1.

Visit a business firm, collect the information, and prepare a project

report.

Name: Krishna Adarsha Secondary School

Address: Hetauda-9 Lamsure

1. Is Journal Maintained or not?

Yes, Journal is maintained. Maintaining a journal in accounting is crucial
for accurate record-keeping. It helps to track financial transactions,
identify errors, and prepare financial statements. A well-maintained
journal can also aid in making informed business decisions and complying
with legal requirements. Therefore, it is essential to maintain a journal in
accounting for the smooth functioning of any organization.

2. Does it follow the value of debit and credit

Obviously it follows the value of debit and credit. Following the value of
debit and credit in school is an essential skill that every student should
learn. It is a fundamental concept in accounting, which involves recording
financial transactions accurately. Debit and credit are two terms that
describe the movement of money in and out of an account.
Nature of the business:
The nature of business transactions in schools is a complex and
multifaceted issue that requires careful consideration. On the one hand,
schools are educational institutions that exist to provide students with the
knowledge and skills they need to succeed in life. However, businesses
must generate revenue to cover their expenses and invest in new programs
and facilities.

One of the key challenges facing schools is balancing these two competing
priorities. Schools must find ways to generate revenue without
compromising their educational mission or exploiting their students. This
requires careful planning, effective management, and a commitment to
transparency and accountability.

Overall, the nature of business transactions in schools is an important

issue that deserves greater attention from educators, policymakers, and the
public at large. By working together to find innovative solutions that
balance the needs of students with the financial realities of running a
school, we can ensure that our educational system remains strong and
vibrant for generations to come.
 Trial Balance

Debit Amount Credit Amount

Building 200,000 Capital 400,000
Drawing 50,000 12% loan 50,000
Furniture 30,000 Sales 400,000
Vehicles 50,000 Commission 3,000
Interest on loan 3,000 Creditors 50,000
Purchases 250,000 Bills payable 44,000
Begining Stock 130,000 Provision for doubtful 2,500
debts
Salaries 30,000
Insurance 5,000
Debtors 100,000
Bank Balance 10,500
Bills Receivable 40,000
949,500 949,500
 Trading and P/L Account
For the year ended 31st Chaitra,2069
Dr. Cr.
Particulars Amount Particular Amount
To beginning stock 130,000 By sales 400,000
To purchase 250,000 By Closing stock 100,000
To gross profit b/d 3,000
Total 497,000 Total 497,000

Profit and Loss Statement

For the year ended 31st Chaitra,2069
Dr Cr.
Particular Amount Particular Amount
To interest on the loan 3,000 By gross profit b/d 3,000
To insurance 5,000 By Commission 3,000
To Salaries 51,000 By Net loss c/d 53,500
To provision on doubtful debts 4,500
Total 63500 Total 63500
 Balance Sheet
As of 31st Chaitra,2059
Dr Cr

Capital and Liabilities Amount Assets Amount

Capital 400,000 Building 200,000
Less: Drawing 50,000 349,000 Furniture 30,000
Less: Net loss 1,000
Bills payable 44,000 Vehicles 50,000
Creditors 50,000 Debtors 100,000
Less: Provision of 104,500
doubt.debt 4,500
Bank Balance 10,500
Bills Receivable 40,000
443,000 443,000
2. Visit a nearby government office and prepare its financial report.

Name: Hetauda Cement Industry

Address: Hetauda-9, Lamsure
Accountant: Sita Lungeli

Transactions:
● Paid house rent by a cheque of Rs.16,000 on Bhadra-1
● TADA advance was given to Mr Tamang amounting to Rs.8,000
through cheque on Bhadra-5
● Received a bank order and budget release order for actual
expenditure of last month Rs. 130,000 on Bhadra-9
● Issued a cheque of Rs.6,000 to Mr.Tamang for the clearance of
his TADA advance.