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Q. Following is the Trial Balance of FOX Industries Limited as on 31st December 2006. Particulars Particulars Rs Rs OFFICE SALARIES 19860 Share capital 280,000 128,400 72,940 MACHINERY Purchases return 4290 OPENING STOCK Sales 572,140 85,000 Loan on mortgage Discount PURCHASES 292,620 SALES RETURN Travellers' salaries and 32,760 3210 780 Provision for bad Debts 2500 commission Factory Fuel Office Expense Interest on Loan Carriage inward Carriage Outward Freehold premises Office rent and rates Factory rates and Sundry Creditors Total 4280 17,210 3220 961,920 4250 4310 3420 142 2710 2220 insurance Office furniture Machinery repairs Royalties paid Bad debts 5000 3980 4710 2190 Sundry debtors Cash in hand Cash at bank 62,840 3270 22,730 17,860 Bills receivable Manufacturing wages Total 123,140 961,920

Q. Following is the Trial Balance of FOX Industries Limited as on 31st December 2006. Particulars Particulars Rs Rs OFFICE SALARIES 19860 Share capital 280,000 128,400 72,940 MACHINERY Purchases return 4290 OPENING STOCK Sales 572,140 85,000 Loan on mortgage Discount PURCHASES 292,620 SALES RETURN Travellers' salaries and 32,760 3210 780 Provision for bad Debts 2500 commission Factory Fuel Office Expense Interest on Loan Carriage inward Carriage Outward Freehold premises Office rent and rates Factory rates and Sundry Creditors Total 4280 17,210 3220 961,920 4250 4310 3420 142 2710 2220 insurance Office furniture Machinery repairs Royalties paid Bad debts 5000 3980 4710 2190 Sundry debtors Cash in hand Cash at bank 62,840 3270 22,730 17,860 Bills receivable Manufacturing wages Total 123,140 961,920

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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Q2

Additional Information:


A. Closing stock Rs. 87,210.
B. Depreciation to be provided on machinery and plant at 10% and office furniture at 5%.
C. The provision for bad debts is to be increased by Rs. 4,000.
D. Outstanding wages Rs. 3,210 and salaries Rs.920.
E. Insurance premium Rs. 2,400 is included in machinery repairs by mistake.

Requires:

Prepare trading and profit and loss account for the year ended 31st December 2006 anda balance sheet as on that date.

Q. Following is the Trial Balance of FOX Industries Limited as on 31st December 2006. Particulars Rs Particulars Rs OFFICE SALARIES 19860 Share capital 280,000 128,400 72,940 292,620 МАCHINERY Purchases return 4290 OPENING STOCK Sales 572,140 PURCHASES Loan on mortgage 85,000 SALES RETURN 3210 Discount 780 Travellers' salaries and 32,760 Provision for bad 2500 commission Debts Factory Fuel Office Expense 4280 Sundry Creditors 17,210 3220 Total 961,920 Interest on Loan 4250 Carriage inward Carriage Outward Freehold premises Office rent and rates Factory rates and 4310 3420 142,000 2710 2220 insurance Office furniture Machinery repairs Royalties paid Bad debts Sundry debtors Cash in hand 5000 3980 4710 2190 62,840 3270 Cash at bank 22,730 Bills receivable 17,860 Manufacturing wages 123,140 961,920 Total
Transcribed Image Text:Q. Following is the Trial Balance of FOX Industries Limited as on 31st December 2006. Particulars Rs Particulars Rs OFFICE SALARIES 19860 Share capital 280,000 128,400 72,940 292,620 МАCHINERY Purchases return 4290 OPENING STOCK Sales 572,140 PURCHASES Loan on mortgage 85,000 SALES RETURN 3210 Discount 780 Travellers' salaries and 32,760 Provision for bad 2500 commission Debts Factory Fuel Office Expense 4280 Sundry Creditors 17,210 3220 Total 961,920 Interest on Loan 4250 Carriage inward Carriage Outward Freehold premises Office rent and rates Factory rates and 4310 3420 142,000 2710 2220 insurance Office furniture Machinery repairs Royalties paid Bad debts Sundry debtors Cash in hand 5000 3980 4710 2190 62,840 3270 Cash at bank 22,730 Bills receivable 17,860 Manufacturing wages 123,140 961,920 Total
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