User Account

All Pages

Discuss the owner for own consumption amounts

Assignment Help Accounting Basics
Reference no: EM131803213

Q) From the following extracts of Trial Balance as on 31/3/2003 and other additional information, prepare Profit and Loss Account and Balance Sheet.

 

 

 

 

 

 

 

 

Plant & Machinery

 

40500

Bad Debt

 

 

2200

Furniture and Fittings

 

15250

Bad Debts Recovered

1250

Bank Overdraft

 

160000

Salaries

 

 

32650

Capital

 

 

115000

Salary Payable

 

5350

Drawings

 

 

15000

Prepaid Rent

 

500

Purchases

 

230500

Rent

 

 

6500

Opening Stock

 

132250

Carriage Inward

 

2350

Wages

 

 

22325

Carriage Outward

 

3250

Provisions for Doubtful Debts

5700

Sales

 

 

290600

Provision for Discount on Debtors

1375

Advertisement Expenses

6750

Sundry Debtors

 

152500

Printing & Stationery

 

2200

Sundry Creditors

 

77500

Cash in Hand

 

2300

 

 

 

 

Cash at Bank

 

7250

 

 

 

 

 

 

 

 

Additional Information:

Difference in the trial balance, if any, can be taken as miscellaneous expenses or income.

Bank overdraft is secured against hypothecation of stock. The Bank overdraft outstanding as on 31/3/2003 accounted for 80% of drawing power. Such power is ascertained by deducting 20% as margin from the value of stock as on that date.

Purchase include sales return of Rs.5500/- and sales include purchase returns of Rs. 4750/-.

Goods withdrawn by the owner for own consumption amounts Rs.7500/- included in purchases.

Wages paid for installation of plant and machinery amounting to Rs.750/- were included in wages account.

Depreciation is to be provided  on plant and machinery @ 15% p.a. and on furniture and fittings @ 10% p.a.

Create a provision for doubtful debts @ 5% and provision for discount on debtors @2.5% .

A debit balance of Rs.2500/- in the account of Ram, a creditor is included in the list of sundry Creditors.

Free samples distributed for publicity costing Rs.1250/-

Reference no: EM131803213

Questions Cloud

What are the most important regions : In the opinion of the analysts, how important are international operations for McDonald's future growth prospects? What are the most important regions?
Amount should fenn report for net sales : What amount should Fenn report for net sales in its income statement for the month of December 2011?
Compute the division return on investment : What method would be most appropriate for calculating the division's return on investment (ROI)? Why? Using this method, what is the ROI for the current year
The difference between medieval europe and traditional china : The use of gunpowder changed the nature of warfare and played a significant role in the transformation of European Society.
Discuss the owner for own consumption amounts : Difference in the trial balance, if any, can be taken as miscellaneous expenses or income
Percentage of the original capitalized cost : What percentage of the original capitalized cost should be reported as the net amount on Bit's December 31, 2010 balance sheet?
Review problem on the cad design : As you must be aware, Tonia Putt in CAD design went on approved family medical leave on the first of last month. Somebody in your department messed.
Consolidated balance sheet for current assets : What amount should Clark report in its December 31, year 1 consolidated balance sheet for current assets?
Find an example of two corporate innovations : Find an example of two corporate innovations- one brought about through autonomous strategic behavior and one developed through induced strategic behavior.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Carlos bought stock in year one for 1000 in year three when

carlos bought stock in year one for 1000. in year three when the stock is worth 10000 he donates the stock to alma

  Issued additional shares of stock

Mallard Incorporated (MI) is a small manufacturing company that makes model trains to sell to toy stores. It has a small service department that repairs customers' trains for a fee.

  Palm beach hotel accepts telephone reservations for rooms

palm beach hotel accepts telephone reservations for rooms during its summer tourist season but requires a 20 cash

  Cone appropriately uses the straight line method

On December 1, 2008, the Cone Company issued its 10%, $2 million face value bonds for $2.3 million, plus accrued interest. Interest is payable on November 1 and May 1. On December 31, 2010, the book value of the bonds, inclusive of the unamortized pr..

  Prepare an income statement statement of changes

oshea enterprises started the 2002 accounting period with30000 of assets all cash 18000 of liabilities and 4000 ofcomon

  Mortgage-interest and amortization

A house worth $70,000 is purchased with a down payment of $20,000 and a mortgage amortized over 20 years. If the interest rate is 14% compounded semi- annually;

  Stine company applies manufacturing overhead to jobs at an

stine company uses a job order cost system. on may 1 the company has a balance in work in process inventory of 3980 and

  Management has the positive intent and ability

Prepare the appropriate journal entry for each transaction or event.

  What is the investments net present value

Robert Huft retires in 6 years. He would have to purchase equipment costing $590,000 to equip the outlet. Other outlets in the fast food chain have an annual net cash inflow of about $140,000. Mr. Anders would close the outlet in 6 years. He estim..

  Discussing the options cover the implications resulting

In discussing the options cover the implications resulting from a decision as to whether the Printing Fund will be financed with a loan or an outright grant.

  Determine the vested account balance

Assume that over the past four years, Alex has contributed $45,000 to his 401(k) and his employer has contributed $115,000 to the plan. The plan has an account balance of $175,000. What is Alex's vested account balance in his 401(k)?

  Set up the new company farm branch rentals

Set up the new company Farm Branch Rentals in the QuickBooks software with the information and run an accounts listing of the chart of accounts and save in PDF format for submission.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd