Question

13. Fire occurred 101 the premises of the unlucky Ltd on
30 April 2006. All the stocks with the exception of Rs 21.000 were destroyed
by fire. From the following figures ascertain the loss suffered by the compuny.
R$
Stock on 1.1.05
36.720
Stock on 31.12.05
32.100
Purchases during the year 2005
1. 46, 100
Sales during the year 2000
2.16,000
Sales from 1* Jan 2006 to date of fine
1.80,000
Purchnses from 14 Jan 2006 to date of fire
1.76, 100
There was as practice in the firm to value stock 90% of cost. The stock
saved from fire was worth Rs 21,600. The amount of policy was Rs
75,600 and the claim was subject to an average clause. Ascertain the
claim to be lodged.​

Answer 1

Answer:

48. The trial balance of a business as on 31st December, 2016 is given below:

337

IWB HS)

annum.

2500

333

Cr.

+

Dr.

₹

30,000 Reserve

5,000 Sundry creditors

6,900 Sales

6,700

Capital

20,300 Purchases returns

86,600 Discount received

16,800 Bills payable

10,000 Commission

25,000

400

700

560

29,340

670

400

630

Freehold premises

Salaries

Cash at bank

Wages

Stock (opening)

Purchases

Bills receivable

Furniture

Plant

Discount

Sales returns

Carriage outward

Sundry debtors -

Freight

Cash in hand

Carriage inward

16,000

20,500

1,40,000

30,000

1,000

4,000

7,500

21,000

5,305

-8, @ 20%

2,40,000

2,40,000

% on debt

[WB

count for

Prepare : (a) a Trading Account; (b) a Profit and Loss Account for the year ended 31st December, 2016;

and (c) a Balance Sheet as on that date after taking into account the following adjustments :

(1) Closing stock 30,000; (ii) Outstanding liabilities for : Salaries * 1,500, Wages * 1,000; (iii) Depreciate

plant @ 20% per annum and furniture @ 10% per annum; (iv) Sundry debtors include * 1,340 as bad ;

(u) Create a provision for bad debt @ 5% on the balance amount of sundry debtors.