2017
Aprill Siya Ram & Sons commenced business with cash
3 Purchased office furniture for cash
5 Purchased goods for cash
8 Purchased goods from Vishal Trading Co.
from Mohan Garments
10 Returned goods to Vishal Trading Co.
14 Paid cash to Vishal Trading Co. in full settlement of their account,
after deducting 5% cash discount
15 Sold goods for cash
18 Sold goods to Hero Limited, less 10% Trade Discount
20 Siya Ram withdrew from business for his personal use Cash
Goods
2,00.000
20.000
50.000
25.000
16,000
5.000
40.000
30,000
10,000
4.000
yrr koi trial balance profit lioss account bna do
Answers
Answer:
Q.23 From the following information supplied by M.B.S. Club, prepare Receipts and Payments
account and Income and Expenditure Account for the year ended 31st March 2019.
01.04.2018
31.03.2019
Rs.
Rs.
Outstanding subscription
1,40,000
2,00,000
Advance subscription
25,000
30,000
Outstanding salaries
15,000
18,000
Cash in Hand and at Bank
1,10,000
?
10% Investment
1,40,000
70,000
Furniture
28,000
14,000
Machinery
10,000
20,000
Sports goods
15,000
25,000
Subscription for the year amount to Rs. 3,00,000/-. Salaries paid Rs. 60,000. Face value of
the Investment was Rs. 1,75,000, 50% of the Investment was sold at 80% of Face Value.
Interest on investments was received Rs. 14,000. Furniture was sold for Rs. 8000 at the
beginning of the year. Machinery and Sports Goods purchased and put to use at the last
date of the year. Charge depreciation @ 15% p.a. on Machinery and Sports goods and
@10% p.a. on Furniture.
Following Expenses were made during the year:
Sports Expenses: Rs. 50,000
Rent:
Rs. 24,000 out of which Rs. 2,000 outstanding
Misc. Expenses: Rs. 5,000