On 1st March, 2020 Ms. Sunita started business with:
Cash 27,000
Goods worth 2.000
Furniture 6.000
Her other transactions were as follows:
March 2 Bought goods from Madhu 18,000
Bought goods for cash 12,000
March 3 purchased stationary 600
March 5 Purchased Safe for office use 2,700
March 7 Paid to Madhu 13.500
March 9 Cash sales. 15.000
March 10 Returned goods to Madhu 3,000
Paid to her in full settlement of her account.1.425
March 12 Sold goods to Radha 4,500
March 16 Ms. Sunita paid doctor's bill in respect of her child's treatment 900
March 17 Sold goods on credit to Rakesh worth 6000 at 10% trade discount and 2% cash discount
March 19 Purchased goods from Veena for at 1 % trade discount and 2% Cash discount amount 9000
March 20 Ms. Sunita withdrew goods from business for personal use worth 1200.
March 22 Rakesh returned goods at list price of 1500.
March 25 Ms. Radha paid 4470 in full settlement of her account
March 27 Goods destroyed by fire 675
March 28 Goods stolen 450
March 29 Given in charity goods worth Rs 151 and Cash 551
March 30 Goods distributed as free samples.900
March 31 Paid rent 200
Paid Salary 1,350
Received commission 450
Enter the above transaction directly in the ledger of Ms. Sunita and at the end of the year
balance the accounts and close the necessary accounts on 31st March, 2020. Also prepare a
Trial Balance from these balance extracted on 31st March 2020
Answers
Answer:
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Explanation:
tock of? 3,75,000 on 31st March, 2016. Subsequently the following information was obtained from
scrutiny of the books:
(1) Purchases for the year included ? 15,000 paid for new electric fittings for the shop.
(1) Hanuman gave away goods valued at 40,000 as free samples for which no entry was made in
the books of accounts.
(ii) Invoices for goods amounting to 2,50,000 have been entered on 27th March, 2016, but the
goods were not included in stock.
(iv) In March, 2016 goods of 2,00,000 sold and delivered were taken in the sales for April, 2016.
(v) Goods costing 75,000 were sent on sale or return in March, 2016 at a margin of profit of 33-1/3%
on cost. Though approval was given in April, 2016 these were taken as sales for March, 2016.
Calculate the value of stock on 31st March, 2016 and the adjusted net profit for the year ended on that
date.