- Assignment status: Resolved by our Writing Team
Sunday, 4 February 2018
comprehensive question
Mr. Tushar decided to start a computer business. For this
purpose he built the first floor of his house at a cost of Rs.
2,00,000 and invested a further sum of Rs. 3,50,000 in this
business. He wanted to start with 12 computers costing Rs. 40,000
each. He approached ICICI Bank and secured a loan to the extent of
75% of the cost of computers. It was agreed that the loan will be
repaid in four annual instalments as follows: At the end of First
Year : Rs. 90,000 + Rs. 36,000 for interest At the end of Second
Year : Rs. 90,000 + Rs. 27,000 for interest At the end of Third
Year : Rs. 90,000 + Rs. 18,000 for interest At the end of Fourth
Year : Rs. 90,000 + Rs. 9,000 for interest He started business on
1st April, 2002. On the same date he deposited Rs. 3,30,000 in the
Bank. He purchased Computers and paid 25% of the value of computers
from his bank and Rs. 3,60,000 out of bank loan availed. He
deposited Rs. 10,000 for the electric connection with the
Electricity Board and also deposited Rs. 1,50,000 with the VSNL for
internet and telephone connection. He spent Rs. 40,000 for getting
the Computer Café furnished and also spent Rs. 6,000 in getting
the pamphlets printed and distributed. All payments were to be made
by cheques and all the receipts were to be deposited in the bank on
the same day. At the end of the same year, the results were: Rs.
Purchases of Computer stationery like floppy discs, CDs etc. 92,000
Revenue from fees received from students of Computer classes
2,70,000 Revenue on Account of Internet Facility 2,20,000 Revenue
from sale of Computer Stationery 1,60,000 Wages paid to Servan
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