Question

37. The following balances appeared in the books of Vishal Stores on 1st April 2015:
(12 Marks)
Assets: Cash R$ 15,000, Bank balance Rs. 5,000, Stock Rs. 40,000, Furniture Rs. 3,600, Debtors Rs 24,000
(X Rs.6000, Y Rs. 8,000, Z Rs. 10,000)
Liabilities: Bank loan Rs. 10,000, Creditors Rs. 12,500 (Ajay Rs, 5000, Vijay Rs. 7500) Following
transactions took place during April 2015:
April 2 Bought Goods from Kailash for Rs. 20,000 at a trade discount of 10% and cash discount of 2%
Paid 60% amount immediately.
April 4 Sold goods to X for Rs. 9,000
April 5 Received Rs. 14,800 from X in full settlement of his account
April 6 Cash deposited into bank Rs. 10,000
April 8 Cheque received from Y for Rs. 7,850 in full settlement of his account. This cheque was immediately deposited
into bank.
April 10 Received a cheque from Z Rs. 2,000
April 12 Cheque received from Z deposited into bank.
April 15 Cheque received from Y dishonoured
April 16 Cash sales RS/ 15,000: Out of this amount Rs. 12,000 deposited into bank.
April 16 Amount due to Ajay paid by cheque
April 18 Old newspapers sold Rs.50
Old furniture sold Rs.750
April 20 Z became insolvent and 40 paise in a rupee could be received from his estate.
April 22 Purchased goods from Gopal and paid by a cheque Rs. 8,000
April 24 Sold half of the above goods to Chnderkant at a profit of 30% on cost.
April 25 Proprietor withdrew for private use Rs. 2,000 from office and 3,000 from bank.
April 30 Paid salary to Motilal by cheque Rs.2,000
April 30 Paid rent by cheque Rs. 1,500
April 30 Paid trade expenses Rs. 500​

Answer 1

Answer:

answer of this question .. . . ..........

Answer 2

The answer is:

Cash balance: Rs. 25,800; Bank balance: Rs. 15,000; Stock: Rs. 56,000; Furniture: Rs. 3,600; Debtors: Rs. 16,000 (Y: Rs. 8,000, Z: Rs. 8,000); Creditors: Rs. 22,500 (Ajay: Rs. 5,000, Vijay: Rs. 7,500, Kailash: Rs. 10,000); Bank loan: Rs. 10,000

Explanation:

Starting with the given balances on April 1, we record the transactions as follows:

Bought goods from Kailash for Rs. 20,000 .The goods were purchased at a trade discount of 10% and a cash discount of 2%, resulting in a total discount of 12%. Paid 60% amount immediately.

The cost of goods purchased is Rs. 18,000 (20,000 less 10% trade discount). 60% of this amount is paid immediately, i.e, Rs. 10,800. The remaining amount of Rs. 7,200 is payable to Kailash. The new balances are:

Cash balance: Rs. 14,200; Bank balance: Rs. 15,000; Stock: Rs. 58,000; Furniture: Rs. 3,600; Debtors: Rs. 16,000; Creditors: Rs. 32,500 (Ajay: Rs. 5,000, Vijay: Rs. 7,500, Kailash: Rs. 20,000); Bank loan: Rs. 10,000

Sold goods to X for Rs. 9,000

The amount of Rs. 9,000 is receivable from X. The new balances are:

Cash balance: Rs. 14,200; Bank balance: Rs. 15,000; Stock: Rs. 58,000; Furniture: Rs. 3,600; Debtors: Rs. 25,000 (Y: Rs. 8,000, Z: Rs. 17,000); Creditors: Rs. 32,500 (Ajay: Rs. 5,000, Vijay: Rs. 7,500, Kailash: Rs. 20,000); Bank loan: Rs. 10,000

X paid Rs. 14,800 to settle their entire account.

The amount of Rs. 14,800 is received from X, and his account is settled. The new balances are:

Cash balance: Rs. 29,000; Bank balance: Rs. 15,000; Stock: Rs. 58,000; Furniture: Rs. 3,600; Debtors: Rs. 16,000 (Z: Rs. 16,000); Creditors: Rs. 32,500 (Ajay: Rs. 5,000, Vijay: Rs. 7,500, Kailash: Rs. 20,000); Bank loan: Rs. 10,000

Cash deposited into bank Rs. 10,000

The cash balance reduces by Rs. 10,000 and the bank balance increases by the same amount. The new balances are:

Cash balance: Rs. 19,000; Bank balance: Rs. 25,000; Stock: Rs. 56,000; Furniture: Rs. 3,600; Debtors: Rs. 16,000 (Z: Rs. 8,000, Y: Rs. 8,000); Creditors: Rs. 22,500 (Ajay: Rs. 5,000, Vijay:

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