I need answer for this question 89Adjustments :1. Stock (31.12.2008) Rs.34,0002. Outstanding Rent and Taxes Rs. 10003. Apprentice Premium is to be adjusted for two years4. Depreciation on Machinery is 10%5. Interest on Capital at 5% pa6. Interest on drawings at 3% pa7. Commission earned but not received Rs.600 Account for the year ended 31.12.2008 and the balance sheet as on that date,From theRs.Rs.Particulars85,000Srihari's Capital14,000Srihari's Drawings23,400MachineryStock (1.1.2008)29,000Purchases2,00,0003,800Purchase returnsSales2,38,000Sales Returns5,000General expenses8,000Rent and Taxes6,400Apprentice Premium1,000Commission600Bank Overdraft2,800Bad debts3,400Sundry debtorsSundry creditorsBills payable64,00020,0002,0003,53,2003,53,200

Financial statement is prepared from the trial balance which include :- Profit and loss and…

Account for the ye Rs. Rs. Particulars 85,000 Srihari's Capital 14,000 Srihari's Drawings 23,400 Machinery Stock (1.1.2008) 29,000 Purchases 2,00,000 3,800 Purchase returns Sales 2,38,000 Sales Returns 5,000 General expenses 8,000 Rent and Taxes 6,400 Apprentice Premium 1,000 Commission 600 Bank Overdraft 2,800 Bad debts 3,400 Sundry debtors Sundry creditors Bills payable 64,000 20,000 2,000 3,53,200 3,53,200

Account for the ye Rs. Rs. Particulars 85,000 Srihari's Capital 14,000 Srihari's Drawings 23,400 Machinery Stock (1.1.2008) 29,000 Purchases 2,00,000 3,800 Purchase returns Sales 2,38,000 Sales Returns 5,000 General expenses 8,000 Rent and Taxes 6,400 Apprentice Premium 1,000 Commission 600 Bank Overdraft 2,800 Bad debts 3,400 Sundry debtors Sundry creditors Bills payable 64,000 20,000 2,000 3,53,200 3,53,200

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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