From the following data, prepare a profit and loss a/c and a balance sheet as on 31-3-2023. Particulars Shs. Particulars Shs. Drawings 10,000 Capital 30, 000 Purchases 30,000 Purchase returns 1,000 Sales Returns 5,000 Sales 60,000 Carriage in 2,000 wages outstanding 2,000 Carriage out 3,000 Rent received 1,000 Depreciation on Plant 4,000 Reserve for doubtful 1,000 debts Plant account 20,000 Interest (Cr) 5,000 Salaries & wages 3,000 Sundry creditors 6,000 Bad debts 2,000 Loans 38,000 Premises 20,000 Interest 5,000 Stock 1.4.95 25,000 Sundry debtors 15,000 1,44,000 1, 44,000 Adjustment: a) Stock on 31-3-23 was Shs.40,000. A fire broke - out in the godown and destroyed stock worth Shs.5, 000. Insurance company had accepted the claim in full. b) Provide for bad debts @ 10% and provide for discount on debtors @ 5% and on creditors @ 10% c) Depreciate buildings at the rate of 15% p.a. d) Rent outstanding amounted to Shs.1,000 e) Closing stock includes samples worth of Shs.2,000. f) Provide interest on drawings @ 10% and on capital @ 10%.

From the following data, prepare a profit and loss a/c and a balance sheet as on 31-3-2023. Particulars Shs. Particulars Shs. Drawings 10,000 Capital 30, 000 Purchases 30,000 Purchase returns 1,000 Sales Returns 5,000 Sales 60,000 Carriage in 2,000 wages outstanding 2,000 Carriage out 3,000 Rent received 1,000 Depreciation on Plant 4,000 Reserve for doubtful 1,000 debts Plant account 20,000 Interest (Cr) 5,000 Salaries & wages 3,000 Sundry creditors 6,000 Bad debts 2,000 Loans 38,000 Premises 20,000 Interest 5,000 Stock 1.4.95 25,000 Sundry debtors 15,000 1,44,000 1, 44,000 Adjustment: a) Stock on 31-3-23 was Shs.40,000. A fire broke - out in the godown and destroyed stock worth Shs.5, 000. Insurance company had accepted the claim in full. b) Provide for bad debts @ 10% and provide for discount on debtors @ 5% and on creditors @ 10% c) Depreciate buildings at the rate of 15% p.a. d) Rent outstanding amounted to Shs.1,000 e) Closing stock includes samples worth of Shs.2,000. f) Provide interest on drawings @ 10% and on capital @ 10%.

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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