Profit and loss account and the balance sheet for the year

Reference no: EM13181711

Shri. Vas Dev keeps his books on single entry system. From the following particulars prepare Trading and Profit and Loss Account and the Balance Sheet for the year ended Dec 31, 2008.

On 1.1.2008 his assets and liabilities were as follows: Stock Rs 75,000; Sundry Debtors Rs 90,000; Machinery Rs 90,000; Furniture Rs 7,500; Sundry Creditors Rs 45,000; Bank overdraft Rs 15,000;

The cash book gives the following information:

	Rs.		Rs.
Receipts from Debtors	1,20,000	Salaries	7.500
Cash Sales	45,000	Drawings	6.000
Payment to Creditors	60,000	General Expenses	12,000
Cash Purchases	37,500	Rent	3,300
Interest on bank 0/D	2,250

Discount allowed to debtors Rs 6,000; Discount earned from creditors was Rs 3,750; Goods worth Rs 4,500 were returned by customers and goods worth Rs 2,250 were returned to suppliers.

On Dec 31, 2008, his position was as follows:

Stock Rs 67,500; Sundry Debtors Rs 1,05,000; Bills Receivable Rs 9,000; Bills payable Rs 6,000; Machinery Rs 90,000; Furniture Rs 7,500; Sundry Creditors Rs 37,500; Salary outstanding Rs 750;

Depreciate Machinery @ 10% and furniture @ 6%.

Reference no: EM13181711

Questions Cloud

Compute the mass of oxygen : Calculate the mass of oxygen (in mg) dissolved in a 5.00 L bucket of water exposed to a pressure of 1.13 atm of air.

Define worldwide movement to the minimill production model : According to the American Metal Markets Magazine, the spot market price of U.S. hot rolled steel recently reached $580 per ton. Less than a year ago this same ton of steel was only $260. A number of factors are cited to explain the large price inc..

What is the probability that both are male : 50000 people at stadium, and 40000 of them are male. if 2 people are selected at random, what is the probability that both are male?

Find the steady-state temperature at the center of the plate : Determine the steady state temperature distribution in a 1 x 1 square plate where the top is held at 100 and the other three sides are held at 0.

Profit and loss account and the balance sheet for the year : prepare Trading and Profit and Loss Account and the Balance Sheet for the year ended Dec 31, 2008.

What is the probability that a randomly selected automobile : What is the probability that a randomly selected automobile manufactured by the company will have a defective microprocessor?

Prepare the necessary final accounts for the year : Provide 5% for depreciation on furniture, fittings; interest @ 5% p.a. on his wife's loan. Rs 500 for doubtful debts. Prepare the necessary final accounts for the year ending on Mar 31, 2009 and the Balance Sheet as on that date.

Write an inequality to model each situation : Write an inequality to model each situation

Describe healthcare transactions that have not taken place : Describe some healthcare situations in which an agent has taken advantage of a principal. Now describe some healthcare transactions that have not taken place because of fears about asymmetric information. What are some strategies for reducing adve..

User Account

All Pages