a From the following Trial balance of Srikumar Prepare final accounts after making the following adjustments for the year ending 31-12-1998. Adjustments: 1. Closing stock Rs. 27,000 2 Unexpired insurance Rs. 100 3. Outstanding Rent Rs. 200 4. Write off Bad debts Rs. 1,200 5. Charge interest on capital at 5% 6. Depreciate machinery at 10% Trial Balance Particulars Debit Credit Rs. Rs. Kumar's capital 58,100 Cash at bank 5,000 Cash on hand 2,500 Bulldings 20,000 Machinery 25,000 Purchases and sales 50,000 85,000 Returns 600 800 Wages 8,000 Power and Fuel 2,000 Salaries 6,000 Carriage outwards 1,500 Insurance 1,300 Rent 1,000 Stock (1.1.92) 18,000 Debtors and creditors 5,000 8,000 General Expenses 2,000 Drawings 4,000 1,51,900 1,51,900
a From the following Trial balance of Srikumar Prepare final accounts after making the following adjustments for the year ending 31-12-1998. Adjustments: 1. Closing stock Rs. 27,000 2 Unexpired insurance Rs. 100 3. Outstanding Rent Rs. 200 4. Write off Bad debts Rs. 1,200 5. Charge interest on capital at 5% 6. Depreciate machinery at 10% Trial Balance Particulars Debit Credit Rs. Rs. Kumar's capital 58,100 Cash at bank 5,000 Cash on hand 2,500 Bulldings 20,000 Machinery 25,000 Purchases and sales 50,000 85,000 Returns 600 800 Wages 8,000 Power and Fuel 2,000 Salaries 6,000 Carriage outwards 1,500 Insurance 1,300 Rent 1,000 Stock (1.1.92) 18,000 Debtors and creditors 5,000 8,000 General Expenses 2,000 Drawings 4,000 1,51,900 1,51,900
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
I need answers for these two questions
Transcribed Image Text:Brom the following Trial balance of Srikumar Prepare final accounts after making
09.
the following adjustments for the year ending 31-12-1998.
Adjustments :
1. Closing stock Rs. 27,000
2 Unexpired insurance Rs. 100
3. Outstanding Rent Rs. 200
4. Write off Bad debts Rs. 1,200
5. Charge interest on capital at 5%
6. Depreciate machinery at 10%
Trial Balance
Particulars
Debit
Credit
Rs.
Rs.
Kumar's capital
58,100
Cash at bank
5,000
Cash on hand
2,500
Buildings
20,000
Machinery
25,000
Purchases and sales
50,000
85,000
Returns
600
800
Wnges
8,000
Power and Fuel
2,000
Salaries
6,000
Carriage outwards
1,500
Insurance
1,300
Rent
1,000
Stock (1.1.92)
18,000
Debtors and creditors
5,000
8,000
General Expenses
2,000
Drawings
4,000
1,51,900
1,51,900
Transcribed Image Text:The following balances are extracted from the books of Ramlal on 31-12-98
Q8
Prepare Trading account, Profit and Loss Account and Balance Sheet
Rs.
Rs.
Ramlal's drawings
5,000
Ramlal's capital
30,000
Furniture and Fittings
2,600
Bank overdraft
4,327
Business premises
20,000
Creditors
7,345
Stock (1-1-98)
33,117
Returns outwards
1,326
Sundry debtors
17,300
Rents from tenants
320
Purchases
1,00,000
Sales
1,39,204
Returns inwards
1,905
Discount
1,600
Taxes and insurance
1,000
1,82,522
1,82,522
Adjustments :
1.
Stock at end Rs. 20,904.
2.
4% of deprectiation allowed on premises, furniture and fittings.
3.
Allow interest on capital at 5%.
4.
Carry forward unexpired insurance Rs. 200.
5.
Make a reserve of 5% on Sundry debtors.
O O
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps with 2 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education