1. From the following Trial balance, you are require to prepare the final accounts for the year ended 31* December 2020. |Particulars Capital Drawings Land & Building Creditors Plant& Machinery Purchase retums Bills receivable Sales Opening stock Purchase Wages |Carriage outwards Carriage inwards Salaries Discount Bank balance Debtors Bad debts Sales returns Furniture Advertisements Amount(Cr) | 4,80,000 Amount(Dr) 1,35,000 4,50,000 3,15,000 1,20,000 7,950 | 18,000 | 6,54,000 | 1,20,000 1,53,000 78,000 | 1,500 3,000 1,14,000 10,200 79,800 1,35,000 3,600 6,000 18,000 11,850 Total 14,56,950 14,56,950 Adjustments: Stock on 31* December,2020 is Rs. 1.05,000 Machinery & Furniture to be depreciated @ 10%. Wages outstanding is Rs. 4,500 Prepaid Advertisement is Rs. 1,500 A provision for bad debts is to be provided on Debtors @ 5 %.
1. From the following Trial balance, you are require to prepare the final accounts for the year ended 31* December 2020. |Particulars Capital Drawings Land & Building Creditors Plant& Machinery Purchase retums Bills receivable Sales Opening stock Purchase Wages |Carriage outwards Carriage inwards Salaries Discount Bank balance Debtors Bad debts Sales returns Furniture Advertisements Amount(Cr) | 4,80,000 Amount(Dr) 1,35,000 4,50,000 3,15,000 1,20,000 7,950 | 18,000 | 6,54,000 | 1,20,000 1,53,000 78,000 | 1,500 3,000 1,14,000 10,200 79,800 1,35,000 3,600 6,000 18,000 11,850 Total 14,56,950 14,56,950 Adjustments: Stock on 31* December,2020 is Rs. 1.05,000 Machinery & Furniture to be depreciated @ 10%. Wages outstanding is Rs. 4,500 Prepaid Advertisement is Rs. 1,500 A provision for bad debts is to be provided on Debtors @ 5 %.
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter8: Current And Contingent Liabilities
Section: Chapter Questions
Problem 3MCQ
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