On 31st december 2012, there were outstanding liabilities for electricity charges rs 520, advertisement rs 260 and sundry expenses rs 150. Provide 5% for doubtful debts. Anil is to be charged with one third of the expenses of the motor cycle.
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From the following balances extracted from the book of M/s Manju Chawla on March 31, 2010. You are requested to prepare the trading and profit and loss account and a balance sheet as on this date.
Account TitleAmt. (Dr)Amt. (Cr)Opening Stock10,000
Purchase and Sales40,00080,000Returns200600Wages6,000Dock and Clearing Charges4,000Lighting500Miscellaneous Income6,000Rent2,000Capital40,000Drawings2,000Debtors and Creditors6,0007,000Cash3,000Investment6,000 Patent4,000Land and Machinery43,000Donations and Charity600Sales Tax Collected1,000Furniture11,3001,36,6001,36,600Closing Stock was Rs. 2,000.
(a) Interest on drawings @ 7% and interest, on capital @ 5%.
(b) Land and machinery is depredated at 5%.
(c) Interest on investment @ 6%.
(d) Unexpired rent Rs. 100.
(e) Charge 5% depreciation on furniture.