Selvam does not keep his books under double entry system. From the following information prepare trading and Profit and loss A/c and Balance Sheet as on 31-12-2018 Machinery Cash at bank Sundry debtors Stock Bills receivable Bank loan Sundry creditors Cash sales Cash purchases Wages Particulars ₹ 20,000 8,000 6,000 1-1-2018 ₹ 60,000 25,000 70,000 45,000 20,000 7,000 60,000 45,000 25,000 Credit sales Credit purchases Salaries Interest on bank loan Additional capital 31-12-2018 ₹ 60,000 33,000 1,00,000 22,000 38,000 45,000 21,000 1,80,000 52,000 23,500 4,500 21,000 Advertisement Drawings Adjustments: Write off depreciation of 10% on machinery. Create a reserve of 1% on debtors for doubtful debts.
Selvam does not keep his books under double entry system. From the following information prepare trading and Profit and loss A/c and Balance Sheet as on 31-12-2018 Machinery Cash at bank Sundry debtors Stock Bills receivable Bank loan Sundry creditors Cash sales Cash purchases Wages Particulars ₹ 20,000 8,000 6,000 1-1-2018 ₹ 60,000 25,000 70,000 45,000 20,000 7,000 60,000 45,000 25,000 Credit sales Credit purchases Salaries Interest on bank loan Additional capital 31-12-2018 ₹ 60,000 33,000 1,00,000 22,000 38,000 45,000 21,000 1,80,000 52,000 23,500 4,500 21,000 Advertisement Drawings Adjustments: Write off depreciation of 10% on machinery. Create a reserve of 1% on debtors for doubtful debts.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![20. Selvam does not keep his books under double entry system. From the following information
prepare trading and Profit and loss A/c and Balance Sheet as on 31-12-2018
Machinery
Cash at bank
Sundry debtors
Stock
Bills receivable
Bank loan
Sundry creditors
Cash sales
Cash purchases
Wages
Particulars
{
20,000
8,000
6,000
7,000
60,000
1-1-2018
Z
60,000
25,000
70,000
45,000
20,000
45,000
25,000
Credit sales
Credit purchases
Salaries
Interest on bank loan
Additional capital
31-12-2018
{
60,000
33,000
1,00,000
22,000
38,000
45,000
21,000
1,80,000
52,000
23,500
4,500
21,000
Advertisement
Drawings
Adjustments:
Write off depreciation of 10% on machinery. Create a reserve of 1% on debtors for doubtful debts.
FOLURZ](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F4303426c-9280-4ec9-a398-00934bc6d5b3%2F77f3fd63-1dc7-4f0e-9429-bd6d82749082%2Fwvbt2ss_processed.jpeg&w=3840&q=75)
Transcribed Image Text:20. Selvam does not keep his books under double entry system. From the following information
prepare trading and Profit and loss A/c and Balance Sheet as on 31-12-2018
Machinery
Cash at bank
Sundry debtors
Stock
Bills receivable
Bank loan
Sundry creditors
Cash sales
Cash purchases
Wages
Particulars
{
20,000
8,000
6,000
7,000
60,000
1-1-2018
Z
60,000
25,000
70,000
45,000
20,000
45,000
25,000
Credit sales
Credit purchases
Salaries
Interest on bank loan
Additional capital
31-12-2018
{
60,000
33,000
1,00,000
22,000
38,000
45,000
21,000
1,80,000
52,000
23,500
4,500
21,000
Advertisement
Drawings
Adjustments:
Write off depreciation of 10% on machinery. Create a reserve of 1% on debtors for doubtful debts.
FOLURZ
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