On 30 September the balance sheet of Mira Pvt Ltd, retailers of musical
instruments was as under:
Liabilities
Rs
Assets
Equity shares of Rs. 10 each
20,000
Equipment (net block)
Reserves and Surplus
10,000
Stock
creditors
40,000
Debtors
<
short term Loans
15,000
Balance at bank
85,000
The company is developing a system of forward planning. On 1 October, it
supplies the following information.
Month
Credit Sales(Rs) Cash Sales (Rs)
Credit Purchas
September(Actual)
15,000
(14,000
40,000
October (Budgeted)
18,000
5,000
23,000
20,000
November(Budget)
6,000
27,000
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Answer:
On 30 September the balance sheet of Mira Pvt Ltd, retailers of musical
instruments was as under:
Liabilities
Rs
Assets
Equity shares of Rs. 10 each
20,000
Equipment (net block)
Reserves and Surplus
10,000
Stock
creditors
40,000
Debtors
<
short term Loans
15,000
Balance at bank
85,000
The company is developing a system of forward planning. On 1 October, it
supplies the following information.
Month
Credit Sales(Rs) Cash Sales (Rs)
Credit Purchas
September(Actual)
15,000
(14,000
40,000
October (Budgeted)
18,000
5,000
23,000
20,000
November(Budget)
6,000
27,000
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0
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