Account Dr.(Rs) Cr.(Rs) Stock, 1st April 2005 6,75,000 Sales 30,60,000 Wages 2,70,000 Share Capital (Authorised Capital 200000 shares of Rs. 10 each) 9,00,000 Discount 27,000 Purchases 22,05,000 8,550 Carriage inward Purchases returns Patents & trademark Salaries 90,000 43,200 67,500 45,000 63,450 Bills receivable Sundry expenses Bills payable 63,000 Rent 36,000 Debtors & creditors 2,47,500 1,57,500 Plant & machinery Furniture & fittings 2,61,000 1,53,000 Cash at Bank 4,15,800 General reserve 1,39,500 54,000 44,91,000 44,91,000 Profit & loss account 31st March 2005 Total 1. Outstanding rent amounted to Rs. 7,200 while outstanding salaries Rs.8,100 at the end of the year. 2. Make a provision for doubtful debt amounting to Rs. 4,590. 3. Stock on 31" March 2006 was valued at Rs. 7,92,000 4. Depreciate plant & machinery @14% and furniture & fitting @18% 5. Amortise patent & trademarks @ 5% 6. Provide for managerial remuneration @10% of the net profits before tax. 7. Make a provision for income tax @ 35%. 8. The Board of Director proposes a dividend @ 10% for the year ended 31" March 2006 after transfer to general Reserve @ 5% of profit after tax.
Account Dr.(Rs) Cr.(Rs) Stock, 1st April 2005 6,75,000 Sales 30,60,000 Wages 2,70,000 Share Capital (Authorised Capital 200000 shares of Rs. 10 each) 9,00,000 Discount 27,000 Purchases 22,05,000 8,550 Carriage inward Purchases returns Patents & trademark Salaries 90,000 43,200 67,500 45,000 63,450 Bills receivable Sundry expenses Bills payable 63,000 Rent 36,000 Debtors & creditors 2,47,500 1,57,500 Plant & machinery Furniture & fittings 2,61,000 1,53,000 Cash at Bank 4,15,800 General reserve 1,39,500 54,000 44,91,000 44,91,000 Profit & loss account 31st March 2005 Total 1. Outstanding rent amounted to Rs. 7,200 while outstanding salaries Rs.8,100 at the end of the year. 2. Make a provision for doubtful debt amounting to Rs. 4,590. 3. Stock on 31" March 2006 was valued at Rs. 7,92,000 4. Depreciate plant & machinery @14% and furniture & fitting @18% 5. Amortise patent & trademarks @ 5% 6. Provide for managerial remuneration @10% of the net profits before tax. 7. Make a provision for income tax @ 35%. 8. The Board of Director proposes a dividend @ 10% for the year ended 31" March 2006 after transfer to general Reserve @ 5% of profit after tax.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![sanjay (Protected View) - Word
pratikshit singh PS
困
File
Home
Insert
Draw
Design Layout
References
Mailings
Review
View
Help
Tell me what you want to do
& Share
PROTECTED VIEW Be careful-files from the Internet can contain viruses. Unless you need to edit, it's safer to stay in Protected View.
Enable Editing
Account
Dr.(Rs)
Cr.(Rs)
Stock, 1st April 2005
6,75,000
Sales
30,60,000
Wages
2,70,000
Share Capital (Authorised Capital 200000 shares of Rs. 10 each)
9,00,000
Discount
27,000
Purchases
22,05,000
Carriage inward
8,550
Purchases returns
90,000
Patents & trademark
43,200
Salaries
67,500
Bills receivable
45,000
Sundry expenses
Bills payable
63,450
63,000
Rent
36,000
Debtors & creditors
2,47,500
1,57,500
Plant & machinery
2,61,000
Furniture & fittings
1,53,000
Cash at Bank
4,15,800
General reserve
1,39,500
Profit & loss account 31st March 2005
54,000
Total
44,91,000
44,91,000
1. Outstanding rent amounted to Rs. 7,200 while outstanding salaries Rs.8,100 at the end of the
year.
2. Make a provision for doubtful debt amounting to Rs. 4,590.
3. Stock on 31st March 2006 was valued at Rs. 7,92,000
4. Depreciate plant & machinery @14% and furniture & fitting @18%
5. Amortise patent & trademarks @ 5%
6. Provide for managerial remuneration @10% of the net profits before tax.
7.
Make a provision for income tax @ 35%.
8. The Board of Director proposes a dividend @ 10% for the year ended 31st March 2006 after
transfer to general Reserve @ 5% of profit after tax.
Page 1 of 1
254 words
100%
20:07
O Type here to search
日
w
33%
22°C Haze
O G 4») ENG
29-10-2021](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fac189215-ef1a-47f2-82cf-d791a97a18c0%2F3d1505ec-6899-4740-a672-22a898013807%2Fsjdfwu_processed.png&w=3840&q=75)
Transcribed Image Text:sanjay (Protected View) - Word
pratikshit singh PS
困
File
Home
Insert
Draw
Design Layout
References
Mailings
Review
View
Help
Tell me what you want to do
& Share
PROTECTED VIEW Be careful-files from the Internet can contain viruses. Unless you need to edit, it's safer to stay in Protected View.
Enable Editing
Account
Dr.(Rs)
Cr.(Rs)
Stock, 1st April 2005
6,75,000
Sales
30,60,000
Wages
2,70,000
Share Capital (Authorised Capital 200000 shares of Rs. 10 each)
9,00,000
Discount
27,000
Purchases
22,05,000
Carriage inward
8,550
Purchases returns
90,000
Patents & trademark
43,200
Salaries
67,500
Bills receivable
45,000
Sundry expenses
Bills payable
63,450
63,000
Rent
36,000
Debtors & creditors
2,47,500
1,57,500
Plant & machinery
2,61,000
Furniture & fittings
1,53,000
Cash at Bank
4,15,800
General reserve
1,39,500
Profit & loss account 31st March 2005
54,000
Total
44,91,000
44,91,000
1. Outstanding rent amounted to Rs. 7,200 while outstanding salaries Rs.8,100 at the end of the
year.
2. Make a provision for doubtful debt amounting to Rs. 4,590.
3. Stock on 31st March 2006 was valued at Rs. 7,92,000
4. Depreciate plant & machinery @14% and furniture & fitting @18%
5. Amortise patent & trademarks @ 5%
6. Provide for managerial remuneration @10% of the net profits before tax.
7.
Make a provision for income tax @ 35%.
8. The Board of Director proposes a dividend @ 10% for the year ended 31st March 2006 after
transfer to general Reserve @ 5% of profit after tax.
Page 1 of 1
254 words
100%
20:07
O Type here to search
日
w
33%
22°C Haze
O G 4») ENG
29-10-2021
![sanjay (Protected View) - Word
pratikshit singh PS
困
File
Home
Insert
Draw
Design Layout
References
Mailings
Review
View
Help
Tell me what you want to do
& Share
PROTECTED VIEW Be careful-files from the Internet can contain viruses. Unless you need to edit, it's safer to stay in Protected View.
Enable Editing
Bills receivable
45,000
Sundry expenses
63,450
Bills payable
63,000
Rent
36,000
Debtors & creditors
2,47,500
1,57,500
Plant & machinery
2,61,000
Furniture & fittings
1,53,000
Cash at Bank
4,15,800
General reserve
1,39,500
Profit & loss account 31st March 2005
54,000
Total
44,91,000
44,91,000
1. Outstanding rent amounted to Rs. 7,200 while outstanding salaries Rs.8,100 at the end of the
year.
2.
Make a provision for doubtful debt amounting to Rs. 4,590.
3. Stock on 31st March 2006 was valued at Rs. 7,92,000
4. Depreciate plant & machinery @14% and furniture & fitting @18%
5. Amortise patent & trademarks @ 5%
6. Provide for managerial remuneration @10% of the net profits before tax.
7.
Make a provision for income tax @ 35%.
8. The Board of Director proposes a dividend @ 10% for the year ended 31st March 2006 after
transfer to general Reserve @ 5% of profit after tax.
Required
1. Prepare the following financial statement of Sanjay Industries Ltd
Profit and loss account for the year ended 31st 2006.
а.
b. Profit and loss appropriation account for the year ended 31st March 2006.
c. Balance sheet as on 315t March 2006
2. Briefly comment upon the performance of the company.
Page 1 of 1
254 words
100%
20:07
O Type here to search
日
33%
22°C Haze
O G 4») ENG
29-10-2021](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fac189215-ef1a-47f2-82cf-d791a97a18c0%2F3d1505ec-6899-4740-a672-22a898013807%2Ff18tv0r_processed.png&w=3840&q=75)
Transcribed Image Text:sanjay (Protected View) - Word
pratikshit singh PS
困
File
Home
Insert
Draw
Design Layout
References
Mailings
Review
View
Help
Tell me what you want to do
& Share
PROTECTED VIEW Be careful-files from the Internet can contain viruses. Unless you need to edit, it's safer to stay in Protected View.
Enable Editing
Bills receivable
45,000
Sundry expenses
63,450
Bills payable
63,000
Rent
36,000
Debtors & creditors
2,47,500
1,57,500
Plant & machinery
2,61,000
Furniture & fittings
1,53,000
Cash at Bank
4,15,800
General reserve
1,39,500
Profit & loss account 31st March 2005
54,000
Total
44,91,000
44,91,000
1. Outstanding rent amounted to Rs. 7,200 while outstanding salaries Rs.8,100 at the end of the
year.
2.
Make a provision for doubtful debt amounting to Rs. 4,590.
3. Stock on 31st March 2006 was valued at Rs. 7,92,000
4. Depreciate plant & machinery @14% and furniture & fitting @18%
5. Amortise patent & trademarks @ 5%
6. Provide for managerial remuneration @10% of the net profits before tax.
7.
Make a provision for income tax @ 35%.
8. The Board of Director proposes a dividend @ 10% for the year ended 31st March 2006 after
transfer to general Reserve @ 5% of profit after tax.
Required
1. Prepare the following financial statement of Sanjay Industries Ltd
Profit and loss account for the year ended 31st 2006.
а.
b. Profit and loss appropriation account for the year ended 31st March 2006.
c. Balance sheet as on 315t March 2006
2. Briefly comment upon the performance of the company.
Page 1 of 1
254 words
100%
20:07
O Type here to search
日
33%
22°C Haze
O G 4») ENG
29-10-2021
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
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
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
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
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![Horngren's Cost Accounting: A Managerial Emphasis…](https://www.bartleby.com/isbn_cover_images/9780134475585/9780134475585_smallCoverImage.gif)
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
![Intermediate Accounting](https://www.bartleby.com/isbn_cover_images/9781259722660/9781259722660_smallCoverImage.gif)
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
![Financial and Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781259726705/9781259726705_smallCoverImage.gif)
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education