. Rs. ‘Ist March 2 months 4th May 20,000 0 0 10th March 3 months | 13th June 15,000 40 6,00,000 Sth April 2 months 8th June 10,000 35 3,50,000 23rd April month | 26th May 18,750 2 4,12,500 10th May 2 months 13th July 25,000 70 17,50,000 88,750 31,12,500 Average due date = Base date+ Days equal to ~# of products Total amount Rs.3,11,2500 7 = 4th May, 2021 + ““S2—=— = 4th May, 2021 + 35 days = Sth June, 2021 Question 14: Nov 2021- RTP Mr. P owed Rs, 12,000 on Ist January, 2021 to Mr. Q. The following transactions took place between them. Itis agreed between the parties that interest @ 10% p.a. is to be calculated on all transactions, Rs. 15 January, 2021 Mr. Q sold goods to Mr. P 6690 29 January, 2021 Mr. Q bought goods from Mr. P 3,600 10 February, 2021 Mr. P paid cash to Mr. Q 3,000 13 March, 2021 Mr. P accepted a bill drawn by Mr. Q for one month 6,000 Mr. P in Account Current with Mr.Q (Interest upto 15th March, 2021 @ 10% p.a.) They agree to settle their complete accounts by one single payment on 15th March, 2021. Prepare Mr. P in Account Current with Mr. Q and ascertain the amount to be paid. Ignore days of grace. ‘Accounting for Specf Dr. cr. Date | Particulars ‘Amount ] Days | Product ] Date | Particulars ‘Amount | Days | Product 2021 2021 Jand_| Balance b/d 12,000] 74 | 888,000 [Jan29 | Purchase account | _3,600| 45 | _1,62,000 Jan.13_| Sales account 6690| 59] 3.94710 | Feb.t0 | Cashaccount 3,000) 33 9 Mar.13 | Red Ink product (Rs. 174,000 | Mar.13 | Bills Receivable | 6,000 6,000 « 29) account Mar.15 | Interest account 328 Mar.15 } Balance of} 6418 11,95,710 (us loei0e1) product 100x365 Balance c/d| 19,018 (amount to be paid) 19,018 1436710 T9018 156,710 Thanks .... (ha! Saved

You might also like