Page 202 - DMGT104_FINANCIAL_ACCOUNTING

Financial Accounting

Notes 5. From the following balances draw up a Trading and Profit & Loss Account and Balance
Sheet:
( )
Amit Joseph’s Capital 30,000

Bank Overdraft 7,500
Machinery 20,100
Cash in hand 1,500
Fixture & Fitting 8,250
Opening stock 67,500
Bills Payable 10,500
Creditors 60,000
Debtors 94,500
Bill receivable 7,500
Purchases 75,000
Sales 1,93,500
Returns from customers 1,500

Returns to Creditors 1,650
Salaries 13,500
Manufacturing Wages 6,000
Commission 8,250
Trade Expenses 2,250
Discount (Cr.) 6,000
Rent 3,300
The Closing Stock amounted to 78,000.

6. The following balances are extracted on 31st March, 2008 from the book of Mr. Rajesh
Pratap.

( ) ( )
Capital 4,90,000 Loan 1,57,600
Drawing 40,000 Sales 13,07,200
General Expenses 50,000 Purchases 9,40,000
Buildings 2,20,000 Motor Car 40,000
Machinery 1,86,800 Prov. for Bad Debts 18,000
Opening Stock 3,24,000 Commission (Cr.) 26,400
Coal and Power 44,800 Car Expenses 36,000
Taxes and Insurance 26,300 Bills Payable 77,000
Wages 1,44,000 Cash in Hand 1,600
Debtors 1,25,600 Bank Overdraft 66,000
Creditors 50,000 Donation 2,100
Discount (Dr.) 11,000

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