Accountancy Archives - COMGYAN

Accountancy Project on Mobile Phones

Team Comgyan — Wed, 17 Jun 2020 05:15:01 +0000

In this post we are sharing with you Comprehensive Accountancy Project on the topic Mobile Phones . The project is based on Mobile Store .

DOWNLOAD COMPLETE PDF OF THE PROJECT FOR FREE

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STORY OF THE COMPREHENSIVE ACCOUNTANCY PROJECT

Mr. Ankit Sharma, Arts Graduate started the business of trading of mobile phones i.e. buying and selling of Mobile Phones. He thus decides to open his own Mobile store under the name and style of M/S MOBILE STORE a sole proprietorship concern.

He had a plot of land of 500sq feet in the outer area of the city which was gifted to him by his father. He sold that land for Rs 1000000/- which he brought in his business as capital. He also used his savings of Rs. 500000/-from his earlier job for his business. He took a shop on rent in Rs 25000/- per month and a security of Rs 100000/- payable at the time of taking possession of the shop. The shop was not fully furnished as per his needs so a sum of Rs 500000/- was required for Furniture and lights.

In order to purchase furniture he approached to bank for loan. The Bank on security of his residence of which he was owner, granted him loan of Rs 500000/- @ 12%. The Loan is repayable in 5 annual installments of Rs 100000/- each.

Year	Principle Repayment	Interest Repayment
1	100000.00	60000.00
2	100000.00	48000.00
3	100000.00	36000.00

And so on.

He incurred some pre-operative expenses which include Security deposit for Rent Rs 100000/- .

The following information is extracted from is books of accounts for the year ending on 31st March, 2019

Purchases (Including credit purchases of Rs. 9,00,000)	21, 00,000.00
Purchase Return	50,000.00
Cartage Inward	30,000.00
Packing Material	50,000.00
Sales (including credit sales of Rs. 7,00,000)	27,00,000.00
Commission	35000.00
Discount Allowed	15,000.00
Rent	325,0000.00
Electricity Charges	50,000.00
General Expenses	25,000.00
Interest	60,000.00
Professional Charges	15,000.00
Salary	295000.00
Telephone Charges	15000.00

ADJUSTMENTS

Adjustments made in Balance Sheet are as follows

S.NO	ADJUSTMENTS
1.	Closing stock is valued at Rs 550000/-.
2.	Provision electricity charges for the month of march yet to be paid Rs 5000.
3.	Prepaid factory rent for the next year of Rs 25000/-
4.	Created Provision for Bad & Doubtful Debts for Rs 5000/-.
5.	Depreciation on fixed assets A.C. 15% Furniture 10%

2. JOURNAL BOOK


PARTICULARS		L.F.	AMOUNT	AMOUNT

Bank a/c	Dr		1,500,000.00
To Capital a/c				1,500,000.00
(Being Cash deposited in the bank)

Bank a/c	Dr		500,000.00
To Bank Loan a/c				500,000.00
(Being Term loan taken for thepurchase of furniture for the shop )

Air Conditioner a/c	Dr		100,000.00
To Bank a/c				100,000.00
(Being AC purchased for the shop)

Furniture & Fittings a/c	Dr		500,000.00
To Bank a/c				500,000.00
(Being Furniture & Fittings fitted in the shop)

Security Deposit for Rent a/c	Dr		100,000.00
To Bank a/c				100,000.00
(Being Security Deposit paid for acquring shop on rent)

Cash a/c	Dr		100,000.00
To Bank a/c				100,000.00
(Being Cash withdrawn for business use)

Packing Material a/c	Dr		50,000.00
To Cash a/c				50,000.00
(Being Packing Material purchased in cash)

Purchase a/c	Dr		1,200,000.00
CGST Input a/c -14%	Dr		168,000.00
SGST Input a/c-14%	Dr		168,000.00
To Bank a/c				1,536,000.00
(Being purchases made in cash from different wholesellers and agents)			–

Carriage Inwards a/c	Dr		30,000.00
To Cash a/c				30,000.00
(Being Carriage Inwards paid in cash)

Electricity Charges a/c	Dr		50,000.00
Telephone Charges a/c	Dr		15,000.00
To Bank a/c				65,000.00
(Being Electricity & Telephone Charges paid )

Legal and Professional Expenses a/c	Dr		15,000.00
To Bank a/c				15,000.00
(Being legal & professional charges paid )


Cash a/c	Dr		2,560,000.00
To Sales a/c				2,000,000.00
To CGST A/c-14%				280,000.00
To SGST Output A/c-14%				280,000.00
(Being cash sales made in cash during the year)

Bank Loan a/c	Dr		100,000.00
To Bank a/c				100,000.00
(Being annual istallment of Rs 100000/- paid of bank loan)

Interest a/c	Dr		60,000.00
To Bank a/c				60,000.00
( Being Interest paid on bank loan @ 12% p.a)

Rent a/c	Dr		325,000.00
To Bank a/c				325,000.00
(Being Factory Rent paid at 25000 per month for 12 months & 1 month
in advance for the next year)

Bank a/c	Dr		1,000,000.00
To Cash a/c				1,000,000.00
(Being cash deposited in bank)

Sundry Debtors a/c	Dr		896,000.00
To Sales a/c				700,000.00
To CGST A/c-14%				98,000.00
To SGST Output A/c-14%				98,000.00
(Being credit sales made during the year)

Bank a/c	Dr		385,000.00
Discount allowed a/c	Dr		15,000.00
To Sundry Debtors a/c				400,000.00
(Being payment received from Debtors)

Purchase a/c	Dr		900,000.00
CGST Input a/c -14%	Dr		126,000.00
SGST Input a/c-14%	Dr		126,000.00
To Sundry Creditors a/c				1,152,000.00
(Being stock purchased on credit from different wholesellers & agent)

Commission a/c	Dr		35,000.00
To Bank				35,000.00
(Being Fire insurance paid to Insurance Company)

Sundry Creditors a/c	Dr		700,000.00
To Cash a/c				700,000.00
(Being Payment made to Creditors partly during the year )

Salary a/c	Dr		295,000.00
To Bank a/c				295,000.00
(Being Salary paid to the 2 employees working at the shop)

Sundry Creditors a/c	Dr		64,000.00
To Purchase Return a/c				50,000.00
To CGST Input a/c -14%				7,000.00
To SGST Input a/c -14%				7,000.00
(Being purchase return made to the creditors during the year)

Drawing a/c	Dr		200,000.00
To Cash a/c				200,000.00
( Being amount withdrawn from business for personal purposes)

General Expenses a/c	Dr		25,000.00
To Cash a/c				25,000.00
( Being payment made for general expenses of business)

LEDGERS

TRIAL BALANCE

PROFIT AND LOSS STATEMENT

BALANCE SHEET

RATIO ANALYSIS

ALL THESE ARE INCLUDED IN PDF VERSION OF THE PROJECT

The post Accountancy Project on Mobile Phones appeared first on COMGYAN.

Accountancy Class 12 syllabus

Team Comgyan — Tue, 28 Jun 2016 07:54:50 +0000

Get the latest Accountancy syllabus for Class 12 . Students are advised to study updated with the latest syllabus.

CBSE change their syllabus from time to time. So keep updated with the latest syllabus.

This is a latest syllabus issued by CBSE for the academic year 2016-2017. Students should go through their books and insure that their books cover all the topics of CBSE syllabus.

While most of the latest books cover full syllabus, one with the old books should be careful.

Click Here to Download Latest Accountancy Syllabus Class 12 for academic year 2016-17

Accountancy Syllabus Class 12

With the changing economic scenario and business environment in a state of continuous flux, elementary business education along with accountancy as the language of business and as a source of financial information has carved out a place for itself at the senior school stage.Its syllabus constant should give students a firm foundation in basic accounting principles and methodology and also acquaint them with the changes taking place in the presentation and analysis of accounting information, keeping in view the development of accounting standards and use of computers.
Against this background, the course puts emphasis on developing basic understanding about the nature and purpose of the accounting information and its use in the conduct of business operations. This would help to develop among students logical reasoning, careful analysis and considered judgement. Accounting as an information system aids in providing financial information.

In class 12^th, Accounting for Partnership Firms and Companies are to be taught as a compulsory part. Students will also be given opportunity to understand further about computerized Accounting System, as an optional course to analysis of Financial Statements.

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Guidelines for Comprehensive Accountancy Project

Team Comgyan — Mon, 02 Jun 2014 16:31:03 +0000

In this post we have discussed revised guidelines issued by CBSE in 2015 for Comprehensive Accountancy Project and Specific Accountancy Projects along with sample projects .

As per the CBSE guidelines every student of class 12th have to prepare a Comprehensive Accountancy Project on Sole Proprietorship .

How to make the Project ?

Write a STORY

There should be nicely written story in the project. The story should include all the major transactions of the firm .There should be 5 adjustment entries in project which should be shown in story.The data provided should be close to real life situations as possible. It should cover all important aspects like investments,financing, operating, adjustments to final accounts, etc. in a condensed form.

The situations given in these problems will require a student to derive meaningful conclusion for taking
decisions for the purposes of investment, expansion, financing, etc.

Make JOURNAL based on above story

There should be around 35-45 journal entries or as specified by your teacher .Some entries should be related to Pre – Operative Expenses. Journal Entries should be realistic and related to business on which you are making the project.

LEDGER ACCOUNTS:

There should be around 25-30 ledger accounts.Ledger Accounts should be closed with Trading A/c and Profit and loss A/c.

Make TRIAL BALANCE

Make TRADING , PROFIT & LOSS A/C

Make BALANCE SHEET

Calculate Relevant Accounting Ratios :

Following Ratios are required to be made

Profitability Ratio
Solvency Ratio
Liquidity Ratio
Activity Ratio

Diagrammatic representation of above ratio is also required.

Analysis of the Financial Statements using Accounting ratios

Brief analysis of the above Ratios is required.

Write a Conclusion

Conclusions drawn should be placed in boxes at the end.

Beside these your project file should also include

First page of the file should describe title of work, identity of student, school, and the
teacher concerned.
Index to indicate columns for title of work, page no., date, teacher’s remarks and
signature.
Acknowledgment
Certificate

Project File should be neatly handwritten and presentable with page numbers. Each step of the
solution needs to be highlighted.

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