indu ect
20. The following is the trial balance of Mr. M. Moonlite as on 31.3.1992. The Closing Stock as on
31.3.1992 is 40,000.
Debit
Credit
Salaries
₹
₹
Royalty
20,000
55,000
Capital
2,60,000
Freehold Land
60,000
Stock as on 1.4.1991
25,000
Goods Traded in
2,05,000
3,55,000
Drawings
5,000
Brokerage
4,000
6,000
Motive Power & Coke
6,000
Insurance
7,000
Cash & Bank
20,000
9,900
Administrative & Selling Expenses
55,900
Wages
15,000
Returns
10,000
5.000
Suppliers & Customers
30,000
15,000
Interest on Overdraft and Borrowings
18,000
Electricity
5,000
Goodwill
50,000
Leasehold Land
20,000
Fixed Assets (other than land)
1,50,000
7,05,900
7,05,900
Compile the final accounts for the owner.
(Ans. GP 1,39,000 ; NP 90,900 ; B/S Total 3,70,000)
Answers
Answer:
indu ect
20. The following is the trial balance of Mr. M. Moonlite as on 31.3.1992. The Closing Stock as on
31.3.1992 is 40,000.
Debit
Credit
Salaries
₹
₹
Royalty
20,000
55,000
Capital
2,60,000
Freehold Land
60,000
Stock as on 1.4.1991
25,000
Goods Traded in
2,05,000
3,55,000
Drawings
5,000
Brokerage
4,000
6,000
Motive Power & Coke
6,000
Insurance
7,000
Cash & Bank
20,000
9,900
Administrative & Selling Expenses
55,900
Wages
15,000
Returns
10,000
5.000
Suppliers & Customers
30,000
15,000
Interest on Overdraft and Borrowings
18,000
Electricity
5,000
Goodwill
50,000
Leasehold Land
20,000
Fixed Assets (other than land)
1,50,000
7,05,900
7,05,900
Compile the final accounts for the owner.
(Ans. GP 1,39,000 ; NP 90,900 ; B/S Total 3,70,000)
Explanation:
indu ect
20. The following is the trial balance of Mr. M. Moonlite as on 31.3.1992. The Closing Stock as on
31.3.1992 is 40,000.
Debit
Credit
Salaries
₹
₹
Royalty
20,000
55,000
Capital
2,60,000
Freehold Land
60,000
Stock as on 1.4.1991
25,000
Goods Traded in
2,05,000
3,55,000
Drawings
5,000
Brokerage
4,000
6,000
Motive Power & Coke
6,000
Insurance
7,000
Cash & Bank
20,000
9,900
Administrative & Selling Expenses
55,900
Wages
15,000
Returns
10,000
5.000
Suppliers & Customers
30,000
15,000
Interest on Overdraft and Borrowings
18,000
Electricity
5,000
Goodwill
50,000
Leasehold Land
20,000
Fixed Assets (other than land)
1,50,000
7,05,900
7,05,900
Compile the final accounts for the owner.
(Ans. GP 1,39,000 ; NP 90,900 ; B/S Total 3,70,000)