Question

13. Journalise the following:-
2017
March: 4
March:10
March:15
March:18
Purchased building for 1,50,000 and incurred
expenses of 10,000 on its purchase.
Satish who owed us * 20,000 is declared insolvent and
60 paise per is received from his estate.
Paid * 500 for repairing the office furniture,
Proprietor withdrew for his personal use cash 5,000
and goods worth * 2,000.
Purchased the following items for business:
Iron Safe 15,000; Filing Cabinet 5,000; Computer
12,000; Postage 200 and Stationery < 150.
Paid electricity charges *1,600.
Charge depreciation on Machinery @ 10% for one year
(Machinery 75,000).
Outstanding wages at the end of the year 6,000. (8)
March:20
March:28
March:31
March:31​

Answer 1

Answer:

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Explanation:

tock of? 3,75,000 on 31st March, 2016. Subsequently the following information was obtained from

scrutiny of the books:

(1) Purchases for the year included ? 15,000 paid for new electric fittings for the shop.

(1) Hanuman gave away goods valued at 40,000 as free samples for which no entry was made in

the books of accounts.

(ii) Invoices for goods amounting to 2,50,000 have been entered on 27th March, 2016, but the

goods were not included in stock.

(iv) In March, 2016 goods of 2,00,000 sold and delivered were taken in the sales for April, 2016.

(v) Goods costing 75,000 were sent on sale or return in March, 2016 at a margin of profit of 33-1/3%

on cost. Though approval was given in April, 2016 these were taken as sales for March, 2016.

Calculate the value of stock on 31st March, 2016 and the adjusted net profit for the year ended on that

date.