Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 12 Jul 2017 My Price 12.00

trading and profit and loss account

Prepare the trading and profit and loss account and a balance sheet of M/s Shine Ltd. from the following particulars.

 

Account Title

Amount

Rs

Account Title

Amount

Rs

Sundry debtors

1,00,000

Bills payable

85,550

Bad debts

3,000

Sundry creditors

25,000

Trade expenses

2,500

Provision for bad debts

1,500

Printing and Stationary

5,000

Return outwards

4,500

Rent, Rates and Taxes

3,450

Capital

2,50,000

Freight

2,250

Discount received

3,500

Sales return

6,000

Interest received

11,260

Motor car

25,000

Sales

1,00,000

Opening stock

75,550

    

Furniture and Fixture

15,500

    

Purchases

75,000

    

Drawings

13,560

    

Investments

65,500

    

Cash in hand

36,000

    

Cash in bank

53,000

    
 

4,81,310

  

4,81,310

 

Adjustments

1. Closing stock was valued Rs 35,000.

2. Depreciation charged on furniture and fixture @ 5%.

3. Further bad debts Rs 1,000. Make a provision for bad debts @ 5% on sundry debtors.

4. Depreciation charged on motor car @ 10%.

5. Interest on drawing @ 6%.

6. Rent, rates and taxes was outstanding Rs 200.

7. Discount on debtors 2%.

Answers

Maurice Tutor
(5)
Status NEW Posted 12 Jul 2017 12:07 AM My Price 12.00

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