From the following Trial Balance of Mahindra Traders, Prepare Final Accounts for the Year ended 31.12.2019 Particulars Debit Rs. Credit Rs. Capital 32,000 Salaries 1,000 Purchases 20,000 Purchase Returns 400 Sales 25,000 Cash 5,000 Wages 1,200 Factory Rent 200 Insurance 750 Carriage 400 Office expenses 800 Carriage outwards 200 Machinery 10,000 Furniture 7,000 Discount allowed 450 Discount received 1,600 Goodwill 5,000 Opening stock 2,000 Debtors 9,000 Creditors 4,000 Total 63,000 63,000 Adjustments:- 1. value of closing stock Rs. 2,500 2. Prepaid Insurance Rs. 250 3. outstanding salaries Rs. 300
Answers
Explanation:
Balance Sheet
as on 31.12.2019
Liabilities amount Assets amount
Capital : 32000 Cash 5000
- net loss : (1850) 30150 Machinery 10000
Creditors 4000 Furniture 7000
Outstanding Salaries 300 Closing Stock 2500
Debtors 9000
Prepaid Insurance 250
suspense 700
34450 34450