10. Bobby opened a consulting firm and completed these transactions during November, 2017:
| (a) | Invested ₹4,00,000 cash and office equipment with ₹1,50,000 in a |
|---|---|
| business called Bobbie Consulting. | |
| (b) | Purchased land and a small office building. The land was worth ₹1,50,000 and the building worth ₹3, 50,000. The purchase price was paid with ₹2,00,000 cash and a long term note payable for ₹3,00,000. |
| (c) | Purchased office supplies on credit for ₹12,000. |
| (d) | Bobbie transferred title of motor car to the business. The motor car was worth ₹90,000. |
| (e) | Purchased for ₹30,000 additional office equipment on credit. |
| (f) | Paid ₹75,00 salary to the office manager. |
| (g) | Provided services to a client and collected ₹30,000 |
| (h) | Paid ₹4,000 for the month’s utilities. |
| (i) | Paid supplier created in transaction c. |
| (j) | Purchase new office equipment by paying ₹93,000 cash and trading in old equipment with a recorded cost of ₹7,000. |
| (k) | Completed services of a client for ₹26,000. This amount is to be paid within 30 days. |
| (l) | Received ₹19,000 payment from the client created in transaction k. |
| (m) | Bobby withdrew ₹20,000 from the business. |
Analyse the above stated transactions and open the following T-accounts:
Cash, client, office supplies, motor car, building, land, long term payables, capital, withdrawals, salary, expense and utilities expense.
NCERT/Numerical Questions/Q-10