Solve this: FINAL ACCOUNTS—NITH ADJUSTMENTS
Stock on 1st April, 2014
Returns Inwards T
Direct Expenses T
Charity p ) =
Repairs ) L
Personal Expenses i
3.50,OOO Creditors t
t Bank Overdraft
6,000 interest onBankOverdraft ) c 3,800
3,000 BadDebts Plc
72,400 Provision for Doubtful Debts 3,000
28,100 from X(takenon 1-7-2014) e 20.00@
2,100 Interest on Loan from X
(1) Purchases include purchase of furniture of e 10,000 on 1st July, 2014.
(ii) Depreciate furniture @ 10% p.a. an&hilldings@ 5% p.a.
(iii) Sundry Debtors include due from a customer to whom e 1,000 is
(iv) There is a dishonoured cheque of not recorded in the bank column
of the cash book. This cheque is expected to fetch only 75%.
(v) Create a provision for doubtful debts at 5%.
(VI) Closing stock was taken on 28th March, 2015 and was then valued at
e 58,000. Purchases and Sales on 29th, 30th and 31st March. 2015,
amounted to t 3,200 and respectively. These transactions have
been duly recorded in the books. Gross profit included in these sales was
25% on cost.
[Ans.G.P. N.P. 06,450; B/S Total
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