10. Journalise the following.
The books of Mahesh showed the following balances as on 31-3-2019 .
Cash in hand Rs.500, 000 and furniture Rs.30,000, bills receivable Rs.50,000, Bills
payable 25000, stock 125,000. Debtors 79000, motor vehicles 150000, bank overdraft
50,000, creditors 49000
Pass necessary opening entry as on 1-4-2019. (
Answers
Answer:
GOUDATOR'S ACCOUNT
13. The Balance sheet of Raj lid as on 1-3-2014 is as under the date
on which the company liquidated voluntarily
Assets
Rs.
19.000 quity shares of Rs 100
Patents
each. R. 60 paid per share
2.00.000
9.00.000 Plant & Machinery
12,50.000
5.000 quity shares of Rs 100
Land & Buildings
5,00,000
cach, R$ 75 paid per share 3.75.000 Debtors
5.50.000
10,000 Preference Shares or
1.50.000
RS. 100 each (6)
10.00.000 Stock
2.75.000
5% Mortgage debentures
5.00,000 Profit & Loss Ne (Dr)
6,00,000
Outstanding interest
on Debentures
25.000
Creditors
7.25.000
35,25.000
35.25,000
Additional Information :
(1) Creditors include Preferential creditors of Rs. 75,000 and a Loan for
Rs. 2,50.000 secured by a Mortgage on Land and Buildings.
(2) The Preference dividends were in arrears for two years.
(3) The expense of liquidation amounted to Rs. 54,500.
(4) The assets were realized as follows:
Rs.
Patents
1,50,000
Stock
3.00,000
Land & Buildings
6,00,000
Debtors
4,00,000
Plant & Machinery
10,00.000
(5) The liquidator is entitled to a remuneration of 3% on assets realized and 2%
on amount distributed to unsecured creditors other than preferential creditors,
Prepare Liquidator's Final Statement of Receipts and Payments.
[Guj. Uni., S.Y., Nov. 2014
Explanation:
cash A/c Dr 5,00,000
furniture A/c Dr 30,000
bill receivable A/c Dr 50,000
stock A/c Dr 125000
debtors A/c Dr 79000
motar vehicle A/c Dr 150000
To bank overdraft 50,000
To creditor A/c 49000
To bills payable A/c 25000
To capital A/c 8,10,000