Personal Expenses of Sh. DevkiSharan10,00014,00,00014,00,000Prenare Trading and Profit and Loss Account for the year ended 31st March 2018nd a Balance Sheet as at that date, taking into consideration the adjustments givenbelow(A An asset was sold at its book value of 20,000 and cash was used by theproprietor to purchase a Computer for his personal use. However, 20,000stood added to Cash Account.(i) Purchases include a Computer costing 30,000 purchased on 1st November2017.(üi) An advance of 740,000 to a supplier was wrongly included in Sundry Debtors.(iv) Advertisement cost is to be allocated over five years.(v) Depreciate Furniture at 10% p.a.; Computer at 20% p.a.(vi) Write off bad debts 10,000 and create a provision of 5% for doubtful debts.(vil) Bank balance as per Pass Book was 74,200. The difference was on account ofbank charges debited by the bank.(vii) Closing Stock was valued at 1,00,000 (Realisable Value 780,000). Goodscosting 10,000 were destroyed by fire on 5th April, 2018.Eoym the following Adjustments and with the help of Trial Balance prepare ane Ae, Profit and Loss A/c and Balance Sheet as at 31st March, 2018-Dr. BalancesCr. BalancesInsurance chargesSalaries & Wages2,400 Capital19,400 S. Creditors200 SalesCash in handCash at Axis BankTrade Expenses19,500 Returns Outwards400 Provision for Doubtful Debts800 Discount6,000 Rent of Premises, Sublet for one1,70,00020,0001,20,0001,200400800AostageDrawingsPlant & Machinery:-Balance on Ist April, 2017Addition on 1st Oct., 2017Stock on Ist April, 2017year to 30th Sept. 20181,2001,20,000PurchasesReturns InwardS. DebtorsFurniture & FixturesFreightCarriage outwardsRent, Rates & TaxesPrinting & StationeryInput IGST5,00015,00082,0002,00020,8005,0002,0005004,6001,0007,0003,13,6003,13,600Adjustments :(i) Stock on 31lst March, 2018 was valued at 24,000 and stationery unusedat the end was 250.(ii) The provision for doubtful debts is to be maintained at 6% on Sundrydebtors.(iii) Create a provision for discount on debtors at 2%.(iv) Write off 7800 as bad debts.(v) Provide depreciation on plant and machinery @ 10% p.a.(vi) Insurance is paid upto 30th June, 2018.(vii) A fire occurred on 25th March, 2018 in the Godown and Stock ofthe vinof 76,000 was destroyed. The stock was purchased paying IGST @ 18It was insured and the Insurance Co. admitted a claim of 74.000

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Prepare Trading and Profit and Loss Account for the year ended 31st March 2018 Balance Sheet as at that date, taking into consideration the adjustments given An asset was sold at its book value of 20,000 and cash was used by the proprietor to purchase a Computer for his personal use. However, 20,000 stood added to Cash Account. Purchases include a Computer costing 30,000 purchased on 1st November 2017. An advance of 240,000 to a supplier was wrongly included in Sundry Debtors. Advertisement cost is to be allocated over five years. - Depreciate Furniture at 10% p.a.; Computer at 20% p.a. Write off bad debts 10,000 and create a provision of 5% for doubtful debts. Bank balance as per Pass Book was 74,200. The difference was on account of bank charges debited by the bank. Cloring Stock was valued at 1.00.000 (Realisable Value 80,000). Goods

Prepare Trading and Profit and Loss Account for the year ended 31st March 2018 Balance Sheet as at that date, taking into consideration the adjustments given An asset was sold at its book value of 20,000 and cash was used by the proprietor to purchase a Computer for his personal use. However, 20,000 stood added to Cash Account. Purchases include a Computer costing 30,000 purchased on 1st November 2017. An advance of 240,000 to a supplier was wrongly included in Sundry Debtors. Advertisement cost is to be allocated over five years. - Depreciate Furniture at 10% p.a.; Computer at 20% p.a. Write off bad debts 10,000 and create a provision of 5% for doubtful debts. Bank balance as per Pass Book was 74,200. The difference was on account of bank charges debited by the bank. Cloring Stock was valued at 1.00.000 (Realisable Value 80,000). Goods

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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