On 1st January, 2020, Kamal 's account in Vimal's ledger showed a debit balance of* 15,000. The following transactions took place between Vimal and Kamal during thequarter ended 31st March, 2020:Jan.Jan.2020Feb.Feb.Feb.MarchMarchMarch1124010407011823Vimal sold goods to KamalVimal received a promissory note from Kamal dueafter 3 monthsKamal sold goods to VimalVimal sold goods to KamalKamal returned goods to VimalKamal sold goods to VimalVimal sold goods to KamalKamal sold goods to Vimal₹18,00015,00030,00024,6003,00016,80027,60012,000Accounts were settled on 31st March, 2020 by means of a cheque. Prepare an AccountCurrent to be submitted by Vimal to Kamal as on 31 March, 2020, taking interest intoaccount @ 10% per annum. Calculate interest to the nearest multiple of a rupee.

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Description: On 1st January, 2020, Kamal 's account in Vimal's ledger showed a debit balance of* 15,000. The following transactions took place between Vimal and Kamal during thequarter ended 31st March, 2020:Jan.Jan.2020Feb.Feb.Feb.MarchMarchMarch112401040701182

Account current is a running statement showing mutual transactions between two parties for a given…

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On 1st January, 2020, Kamal 's account in Vimal's ledger showed a debit balance of 15,000. The following transactions took place between Vimal and Kamal during the quarter ended 31st March, 2020: Jan. Jan. 2020 Feb. Feb. Feb. March March March 11 24 Vimal sold goods to Kamal Vimal received a promissory note from Kamal due after 3 months 01 Kamal sold goods to Vimal 04 Vimal sold goods to Kamal 07 Kamal returned goods to Vimal 01 Kamal sold goods to Vimal 18 Vimal sold goods to Kamal 23 Kamal sold goods to Vimal 18,000 15,000 30,000 24,600 3,000 16,800 27,600 12,000 Accounts were settled on 31st March, 2020 by means of a cheque. Prepare an Account Current to be submitted by Vimal to Kamal as on 31st March, 2020, taking interest into account @10% per annum. Calculate interest to the nearest multiple of a rupee.

On 1st January, 2020, Kamal 's account in Vimal's ledger showed a debit balance of 15,000. The following transactions took place between Vimal and Kamal during the quarter ended 31st March, 2020: Jan. Jan. 2020 Feb. Feb. Feb. March March March 11 24 Vimal sold goods to Kamal Vimal received a promissory note from Kamal due after 3 months 01 Kamal sold goods to Vimal 04 Vimal sold goods to Kamal 07 Kamal returned goods to Vimal 01 Kamal sold goods to Vimal 18 Vimal sold goods to Kamal 23 Kamal sold goods to Vimal 18,000 15,000 30,000 24,600 3,000 16,800 27,600 12,000 Accounts were settled on 31st March, 2020 by means of a cheque. Prepare an Account Current to be submitted by Vimal to Kamal as on 31st March, 2020, taking interest into account @10% per annum. Calculate interest to the nearest multiple of a rupee.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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