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Debit Balance Credit Balance Building 50,000 Issued subscribed & Paid up Purchases 250,451 Capital 300,000 Manufacturing expenses 179,500 General reserve 125,000 Establishment expenses 13,407 Unclaimed dividend 3,663 General charges Motor vehicle Furniture Opening book Book debts 15,539 Trade creditors 18,029 7,500 Sales 491,974 2,500 Deprecation reserve 35,500 86,029 Interest on investment 4,272 111,690 Profit & loss Account 8,423 Investment 144,475 Staff provident fund 18,750 Cash 36,120 Director's fees 900 Interim Dividend 7,500 Machinery 100,000 1,005,611 1,005,611 From the following balances and the information, prepare the company's Balance Sheet as on 31" December 1993 and its profit & loss account for the year ended on that date (a) (b) (c) (d) (c) The stock 31" December 1993 was valued at Rs.74,340. Provide Rs.5,000 for depreciation on fixed assets Rs.3,250 for the managing director's commission and Rs.750 for the company's contribution to there staff provident fund. Interest accrued on investment amounted to Rs.1,375 A provision of Rs.4,000 for taxes in respect of profit for 1993 is considered necessary. The directors proposed a final dividend @ 4%

Debit Balance Credit Balance Building 50,000 Issued subscribed & Paid up Purchases 250,451 Capital 300,000 Manufacturing expenses 179,500 General reserve 125,000 Establishment expenses 13,407 Unclaimed dividend 3,663 General charges Motor vehicle Furniture Opening book Book debts 15,539 Trade creditors 18,029 7,500 Sales 491,974 2,500 Deprecation reserve 35,500 86,029 Interest on investment 4,272 111,690 Profit & loss Account 8,423 Investment 144,475 Staff provident fund 18,750 Cash 36,120 Director's fees 900 Interim Dividend 7,500 Machinery 100,000 1,005,611 1,005,611 From the following balances and the information, prepare the company's Balance Sheet as on 31" December 1993 and its profit & loss account for the year ended on that date (a) (b) (c) (d) (c) The stock 31" December 1993 was valued at Rs.74,340. Provide Rs.5,000 for depreciation on fixed assets Rs.3,250 for the managing director's commission and Rs.750 for the company's contribution to there staff provident fund. Interest accrued on investment amounted to Rs.1,375 A provision of Rs.4,000 for taxes in respect of profit for 1993 is considered necessary. The directors proposed a final dividend @ 4%

FINANCIAL ACCOUNTING
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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need answer this with correct and complete explanation , computation for each parts and steps clearly answer in text form please show computation and explanation for each calculation clearly

Debit Balance Building Purchases The following balances appeared in the books of N Ltd., as on 31 December 1993 Credit Balance 50,000 Issued subscribed & Paid up Manufacturing expenses 250,451 Capital 300,000 179,500 General reserve 125,000 Establishment expenses 13,407 Unclaimed dividend 3,663 General charges Motor vehicle Furniture Opening book Book debts 15,539 Trade creditors 18,029 7,500 Sales 491,974 2,500 Deprecation reserve 35,500 86,029 Interest on investment 4,272 111,690 Profit & loss Account 8,423 Investment 144,475 Staff provident fund 18,750 Cash 36,120 Director's fees 900 Interim Dividend 7,500 Machinery 100,000 1,005,611 1,005,611 From the following balances and the information, prepare the company's Balance Sheet as on 31" December 1993 and its profit & loss account for the year ended on that date (a) (b) (c) (d) (c) The stock 31" December 1993 was valued at Rs.74,340. Provide Rs.5,000 for depreciation on fixed assets Rs.3,250 for the managing director's commission and Rs.750 for the company's contribution to there staff provident fund. Interest accrued on investment amounted to Rs.1,375 A provision of Rs.4,000 for taxes in respect of profit for 1993 is considered necessary. The directors proposed a final dividend @4%
Transcribed Image Text:Debit Balance Building Purchases The following balances appeared in the books of N Ltd., as on 31 December 1993 Credit Balance 50,000 Issued subscribed & Paid up Manufacturing expenses 250,451 Capital 300,000 179,500 General reserve 125,000 Establishment expenses 13,407 Unclaimed dividend 3,663 General charges Motor vehicle Furniture Opening book Book debts 15,539 Trade creditors 18,029 7,500 Sales 491,974 2,500 Deprecation reserve 35,500 86,029 Interest on investment 4,272 111,690 Profit & loss Account 8,423 Investment 144,475 Staff provident fund 18,750 Cash 36,120 Director's fees 900 Interim Dividend 7,500 Machinery 100,000 1,005,611 1,005,611 From the following balances and the information, prepare the company's Balance Sheet as on 31" December 1993 and its profit & loss account for the year ended on that date (a) (b) (c) (d) (c) The stock 31" December 1993 was valued at Rs.74,340. Provide Rs.5,000 for depreciation on fixed assets Rs.3,250 for the managing director's commission and Rs.750 for the company's contribution to there staff provident fund. Interest accrued on investment amounted to Rs.1,375 A provision of Rs.4,000 for taxes in respect of profit for 1993 is considered necessary. The directors proposed a final dividend @4%
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