Q19 of journal and ledger with trading and profit and loss account and balance sheet with the adjustments of:
(i)Depreciation on furniture @ 10%p.a.
(ii)Outstanding salaries= 1000
(iii)Closing stock= 20000
now please give me the solutionas fast as possible but but 7 feb.......please give me the solution please.........
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Financial Statement of M/s Karim Bros.
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| Trading Account | |||||
| Dr. | Cr. | ||||
| Particulars | Amount (Rs) |
Particulars | Amount (Rs) |
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| Opening Stock | 15,000 | Sales | 17,000 | ||
| Purchases | 20,000 | Closing Stock | 20,000 | ||
| Gross Profit (Balancing Figure) | 2,000 | ||||
| 37,000 | 37,000 | ||||
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Profit and Loss Account
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| Dr. | Cr. | |||||
| Particulars | Amount (Rs) |
Particulars | Amount (Rs) |
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| Discount Allowed | 1,500 | Gross Profit | 2,000 | |||
| Stationery | 1,200 | Discount Received | 500 | |||
| Rent | 3,500 | |||||
| Salaries Plus: Outstanding Salaries |
6,000 1,000 |
7,000 |
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| Depreciation | 450 | Net Loss (Balancing Figure) | 11,150 | |||
| 13,650 | 13,650 | |||||
Balance Sheet |
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| Liabilities | Amount (Rs) |
Assets | Amount (Rs) |
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| Capital | 69,500 | Fixed Assets | |||
| Less: Net Loss | 11,150 | 58,350 | Furniture | 4,500 | |
| Less: Depreciation | 450 | 4,050 | |||
| Current Liabilities | Current Assets | ||||
| Ashok | 15,000 | Closing Stock | 20,000 | ||
| Pankaj | 26,500 | Poonam | 5,000 | ||
| Outstanding Salaries | 1,000 | Sonu | 16,000 | ||
| Cash bank | 12,800 | ||||
| Cash in Hand | 43,000 | ||||
| 1,00,850 | 1,00,850 | ||||