From the following particulars prepare trading and profit and loss account for theyear ending on 31st December, 1988 and a balance sheet as on that date.20,000DrawingPurchasesInvestmentWagesSundry DebtorsLoose ToolsCash in handCash at bank1,2008,0002,0003,4007,000450CapitalInterest on investmentBills payableSales10055023,0005,050Sundry CreditorsReturns outwards400120Loan3,00085012,70010,000BuildingPlant & MachineryBills receivableSalariesOfficeDiscountRentBad Debts1001,400300expenses450310170262ACCOUNTING PRINCIPLES500Freight & Carriage200InsurancePatent rights (10 years)unexpiredReturns inwards2,000420Furniture53052,10052,100Stock on 31st December, 1988 was Rs. 3500. There were outstanding liabilities inrespect of wages Rs. 240; salaries Rs. 190; insurance was paid in advance to the extent ofRs. 60; Depreciate plant and machinery by 10%; furniture 5%, patents by 10% and loosetools by 25%. Make a provision for 4 months interest on loan at 8 percent P.A.

In the above question we have asked to prepare final accounts of a organization. Working Note:…

From the following particulars prepare trading and profit and loss account för the year ending on 31st December, 1988 and a balance sheet as on that date. Capital Interest on investment Bills payable. 20,000 100 Drawing Purchases Investment 1,200 8,000 2,000 3,400 7,000 450 550 23,000 5,050 Sales Wages Sundry Debtors Loose Tools Cash in hand Cash at bank Building Plant & Machinery Bills receivable Salaries Office expenses Discount Rent Bad Debts Sundry Creditors Returns outwards 400 120 Loan 3,000 850 12,700 10,000 100 1,400 300 450 310 170 262 ACCOUNTING PRINCIPLES Freight & Carriage Insurance 500 200 Patent rights (10 years) unexpired Returns inwards 2,000 420 530 Furniture 52,100 52,100 Stock on 31st December, 1988 was Rs. 3500. There were outstanding liabilities in respect of wages Rs. 240; salaries Rs. 190; insurance was paid in advance to the extent of Rs. 60; Depreciate plant and machinery by 10%; furniture 5%, patents by 10% and loose tools by 25%. Make a provision for 4 months interest on loan at 8 percent P.A.

From the following particulars prepare trading and profit and loss account för the year ending on 31st December, 1988 and a balance sheet as on that date. Capital Interest on investment Bills payable. 20,000 100 Drawing Purchases Investment 1,200 8,000 2,000 3,400 7,000 450 550 23,000 5,050 Sales Wages Sundry Debtors Loose Tools Cash in hand Cash at bank Building Plant & Machinery Bills receivable Salaries Office expenses Discount Rent Bad Debts Sundry Creditors Returns outwards 400 120 Loan 3,000 850 12,700 10,000 100 1,400 300 450 310 170 262 ACCOUNTING PRINCIPLES Freight & Carriage Insurance 500 200 Patent rights (10 years) unexpired Returns inwards 2,000 420 530 Furniture 52,100 52,100 Stock on 31st December, 1988 was Rs. 3500. There were outstanding liabilities in respect of wages Rs. 240; salaries Rs. 190; insurance was paid in advance to the extent of Rs. 60; Depreciate plant and machinery by 10%; furniture 5%, patents by 10% and loose tools by 25%. Make a provision for 4 months interest on loan at 8 percent P.A.

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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