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September 21, 2014

Homework Help: Accounts

Posted by Rishabh on Saturday, October 16, 2010 at 10:43am.

The following is the Trial Balance of a trader as at 31st December, 2001:
























Debit Balances Rs. Credit Balances Rs.
Stock (1-1-2001)
Sales returns
Purchases
Freight and carriage
Rate, Rent etc.
Salaries and wages
Sundry debtors
Bank Interest
Printing and advertisement
Cash at Bank
Investments
Furniture and fittings
Discounts
General expense
Audit Fees
Insurance
Travelling expenses
Postage and telegrams
Cash in hand
Deposit with Pran
Drawing Account 46,800
8,600
2,43,100
18,600
5,700
9,300
24,000
900
14,600
8,000
5,000
1,800
7,540
3,910
700
600
2,330
870
380
30,000
10,000
4,42,730
Neeru’s capital account
Sales
Purchases returns
Sundry creditors
Bank loan at 6%
Income from investments
Discounts 1,08,090
2,89,600
5,800
14,800
20,000
250
4,190
4,42,730

Adjustments:
(i) Stock at the end was Rs. 78,600
(ii) Included amongst the debtors is Rs. 3,000 due from Zeenat and included amongst the creditors is Rs. 1,000 due to her.
(iii) The effect of advertising not yet expired, a quarter of the amount ‘Printing and Advertising’ is to be carried forward to the next year.
(iv) Reserve 2 per cent for discount on Debtors and create a bad debts reserve at 5 percent.
(v) A depreciation of 10% p.a. is to be written off Furniture and fittings.
(vi) Wages owing on 31st December, 2001 is Rs. 300, salaries owing Rs. 500 and carriage owing Rs. 100.
(vii) Prepaid insurance is Rs. 80.
(viii) Furniture which stood at Rs. 600 in books Ist January, 2001 was disposed of at Rs. 290 on June, in part exchange for new furniture costing Rs. 520. A net invoice at Rs. 230 was passed through the purchase-day book.
(ix) Purchase Invoice amounting to Rs. 400 had been omitted from the books.
(x) A Neon-sign costing Rs. 100 is included in Advertising.
(xi) Two dishonored cheques for Rs. 200 and Rs. 300 respectively has not been entered in the cast book. The first for Rs. 200 is known to be bad. In the case of a second cheque for Rs. 300, it is expected that 75% of it would be realized.
(xii) Private purchase amounting to Rs. 600 had been included in the Purchase Day Book.
(xiii) Charge full year’s interest on Deposit with Pran at 7% p.a.
(xiv) Provide for interest on Bank loan for the amount due.
Prepare Final Accounts

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