Page 171 - DCOM101_FINANCIAL_ACCOUNTING_I

Unit 12: Final Accounts

Additional Information Notes

(a) Stock on 31st March, 2004 ` 94,600
(b) Write off `600 as bad debts
(c) Provision for doubtful debts 5% on debtors
(d) Create a provision for discount on debtors & reserve for creditors 2%
(e) Provide a depreciation on furniture and fixture at 5% per @

(f) Plant machinery depreciation 20%

(g) Insurance unexpired ` 100

(h) A fire occurred on 25th March 2004 in the godown and stock of the value of ` 5,000
was destroyed, which was the insurance company admitted the claim fully which is
yet to be paid.
st
9. From the following figures extracted from the books of M/s Amal &Vimal 31 March, 02

Particulars Debit(`) Credit (`)
Opening stock 30,000
Purchases 1,10,000
Sales 2,50,000
Building 55,000
Wages 23,000
Carriage inwards 3,000
Bills payable 10,000
Furniture 9000
Salaries 42,000
Advertisement 24,000
Coal and coke 2,000
Cash at bank 14,000
Pre-paid wages 1,000
Depreciation fund investment 25,000
Machinery at cost (`10,000 New) 60,000
Sundry debtors 20,000
Bad debts 3,000
Depreciation fund 25,000
Sundry creditors 24,000
Rent rate and taxes 4,000
Trade expense 4000
Capital Amal 50,000
Vimal 40,000
Petty expenses 4,000
Provision for doubtful debts 1,000
Gas and water 1,200
Cash in hand 800
Outstanding rent 400
Bank loan 34,600
4,35,000 4,35,000
Adjustment entries
(a) The partners share profit and losses Amal 2/5 and Vimal 3/5.

(b) Closing stock `15,000

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