Following is the Trial Balance of The Social Electric Lighting Co. Ltd. For the year ended March 31,2016 : March 31, 2015 March 31, 2016 Dr. Cr. Nominal capital 10,000 shares of $ 50 each 1,00,000 Subscribed-5,000 shares, $ 25 paid 75,000 5,000 Debentures, 6% interest Depreciation fund Calls in arrears 1,25,000 75,000 5,000 5,000 46,500 25,000 50,000 40,000 10,000 7,500 2,000 11,750 1,250 9,500 3,750 500 2,500 1,500 7,500 15,000 5,000 3,000 500 1,000 Freehold Land Buildings 46,500 20,000 30,000 Machinery at station 25,000 5,000 Transformers, Motors, etc. 2,500 1,500 8,000 1,250 Mains Meters Electrical Instruments General stores (cables, mains, etc.) in stock Office Furniture Coal and fuel Oil, waste and engine room stores Coal, oil waste, etc. in stock Repairs and replacements Rates and taxes Salaries of secretary, manager, etc. Wages at station Directors' fees Stationery, printing and advertising Incidental expenses Law charges Sales of meters Sales by contracts Meter rents Sundry creditors Sundry debtors Cash in hand and at bank 43,750 25,000 1,500 5,000 15,000 16,500 2,80,250 2,80,250 (1) Provide depreciation on opening balances : Building 2,%; Machinery 7, %; Mains 5% ; Transformers etc. 10% ; Meters 15%. (2) A call of $ 5 per share was payable on 30th September, 2015 and arrears are subject to interest at 5 per cent per annum. Prepare Revenue Account and Capital Account for the year ended March 31, 2016 and Balance Sheet as on that date. When the accounts are maintained under the double account system.
Following is the Trial Balance of The Social Electric Lighting Co. Ltd. For the year ended March 31,2016 : March 31, 2015 March 31, 2016 Dr. Cr. Nominal capital 10,000 shares of $ 50 each 1,00,000 Subscribed-5,000 shares, $ 25 paid 75,000 5,000 Debentures, 6% interest Depreciation fund Calls in arrears 1,25,000 75,000 5,000 5,000 46,500 25,000 50,000 40,000 10,000 7,500 2,000 11,750 1,250 9,500 3,750 500 2,500 1,500 7,500 15,000 5,000 3,000 500 1,000 Freehold Land Buildings 46,500 20,000 30,000 Machinery at station 25,000 5,000 Transformers, Motors, etc. 2,500 1,500 8,000 1,250 Mains Meters Electrical Instruments General stores (cables, mains, etc.) in stock Office Furniture Coal and fuel Oil, waste and engine room stores Coal, oil waste, etc. in stock Repairs and replacements Rates and taxes Salaries of secretary, manager, etc. Wages at station Directors' fees Stationery, printing and advertising Incidental expenses Law charges Sales of meters Sales by contracts Meter rents Sundry creditors Sundry debtors Cash in hand and at bank 43,750 25,000 1,500 5,000 15,000 16,500 2,80,250 2,80,250 (1) Provide depreciation on opening balances : Building 2,%; Machinery 7, %; Mains 5% ; Transformers etc. 10% ; Meters 15%. (2) A call of $ 5 per share was payable on 30th September, 2015 and arrears are subject to interest at 5 per cent per annum. Prepare Revenue Account and Capital Account for the year ended March 31, 2016 and Balance Sheet as on that date. When the accounts are maintained under the double account system.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text:Following is the Trial Balance of The Social Electric Lighting Co. Ltd. For the year ended March 31,2016 :
March 31, 2015
March 31, 2016
Dr.
Cr.
Nominal capital 10,000 shares of $ 50 each
1,00,000 Subscribed-5,000 shares, $ 25 paid
75,000
5,000
Debentures, 6% interest
Depreciation fund
Calls in arrears
1,25,000
75,000
5,000
5,000
46,500
25,000
50,000
40,000
10,000
7,500
2,000
11,750
1,250
9,500
3,750
500
2,500
1,500
7,500
15,000
5,000
3,000
500
1,000
Freehold Land
Buildings
46,500
20,000
30,000 Machinery at station
25,000
5,000 Transformers, Motors, etc.
2,500
1,500
8,000
1,250
Mains
Meters
Electrical Instruments
General stores (cables, mains, etc.) in stock
Office Furniture
Coal and fuel
Oil, waste and engine room stores
Coal, oil waste, etc. in stock
Repairs and replacements
Rates and taxes
Salaries of secretary, manager, etc.
Wages at station
Directors' fees
Stationery, printing and advertising
Incidental expenses
Law charges
Sales of meters
Sales by contracts
Meter rents
Sundry creditors
Sundry debtors
Cash in hand and at bank
43,750
25,000
1,500
5,000
15,000
16,500
2,80,250
2,80,250
(1) Provide depreciation on opening balances :
Building 2,%; Machinery 75 % ; Mains 5% ; Transformers etc. 10% ; Meters 15%.
(2) A call of $ 5 per share was payable on 30th September, 2015 and arrears are subject to interest at 5
per cent per annum. Prepare Revenue Account and Capital Account for the year ended March 31, 2016 and
Balance Sheet as on that date. When the accounts are maintained under the double account system.
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