Capital
Creditors
Sales
Purchase Returns
Bank Overdraft
Loan (long term)
3,50,000
18,200
7,80,000
8,250
2,00,000
1,50,000
Additional information :
a) Stock on 31.03.2014 was valued at Rs. 7,120
b) Audit fees due Rs. 31,400
c) Depreciation to be written off @ 10% p.a. on machinery and computers.
d) Taxes due Rs. 2,500 and insurance was prepaid to the extent of Rs. 1200
e)Loan was taken on 1st October, 2010 taken @ 10% p.a. interest was not yet paid.
f) Debts of Rs. 1,200 proved irrecoverable hence written off and provision for doubtful debts was to be created @ 5% on Debtors.
Building
Computers
Sundry Debtors
Opening Stock
Purchases
Sales Reruns
Drawings
Wages
Carriage Inward
Carriage Outward
General Expenses
Insurance and Taxes
Printing Expenses
Cash in hand
7,00,000
30,000
27,200
8,400
4,52,000
800
36,000
39,800
8,000
2,000
17,000
8,940
7,100
21,210
Creditors
Sales
Purchase Returns
Bank Overdraft
Loan (long term)
18,200
7,80,000
8,250
2,00,000
1,50,000
Additional information :
a) Stock on 31.03.2014 was valued at Rs. 7,120
b) Audit fees due Rs. 31,400
c) Depreciation to be written off @ 10% p.a. on machinery and computers.
d) Taxes due Rs. 2,500 and insurance was prepaid to the extent of Rs. 1200
e)Loan was taken on 1st October, 2010 taken @ 10% p.a. interest was not yet paid.
f) Debts of Rs. 1,200 proved irrecoverable hence written off and provision for doubtful debts was to be created @ 5% on Debtors.
1)why income tax is recorded in balance sheet against capital account rather than recording in pand l account as an profit deducting expense?
3) write off Rs. 1000 as further bad debts and create provision for doubtful debts @ 5%.
4) wage have been paid for 10 months. 5)stationery(stock) taken by proprietor for personal use
Rs. 2000
Pls solve this. And let me know where will trade receivables go.
Q18. Prepare journal entries of the following posting in the ledger accounts.
i) Cash A/C
Dr. Cr.
ii) Murari
Dr. Cr.
iii)
Interest A/C
By Cash A/C
500