Solve problem-Accounting Journal Entry - Professionals - Accounting - TIK Share

Solve problem-Accounting Journal Entry


SANJAY KUMAR GANNA

2014-04-25

Friends i have got one small question but unable to solve it

Please solve the following and reply

Mr.X  having following Balance sheet as at 31.03.2013
       
Capital  200000 Investment in Buss 225000
Loan - Bank 175000 Loan Debtors 85000
    FD 45000
    Bank balance 5000
    Cash 15000
  375000   375000
       
Balance sheet of Buss    
       
Capital 225000 S. Debtors 115000
    Bank balance 65800
    Cash 44200
  225000   225000
Following Transaction during the year  
1. Bussiness having profit of Rs. 63800  
2. Z a sundry debtor in bussiness having Rs. 85000 balance at beginning paid Rs. 20000 and deducted TDS of Rs. 2000 on his payments 
3. Bank has provided interest of Rs. 3800 on FD and deducted TDS of Rs. 380
4. Mr X received all Loan Debtors and he transferred money to business Rs 100000
5. Interest on Loan from Bank Rs. 18000 provided in books no repayment of Loans during the year
       
Pass Journal entries and prepare Balance sheet of Mr x as individual and Balance sheet of his Buss.