Answer Posted / mallikarjunarao
before preparing the P&l a/c we cannt taken the total
expdeture becase ex we are paying rent after 31 march so
this type of expendeture taken as provisons
reserves if we are facing so many problems faced in running
bussines future is uncertaninty and if we are knowing
actual profit some expendeture like depreciation taken as
reserves before preparing the p&l account
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please answer this question.the following balances were extracted from the books of modern traders on 31st dec,2010.capital(85000)fixed assets(45000)stock1-1-2010(15000)sundry debtors(20600)productive exp(3300)reserves fund(6600)discount received(800)cash in hand(6200)drawing(5000)accomulated dep.(9000)purchases(82000)bad debts(400)unproductive exp.(27400)sundry creditors(9000)sales(120000)cash at bank(25500).adjustments.stock on 31-12-2010(15000).outstanding wages (5000) write-off (600)of further bad debts. create provision for bad & doubtful debts at {5%) on debtors.unproductive expenses includes anitem of prepaid insurance (100).provide depreciation on original cost of fixed assets @ (10%).
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