Mr.Sanjay, a sole trader wishes to convert his accounting system to double entry . for the year 2015 his opening capital was Rs.30000. the cash details which he had maintained as on 31/12/2015 are as follows: Cash A/c particulars Amt (Rs) particulars amt (Rs) to bal b/d 5000 by purchases 7500 to sales A/c 20000 by wages 10000 to debtors A/c 30000 by paid to creditors 14000 to capital A/c (additional capital) 5000 by paid to bills payable 7000 to bills receivable A/c (realized) 10000 by salaries A/c 4000 by general charges 2000 by drawings 7500 by investment made 5000 by bal c/d 13000 70000 70000 The assets and liabilities of the company are: particulars as on 1/12015 (rs) as on 31/12/2015 (rs) plant 10000 10000 furniture 1000 1000 bills payable 4000 5000 bills receivable 4500 6500 debtors 11000 12500 creditors 7500 8000 stock 10000 7500 While drafting p&l A/c, provide depreciation at 10% on plant and on furniture at 6%. Interest on capital is to be allowed at 5% and interest on additional capital shall be allowed at rate of 2.5% . convert this system by drafting final accounts.
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