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On 31st March 2020, the following trial balance of Rama Rao was taken out. Prepare final accounts for the year after making the following adjustments: (a) Depreciation 5% of plant and machinery and 10% of Fixtures and fittings. (b) Reserve for bad debts 5% on sundry debtors (c) Insurance unexpired on 31st March 2020 Rs. 170 (d) Outstanding wages Rs. 500 and salaries Rs. 300 Trial Balance Dr_Balances Carriage purchases 897 Plant & Machinery 805 Discount 422 Fixtures and fittings 821 Drawings account 6820 Factory fuel & power 542 Stock as on 01.04.2019 21725 Office salaries 3745 Manufacturing expenses 2680 Lighting factory 392 Sales returns 7422 Traveling expenses 925 Insurance 570 Carriage on sales 960 Closing Stock 16580 Cash at Bank 2245 CoBalances: Cash hand Rent outstanding 150 Sundry Debtors 47800 Rama Rao's Capital 93230 Purchases Adjusted 66710 Sales 126177 Wages 9915 Sundry creditors 22680 Rent Tares 1915 Purchase Returns 3172 Bills payable 6411 Office Expenses Infinix HOT 10
Submitted by Paul B. Dec. 10, 2021 11:17 p.m.
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05:27
The following trial balance was extracted from the books of Rodney, a sole trader, at 31st Dec 2020.
Shs Shs.Drawings/Capital 2,148 20,271Debtors/Creditors 7,689 5,462Purchases/Sales 62,101 81,742Rent and Rates 880Light and heat 246Salaries and wages 8,268Bad debts 247Provision for bad debts 326Stock in trade 31st Dec 2019 9,274Insurance 172General Expenses 933Bank balances 1,582Motor van at cost/Provision for depreciation 8,000 36,000Proceeds on sale of van 250Motor expenses 861Freehold premises at cost 15,000Rent received 750Provision for depreciation on buildings 5,000
117,401 117,401
The following matters are to be taken into account:1. Stock in trade at 31st December 2020 was Shs. 9,8842. Rates paid in advance at 31st December 2020, Shs. 403. Rent receivable due at 31st December 2020, Shs. 2504. Lighting and heating due at 31st December 2020, Shs. 855. Provision for doubtful debts to be increased to Shs. 3886. Included in the amount for insurance Shs. 1…
05:56
The following is the Balance Sheet of Swara and Swaraj as on 31st March 2018.
Cr. Balance Sheet as on 31st March 2018.
Assets Amount Liabilities AmountCapital Account:Swara 6,000 Creditors 5,000Swaraj 6,000 Bills Payable 2,000General Reserve 1,200
Swara's Loan A/C
AssetsFurniture 7,000Patents 2,000Goodwill 3,000Debtors 3,000Less: R.D.D. (200)Stock 4,000Bank 3,000
Total Assets: 19,000 Total Liabilities: 19,000
On 1st April 2018, the firm was dissolved. Swara took over Patents at a value of 2,000. The assets were realized as follows: Furniture 7,000, Goodwill 3,000, Stock 4,000, and Debtors 3,000.
Creditors were paid off at a discount o…
05:37
'28.11 This question also relates to extended trial balances (see Exhibit 28.2) From the following trial balance of John Brown, store owner, prepare trading account and profit and loss account for the year ended 31 December 20X7_ and a balance sheet as at that date, taking into consideration the adjustments shown below:Trial Balance as at 31 December 2OX7Sales Purchases Sales returns Purchases returns Opening stock at January 2OX7 Provision for doubtful debts Wages and salaries Rates Telephone Shop fittings at cost Van at cost Debtors and creditors Bad debts Capital Bank balance Drawings400,000350,000 5,0006,200100,00080030,000 6,000 1,000 40,000 30,000 9,800 2007,000179,0003,000 18,000 593,000593,000Closing stock at 31 December Z0X7 €120,000. Accrued wages E5,000_ Rates prepaid E500. The provision for doubtful debts to be increased to 10 per cent of debtors. Telephone account outstanding €220. Depreciate shop fittings at 10 per cent per annum; and van at 20 per cent per …
00:39
Q.No. 4(D). On 31st March, 2010, the following Trial Balance of Mr. Rama Rao was taken out. Prepare final accounts for the year after making the following adjustments:
(a) Depreciation 5% on plant and machinery and 10% on fixtures and fittings.(b) Reserve for bad debts, 2% on sundry debtors.(c) Insurance unexpired on 31st March, 2010: 70.(d) Outstanding wages: 800 and salaries: 350.
Trial BalanceDebit Balances:Plant and Machinery: 55,000Travelling expenses: 1,720Fixtures and Fittings: 2,245Carriage on sales: 542Cash at Bank: 47,800Factory Fuel and Power: 3,745Office salaries: 68Cash in hand: 392Lighting (factory): 47,800Sundry debtors: 9,915Wages: 66,710Purchases: 1,915Rent and Taxes: 16,580Closing Stock: 2,778Office expenses: 2,778
Credit Balances:Carriage on purchases: 150Rent Outstanding: 897Discount: 422Rama Rao's Capital: 93,230Drawings Account: 6,820Sales: 1,26,177Stock on 1st April, 2009: 21,725Sundry Creditors: 22,680Manufacturing expenses: 2,680…
02:06
From the following Trial Balance of M/s Arjun and Sons as on 31st March, 2018, prepare Trading and Profit and Loss Account and Balance Sheet:
Adjustments:(i) Closing Stock ₹ 6,40,000.(ii) Wages Outstanding ₹ 24,000.(iii) Bad Debts ₹ 6,000 and Provision for Bad and Doubtful Debts at 5% on Debtors.(iv) Rent is paid for 11 months.(v) Loan from bank was taken on 1st October, 2017.(vi) Provide Depreciation on Machinery at 10% p.a.(vii) Provide Manager’s Commission at 10% on net profit after charging such commission.
Debit Balances Credit BalancesHeads of AccountsDrawings Capital Purchases Sales Opening Stock Returns Outward Carriage Inwards Wages Power Machinery Furniture Rent Salary Insurance Bank Loan Debtors Creditors Cash in Hand Total1,80,0008,00,000 8,26,000 15,50,000 4,20,000 16,000 12,000 40,000 60,000 5,00,000 1,40,000 2,20,000 1,50,000 36,000 2,50,000 2,06,000 1,89,000 15,000 28,05,000 28,05,000
00:33
Illustration 17 From the following balances taken from the Ledger of Krishna on 31st March 2017, prepare the Trading and Loss Account for the year ended 31st March 2017 and the Balance Sheet as at 31st March 2017 of Krishna in vertical format.
Particulars Sundry Creditors 1900 Building 15000 Income tax 4025 Loose tools 16201 Bank Interest 9 Purchases 1500 Wages 1000 Damage Inwards 1 Sales 185000 Motor Van 12500 Cash In hand 60 Bad Debts 2 Loan Item Ram 6500 Sundry Debtors 600 Provision for Bad Debts 600 …
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