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Solve this: FINAL ACCOUNTS—NITH ADJUSTMENTS Stock on 1st April, 2014 Purchases T Sales Returns Inwards T Direct Expenses T Indirect Expenses Wages Salaries Charity p ) = Repairs ) L Personal Expenses i Audit Fees Carriage Outwards Furniture Buildings Cash balance Information : 30,000 Debtors 3.50,OOO Creditors t t Bank Overdraft 64, 45,000 6,000 interest onBankOverdraft ) c 3,800 3,000 BadDebts Plc 4,000 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 3,700 p.a.) 8,000 1,200 4,000 30,000, 2,50.OOO (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 owed. (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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