Question
Describe the need of transportation.

Answer

SELF

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Mr. P.H. Mehta is in business. The following balances were extracted from the books as on 31.12.2022. You are required to prepare the Trading Account and the Profit and Loss Account for the year ended 31.12.2018 and the Balance Sheet as on that date.
Debit (₹)Credit (₹)
Capital1,98,000
Drawings10,000
Purchases and Returns Outward1,18,800500
Salaries21,650
Rate and Taxes950
Office Lighting and Cooling2,700
Import Duty2,200
Insurance250
Agency Commission900
Advertising5,000
Returns Inward and Sales3,48,500
Bad Debts800
Postage and Telegrams800
Discount Received150
Carriage for Door Delivery to Customers1,400
Opening Stock6,200
Wages27,700
Plant and Machinery2,05,000
Land and Buildings1,10,000
Furniture and Fittings3,000
Sundry Debtors and Creditors39,60020,000
Cash at Bank10,000
Petty Cash Balance200
5,67,1505,67,150

Closing stock on 31.12.2022 was ₹48,700.
Distinguish, with the help of examples between
(a) Capital Losses and Revenue Losses.
(b) Capital Profits and Revenue Profits. 
What is Health Insurance? Explain its importance.
The following is the trial balance of Miss H. Seattle as on 31st December, 2022.
Debit (₹)Credit (₹)
Salaries5,500
Wages33,000
Returns Accounted10,0008,000
Carriage Inwards12,000
Carriage Outwards10,000
Rent3,300
Insurance7,000
Stock on (1/1/2022)15,000
Rates and Taxes2,700
Power and Fuel8,000
Plant and Machinery1,00,000
Furniture and Fixtures10,000
Purchases1,20,000
Sales2,05,000
Investments (long-term basis)80,000
Income from Investments10,000
Commission Receipts12,000
Discount to Customers and from Creditors4,0006,000
Bad Debts Written off2,000
Cash in Bank25,000
Cash in Hand500
Capital2,20,000
Debtors' and Creditors' Personal Accounts52,00039,000
5,00,0005,00,000
Compile the final accounts for the owner, after attending to the adjustment given below.
(i) Closing stock is evaluated at the lower market price 42,000 ignoring the cost price, which is higher by ₹4,000.
Explain the benefits of taking an insurance policy.
What are Preference Shares? State the various types of preference shares.
Discuss the concept and importance of fire insurance.