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You are required to prepare the final accounts of a trader from the following information:
Assets and Liabilities:
1.1.2008 $
31.12.2008 $
Furniture
18,000
19,050
Stock
24,000
21,000
Debto$
48,000
?
Credito$
33,000
45,000
Prepaid Expenses
1,800
2,100
Outstanding Expenses
6,000
5,400
Cash in hand and at bank
3,600
1,875
Cash transactions during the year 2008:
Receipts from Debto$ (after allowing 2 1/2% discount)
1,75,000
Bills Receivable discounted (at an average rate of 2%)
18,375
Paid to Creditor (@ 2% discount)
1,17,600
Freight inward
9,000
Drawings
Furniture purchased
3,000
4% Investments purchased at 96% (on 1.7.2008)
28,800
Expenses including salary
43,500
Miscellaneous receipts
1,500
During the year Bills Receivable received were $30,000; $6,000 of which are endo$ed in favour of creditor, of the later a bill for $ 1,200 was dishonoured.
Goods costing $ 2,700 were used for advertising materials
Goods are invariably sold to show a profit of 50% on cost
Difference in cash, if any, is to be treated as drawings or introduction of capital.
Provision for doubtful debts is to be provided @ 2 1/2% on debto$.
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