From the following Trial Balance of Seema Garments as on
31st Dec., 2007, prepare Trading
Profit and Loss Account and Balance Sheet:
Dr. Rs. Cr. Rs.
Opening Stock 15000
Purchases and Sales 109000 180000
Manufacturing Wages 8000
Fuel, Power and Lighting 12000
Salaries 11000
Income Tax 5500
Loan to Mr. X at 10% pa. 5000
Interest on Mr. X’s Loan 300
Apprentice Premium 4500
Rent 4000
Rent Owing 600
Furniture (includes furniture of Rs.1000
purchased on 1st July, 2007) 5000
B/R and B/P 6000 1600
Plant 72000
Debtors and Creditors 28000 13000
Capital 100000
Cash 19500
300000 300000
Informations:
1. Closing Stock was valued at Rs. 30,000.
2. Goodsworth Rs. 5000 was sold on 28th December, but no
entry was passed to this effect.
3. Goods costing Rs. 7000 was purchased and included into
Stock but no entry was passed to record
the purchases.
4. Create a provision of 2% for discount on debtors.
5. Apprentice premium received on 1st January, 2007 was for
3 years.
6. Depreciate the furniture by 10% p.a.
7. Salaries for the month of December, 2007 are still
outstanding.
Answer Posted / hailey
could u pls write it in an arranged way?
thnQ for yo answer!!
Is This Answer Correct ? | 14 Yes | 10 No |
Post New Answer View All Answers
Hi wht r da questions which are mostly asked in an Accounts related job for freshers?
Tell us do you have any professional experience of this field?
What is corporate assesses?
Dear sir, In tally what is list of cost centres? and what is the list of cost categories?
What does the investment of personal assets by the owner will do?
How to treat company managers personal expenses met by company if he is not taking salary from company and in future salary will be payable after deducting all personal expenses (salary amt will be decided only at paying year). pass journal entries
adjustment entry showing in tally such as outstanding salary prepaid salary etc.
Explain me some of the examples for liability accounts?
Can you name any other accounting application?
What is accounting transaction?
What are the different types of gst?
What are the nine accounting cycles?
Imagine you have to solve problems for multiple clients at the same time. How do you prioritize?
What is computerized accounting?
What is the rate of penalty charged when the given Vat Cheque dishonoured?