Page 166 - DEBK-XI(2020)

19.18 Double Entry Book Keeping—CBSE XI

You are required to prepare the Final Accounts for the year ending 31st March, 2012 taking
into account the following adjustments:
(i) Closing Stock on 31st March, 2012 was valued at ` 4,340.
(ii) Commission include ` 300 being commission received in advance.

(iii) Salaries have been paid for 11 months.
(iv) Bank Loan has been taken at 10% p.a. interest.
(v) Depreciate building by 50% and Scooter by 15%.
(vi) Write of ` 200 as further bad debts and maintain bad debts provision at 5% on debtors.
(KVS 2015)
[Gross Profit—` 17,180; Net Profit—` 4,640; Balance Sheet Total—` 43,540.]

2. Following is the Trial Balance of Mr. Prem Prakash as on 31st March, 2020:
Heads of Accounts Debit Credit
Balances Balances
` `
Plant and Machinery ............................................................................................................... 5,50,000 ...
Fixtures and Fittings ............................................................................................................... 17,200 ...
Prem Prakash’s Capital ............................................................................................................... ... 9,32,300
Factory Fuel and Power ............................................................................................................... 5,420 ...
Office Salaries ............................................................................................................... 37,450 ...
Sales ............................................................................................................... ... 12,61,770
Creditors ............................................................................................................... ... 2,26,800
Purchases Return ............................................................................................................... ... 31,720
Bills Payable ............................................................................................................... ... 64,220
Factory Lighting ............................................................................................................... 3,920 ...
Travelling Expenses ............................................................................................................... 9,250 ...
Carriage on Sales ............................................................................................................... 9,600 ...
Cash at Bank ............................................................................................................... 22,450 ...
Cash in Hand ............................................................................................................... 680 ...
Sundry Debtors ............................................................................................................... 4,78,000 ...
Purchases ............................................................................................................... 8,32,900 ...
Wages ............................................................................................................... 99,150 ...
Rent and Taxes ............................................................................................................... 17,650 ...
Office Expenses ............................................................................................................... 27,780 ...
Carriage Inwards ............................................................................................................... 8,970 ...
Discount ............................................................................................................... 4,220 ...
Drawings ............................................................................................................... 68,200 ...
Stock on 1st April, 2019 ............................................................................................................... 2,17,250 ...
Manufacturing Expenses ............................................................................................................... 26,800 ...
Sales Return ............................................................................................................... 74,220 ...
Insurance ............................................................................................................... 5,700 ...
Total 25,16,810 25,16,810