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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.........

Asked by Aradhya Mishra(student) , on 5/2/14


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EXPERT ANSWER
Financial Statement of M/s Karim Bros.
Trading Account
Dr.   Cr.
Particulars Amount
(Rs)
Particulars Amount
(Rs)
Opening Stock 15,000 Sales 17,000
Purchases 20,000 Closing Stock 20,000
Gross Profit (Balancing Figure) 2,000    
       
  37,000   37,000
 
 
Profit and Loss Account
Dr.   Cr.
Particulars Amount
(Rs)
Particulars Amount
(Rs)
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
   
Depreciation 450 Net Loss (Balancing Figure)  11,150
       
  13,650   13,650
       
 
 

Balance Sheet
Liabilities Amount
(Rs)
Assets Amount
(Rs)
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
       

Posted by Jayati Jawa(MeritNation Expert)on 6/2/14

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