Question

1,500
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Bills Receivable
Drawings A/cs:
Mahesh
Dinesh
1,750
Salaries
1.250
9.000
10,000
3,750
Wages
Furniture
500
Royalty
Cash at Bank
7,250
2,56,475
Adjustments :
(1) Closing stock was valued at Cost price * 17,500 and Market price * 20,
2
(3) Maintain reserve for Doubtful debts @ 2% on Sundry debtors.
(4) Outstanding expenses : (i) Factory rent * 150 (ii) Office rent * 300
(5) Interest on capital is to be allowed at 6 % p.a.
(6) Prepaid insurance was 50.
78
BOOK-KEEPING AND ACCOUNTANCY DIGEST : STANDARD XI
(2) Plant and Machinery and Furniture are to be depreciated at 6 % and 10​

Answer 1

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