Page 92 - DMGT403_ACCOUNTING_FOR_MANAGERS

Particulars
Opening stock
30,000
Purchases
1,10,000
2,50,000
Sales
55,000
Building
Wages
23,000
3,000
Carriage inwards Debit ( ) Credit ( )
Bills payable 10,000
Furniture 9000
Salaries 42,000
Advertisement 24,000
Unit 4: Final Accounts
Coal and coke 2,000
Cash at bank 14,000
Pre-paid wages 1,000
Depreciation fund investment 25,000 Notes
Machinery at cost (Rs.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
(c) Stock valued at 10,000 was destroyed by fire but insurance company admitted a
claim of 8,500 only and the claim is not yet paid.
(d) Wages include 2,000 for installation of a new machinery on 1st Dec, 2005
(e) Depreciate the machinery at 10% per annum
10. SS Jain Bros for the year ended 31 December, 2010
st
Dr. Cr.
Particulars
Capital 6,00,000
Drawings 12,000
Buildings 2,00,000
Furniture and fittings 30,000
Depreciation on Reserve
Buildings 10,000
Furniture 3,000
Depreciation for the year 13,000
Purchases 4,00,000
Sundry creditors 40,000
Sales 5,00,000
Debtors 1,20,000
Establishment charges 20,000
Electricity charges 6,575
Postage and telegram 1,284
Contd...
Travelling and conveyance 3,816
Advance for sales commission 1,000
Insurance 2,500
LOVELY PROFESSIONAL UNIVERSITY 87
Rent received 12,000
Motor van (purchased 1.1.03) 80,000
Motor van maintenance 23,425
Fixed deposit (1.9.2003) 1,00,000
Cash in hand 1,823
Cash at bank 1,47,977