Interested to Buy Any Domain ? << Click Here >> for more details...
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.
- 2 Answers
- 13803 Views
- Ignou, I also Faced
- E-Mail Answers
Answers were Sorted based on User's Feedback
Answer / mansi
Trading A/c
Praticular Amt Amt Prticular Amt Amt
Opening Stock 15000 Sales 180000
Purchases 109000 unrecoded sales (+) 5000 185000
unrecorded pur (+) 7000 116000
Manufacturing Wages 8000
Fuel, Power and Lighting 12000 Closing stock 30000
unrecorded sales (-) 5000 25000
G/P B/D 59000
210000 210000
P/L A/c
Praticular Amt Amt Prticular Amt Amt
G/P C/D 59000
Salaries 11000 Interest on Mr. X’s Loan 300
o/s sla (+) 1000 12000 o/s int (+) 200 500
Income Tax 5500
Rent 4000 Apprentice Premium 1500
2% Dis on drs 660 o/s preminum recived 3000
Dep on furni 450
N/P 41390
64000 64000
B/S
Lib. Amt Amt Ass. Amt Amt
Capital 100000
N/P(+) 41390 141390 Loan to Mr. X at 10% pa. 5000
o/s int 200 5200
Furniture 5000
10 Depri (-) 450 4550
B/R 6000
B/P 1600 Plant 72000
Rent Owing 600
Cr. 13000 Debtors 28000
Unrecorded pur (+) 7000 20000 unrecorded sales (+) 5000
33000
o/s sla 1000 2% Dis (-) 660 32340
cash 19500
cl stock 25000
164590 164590
| Is This Answer Correct ? | 23 Yes | 13 No |
Answer / hailey
could u pls write it in an arranged way?
thnQ for yo answer!!
| Is This Answer Correct ? | 14 Yes | 10 No |
what is the difference between journal entry and journal voucher
Dear Sir, I have bought a vehicle the show room price is Rs.921700, Registration Rs.60000 Parking Charges Rs.5000 Please let me suggest What is assets value?
IN ONE OF THE MAUNUFACTURING COMPANY, THE MANAGMENT WAS VERY MUCH INTERESTED TO INTRODUCE ERP(IT IS FOREIGN SOFTWARE)BASED ON SOME ATTRACTIVE FEATURES EXPLAINED BY THE ERP SOFT WARE COMPANY/AGENCY . THE ACCOUNTING STAFF ARE ALL CONVERCENT WITH TALLY ACCOUNTING PACKAGE(INDIAN ACCOUNTING METHOD). THEREFORE THEY WOULD LIKE TO KNOW THAT (I) WHAT ARE THE DIFFERENCE BETWEEN A TRIAL BALANCE FROM NORMAL TALLY ACCOUNTING AND ERP GENREATED TRIAL BALANCE (2) SINCE THE BOTH THE TRIAL BALANCE WILL BE HAVING DIFFEERENT DATAS HOW SOME ONE CAN MAKE A FINAL ACCOUNT SUCH AS TRADING A/C PROFIT & LOSS ACCOUNT AND BALANCE SHEET AS PER INDIAN COMPANIES ACT. THE TRIAL BALANCE AS PER ERP SHOW SOME COST OF PRODCUTION A/C, LABOUR/MATERIAL/VALUE VARIANCE A/C. SAY ALL THESE VARIANCE ARE CORRECT AND BASED ON THE ACTUAL TRANSACTION TAKEN PLACE, HOW SOMEONE CAN A FINAL ACCOUNT MEANT FOR INDIAN ACCOUNTING POLICY WHICH TO BE SUBMITTED TO VARIOUS GOVT BODIES? I AM TOTALLY CONFUSED
if current ratio=2.5 : 1 liquid ratio= 1:1 closing stock=rs 45000 calculate current assets current liabilities liquid assets
Please would you provide me with a defenition of Cycle count tolerance ? Thank you
what is the meaning of ratio? Types of ratios?
what is fictitious account?
Difference Between Economics and Finance
if rs 200 has to be charged in one A/c but had been wrongly charged in another A/c.what entry will be pass to correct the entry
how to prepare balance sheet pls tell me?
What is the difference between CASH FLOW and FUND FLOW?
I have two godown in Delhi.i want transfer of goods from one to another what documents are required
Audit 
