2018 and a balance sheet as on that date.(Answer: Opening capital:Gross profit: 1,35,000; Net profit:MachineryCash at bankSundry debtorsStockBills receivableBank loanSundry creditors20. Selvam does not keep his books under double entry system. From the following informationprepare trading and Profit and loss A/c and Balance Sheet as on 31-12-20181-1-2018Cash salesCash purchasesWagesParticularsR20,0008,0006,0007,00060,0003,80,000; Credit purchases: 6,25,000;86,000; Balance sheet total: 5,01,000)December,60,00025,00070,00045,00020,00045,00025,000Credit salesCredit purchasesSalariesInterest on bank loanAdditional capital31-12-2018{60,00033,0001,00,00022,00038,00045,00021,0001,80,00052,00023,5004,50021,000AdvertisementDrawingsAdjustments:Write off depreciation 10% on machinery. Create a reserve of 1% on debtors for doubtful debts.(Answer: Opening capital: ₹ 1,50,000;46.000)

In single entry system of accounts, when opening capital is not given, then opening balance sheet is…

2018 and a balance sheet as o (Answ Gross profit: 20. Selvam does not keep his t prepare trading and Profi Machinery Cash at bank Sundry debtors Stock Bills receivable Bank loan Sundry creditors Cash sales Cash purchases Wages Partia Advertisement Drawings Adjustments: Write off depreciation 10% c

2018 and a balance sheet as o (Answ Gross profit: 20. Selvam does not keep his t prepare trading and Profi Machinery Cash at bank Sundry debtors Stock Bills receivable Bank loan Sundry creditors Cash sales Cash purchases Wages Partia Advertisement Drawings Adjustments: Write off depreciation 10% c

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

2018 and a balance sheet as on that date.
(Answer: Opening capital:
Gross profit: 1,35,000; Net profit:
Machinery
Cash at bank
Sundry debtors
Stock
Bills receivable
Bank loan
Sundry creditors
20. Selvam does not keep his books under double entry system. From the following information
prepare trading and Profit and loss A/c and Balance Sheet as on 31-12-2018
1-1-2018
Cash sales
Cash purchases
Wages
Particulars
R
20,000
8,000
6,000
7,000
60,000
3,80,000; Credit purchases: 6,25,000;
86,000; Balance sheet total: 5,01,000)
December,
60,000
25,000
70,000
45,000
20,000
45,000
25,000
Credit sales
Credit purchases
Salaries
Interest on bank loan
Additional capital
31-12-2018
{
60,000
33,000
1,00,000
22,000
38,000
45,000
21,000
1,80,000
52,000
23,500
4,500
21,000
Advertisement
Drawings
Adjustments:
Write off depreciation 10% on machinery. Create a reserve of 1% on debtors for doubtful debts.
(Answer: Opening capital: ₹ 1,50,000;
46.000)

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