Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

F-45 1) The following balances appeared in the books of a merchant on 31 December, 2013. - Buildings Motor Trucks A Furniture Debtors Creditors 70,000

F-45 1) The following balances appeared in the books of a merchant on 31" December, 2013. - Buildings Motor Trucks A Furniture Debtors Creditors 70,000 Carriage Inwards 12,000 1,640 15,600 Carriage Outwards 18,852 Insurance Stock 15,040 Cash in hand 988 Cash at bank 14,534 Bills Receivable 5,844 6,930 Bills Payable Purchases 85,522 Sales 1,21,850- Investments Capital 92,000 Returns Inwards Prepare final accounts for the year 2013 after taking into consideration the following matters. a) Stock on 31st December 2013 amounted to 15,500. b) Depreciation on Motor Trucks 20% and Furniture 10%. c) Write off further amount of 100 as bad debts and maintain the bad debts reserve at 5% on debtors. Reserve for bad Debts Establishment charges Interest (Credit) Bad Debts Audit Fees General Charges Trade Expenses Discount (Dr.) d) Unexpired insurance 150. e) Interest accrued on investments 120. 1,291 1,320 2,135 800 783 340 613 400 3,950 325 620 8,922 285 (Ans. Gross Profit 34,887; Net Profit 24,077; Balance Sheet Total 1,41,859) following Trial balance of Sri Subhash prepare Trading and

image text in transcribed

7) The following balances appeared in the books of a merchant on 31st December, 2013. the following matters. a) Stock on 31st December 2013 amounted to 15,500 . b) Depreciation on Motor Trucks 20\% and Furniture 10\%. c) Write off further amount of 100 as bad debts and maintain the bad debts reserve at 5% on debtors. d) Unexpired insurance 150 . e) Interest accrued on investments 120 . (Ans. Gross Profit 34,887 ; Net Profit 24,077; Balance Sheet Total 1,41,859 )

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting For Decision Makers

Authors: Peter Atrill, Eddie McLaney

7th Edition

027378563X, 9780273785637

More Books

Students also viewed these Accounting questions

Question

Tell me about yourself.

Answered: 1 week ago

Question

Draw a schematic diagram of I.C. engines and name the parts.

Answered: 1 week ago