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PROBLEMS ON COMPANY FINAL ACCOUNTS Premier Co. Ltd has an authorised capital of P 6,00,000 in equity shares of P 10 each. It had the following balances on 31.03.2013. Calls in arrears 7,500 Premises plant and Machinery 3,00,000 3,30,000 37,500 75,000 7,200 87,000 Interim Dividend Stock (01.04.2012) Fixtures Debtors Goodwill 25,000 Cash in Hand 760 Cash at Bank 39,900 1,85,000 5,000 Purchases Preliminary expenses Wages General expenses Freight and carriage Salaries 84,865 16,835 13,115 14,500 5,725 Directors Fees Bad Debts 2,100 9,000 Debenture Interest paid Called up capital 4,00,000 3,00,000 14,500 50,000 4,15,000 6% Debentures Profit & Loss Account (01.04.2012)- cr Creditors Sales General Reserve 25,000 3,500 Bad Debt provision (01.04.2912)

PROBLEMS ON COMPANY FINAL ACCOUNTS Premier Co. Ltd has an authorised capital of P 6,00,000 in equity shares of P 10 each. It had the following balances on 31.03.2013. Calls in arrears 7,500 Premises plant and Machinery 3,00,000 3,30,000 37,500 75,000 7,200 87,000 Interim Dividend Stock (01.04.2012) Fixtures Debtors Goodwill 25,000 Cash in Hand 760 Cash at Bank 39,900 1,85,000 5,000 Purchases Preliminary expenses Wages General expenses Freight and carriage Salaries 84,865 16,835 13,115 14,500 5,725 Directors Fees Bad Debts 2,100 9,000 Debenture Interest paid Called up capital 4,00,000 3,00,000 14,500 50,000 4,15,000 6% Debentures Profit & Loss Account (01.04.2012)- cr Creditors Sales General Reserve 25,000 3,500 Bad Debt provision (01.04.2912)

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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PROBLEMS ON COMPANY FINAL ACCOUNTS Premier Co. Ltd has an authorised capital of P 6,00,000 in equity shares of P 10 each. It had the following balances on 31.03.2013. Calls in arrears 7,500 Premises plant and Machinery 3,00,000 3,30,000 37,500 Interim Dividend Stock (01.04.2012) 75,000 Fixtures 7,200 Debtors 87,000 Goodwill 25,000 Cash in Hand 760 Cash at Bank 39,900 Purchases 1,85,000 Preliminary expenses 5,000 84,865 Wages General expenses Freight and carriage 16,835 13,115 Salaries 14,500 5,725 2,100 Directors Fees Bad Debts Debenture Interest paid 9,000 Called up capital 4,00,000 6% Debentures 3,00,000 Profit & Loss Account (01.04.2012)- cr 14,500 50,000 Creditors Sales 4,15,000 General Reserve Bad Debt provision (01.04.2912) 25,000 3,500
Transcribed Image Text:PROBLEMS ON COMPANY FINAL ACCOUNTS Premier Co. Ltd has an authorised capital of P 6,00,000 in equity shares of P 10 each. It had the following balances on 31.03.2013. Calls in arrears 7,500 Premises plant and Machinery 3,00,000 3,30,000 37,500 Interim Dividend Stock (01.04.2012) 75,000 Fixtures 7,200 Debtors 87,000 Goodwill 25,000 Cash in Hand 760 Cash at Bank 39,900 Purchases 1,85,000 Preliminary expenses 5,000 84,865 Wages General expenses Freight and carriage 16,835 13,115 Salaries 14,500 5,725 2,100 Directors Fees Bad Debts Debenture Interest paid 9,000 Called up capital 4,00,000 6% Debentures 3,00,000 Profit & Loss Account (01.04.2012)- cr 14,500 50,000 Creditors Sales 4,15,000 General Reserve Bad Debt provision (01.04.2912) 25,000 3,500
Adjustments: 1. Depreciate plant and Machinery by 10% 2. Write. off preliminary expenses P500 3. Provide for Debenture Interest due 4. Provide for Doubtful Debts at 5% on Debtors 5. Of the Debtors 500 are further bad 6. Closing Stock P95,000 Prepare the Balance Sheet and Profit and Loss Account for the year ended March 31, 2013, as per laws.
Transcribed Image Text:Adjustments: 1. Depreciate plant and Machinery by 10% 2. Write. off preliminary expenses P500 3. Provide for Debenture Interest due 4. Provide for Doubtful Debts at 5% on Debtors 5. Of the Debtors 500 are further bad 6. Closing Stock P95,000 Prepare the Balance Sheet and Profit and Loss Account for the year ended March 31, 2013, as per laws.
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