From the following figures extracted out from the books of Shri Govind , you are required to prepare a trading and profit & loss account for the year ended 31st march 2012 and a balance sheet as on the date after making the necessary adjustments :
Shri govinds capital = 228800
Shri govinds drawings = 13200
plant and machinery = 99000
freehold property = 66000
purchases = 110000
returns outward = 1100
salaries = 13200
office expenses = 2750
office furniture = 5500
discount a/c ( Dr.) = 1320
sundry debtors = 29260
loan to Shri krishna @ 10% p.a. balance on 1.4.2011 = 44000
cash at bank = 29260
bill payable = 5500
stock on 1.4.2012 = 38500
wages = 35200
sundry creditors = 44000
postage and telegrams = 1540
insurance = 1760
gas and fuel = 2970
bad debts = 660
office rent = 2860
frieght = 9900
loose tools = 2200
factory lighting = 1100
provision for doubtful debts = 880
interest on loan to shri krishna = 1100
cash in hand = 2640
sales = 231440
a. stock on 31st march 2012 was valued at rs. 72600
b. a new machine was installed during the year costing Rs.15400 but it was not recorded in the books as no payment was made for it. Wages Rs.1100 paid for erection have been debited to wages account.
c. depreciation plant and machinery by 33-1/3 %
furniture by 10 %
freehold property by 5 %
d. loose tools were valued at rs.1760 on 31.3.2012
e. of the sundry debtors Rs.660 are bad and should be written off.
f. maintain a provision of 5% on the sundry debtors for doubtful debts.
g. the manager is entitled to a commission of 10% of the net pofits after charging such commision.
what is commune system of farming??
Integrate Log(1+x)/ 1+x2 dx
Upper Limit 1
Lower limit 0
a company whose accounting year is the calendar year , purchased on 1st april , 2008 , machinery costing 30000 . it purchased further machinery on 1st october , 2008 , costing 20,000 and on 1st july ,2009,costing 10,000 .
on 1st jan ,2010 , one-third of the machinery which was installed on 1st april , 2008 become obselete and was sold for 3,000 .
show how the machinery account would appear in the books of the company , it being given that machinery was depreciated by fixed instalment at 10 per p.a.(make full working ) .
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