final accounts adjustments
Mr. Haroon is in business of selling ready made cloths. The trial balance extracted
from his books of accounts as on June 30, 2002 is given below:
Rs Rs
Capital
Drawings during the year
Purchases
Rates and Taxes
Salaries
Electricity
Insurance
Sales
Bad Debts written off
Discounts
General Expenses
Telephone
Postage
Carriage
Stock-in trade
Wages
Land & Buildings
Plant & Machinery
Furniture and Fittings
Trade Receivables
Trade Creditors
Cash & Bank
20,000
118,000
1,900
8,000
6,000
6,000
1,800
1,200
7,500
2,200
4,700
45,000
5,000
35,000
20, 000
10,000
40,000
18,700
180,000
150,000
1,000
20,000
351,000 351,000
Following adjusting events need to be incorporated in the books of accounts:
(a) Stock in Trade as on June 30, 2002 valued at Rs. 64,000. Included in the
stock was an item costing Rs. 14,000 the net realizable value of which was
estimated to be Rs. 12,500.
(b) Plant & machinery carried in books at Rs. 5,000 was sold for Rs. 1,900 in
part exchange for a new machine costing Rs. 4,200. Net invoice was
received from the supplier of machine. Depreciate the Plant & Machinery
@10%, Furniture and Fixture @15%.
(c) As on June 30, 2002 Wages payable amounted to Rs. 2,500 and insurance
premium was prepaid to the extent of Rs. 1,000. Salaries payable amounted
to Rs. 3,000.
(d) Provision for doubtful debts was to be created upto 5% of Trade
Receivables. Provide Provision for discount upto 2% on Trade Receivables.
Required:
Prepare Trading and Profit & Loss Account for the year ended June 30, 2002 and
Balance Sheet as at that date.
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