. Prepare Naveen Trader's Account and Cash Account from the following
transactions-
2017
₹
Jan. 1 Credit Bal. at the beginning in Naveen Traders' Account 3,000
Jan.
5 Sold goods to them on credit
14,000
Jan. 10 Cash received from them
10,000
Jan. 14 Goods sold to them for cash
16,000
Jan. 20 Bought goods from them on credit
22,000
Jan. 24 Cash received from them
2,000
Jan. 28 Cash paid to them
20,000
Answers
Answer:
Answer : In the above question three things are missing i.e., Total sales (credit), Total purchase and Capital employed Hence, first of all we have to get these figure than only financial statements will be prepared.
Dr Debtor's Account Cr
Date Particulars JF Amt.(Rs) Date Particulars JF Amt.(Rs)
2005 Jan 1 To Balance b/d 55,000 2005
Dec 31
By Cash A/c 1,20,000
To Sales (Credit) (Balancing Figure) 1,50,000 By Balance b.d 85,000
2,05,000 2,05,000
Dr Creditor's Account Cr
Date Particulars JF Amt.(Rs) Date Particulars JF Amt. (Rs)
2005 To Cash A/c 53,000 2005 Jan 1 By Balance b/d 22,000
To Balance c/d 29,000 By Purchase (credit) 60,000
82,000 82,000
Statements of Affairs
as on 31st December, 2005
Liabilities Amt. (Rs) Assets Amt. (Rs)
Creditors 22,000 Debtors 55,000
Capitals at the Beginning
(Balancing figure) 5,00,000 Stock 35,000
Plant 1,00,000
Machinery 50,000
Land and Building 2,50,000
Investment 20,000
Cash 12,000
5,22,000 5,22,000
Trading and Profit and Loss Account
as on 31st December, 2005
Particulars Amt. (Rs) Particulars Amt. (Rs)
To Opening Stock 35,000 By Sales 1,50,000
To Purchase 60,000 By Closing Stock 70,000
To Wages 30,000
To Gross Profit c/d (Balancing Figure) 95,000
2,20,000 2,20,000
To Business Expenses 12,000 By Gross Profit b/d 95,000
To Provision for Doubtful Debts 4,250
Particulars Amt.(Rs) Particulars Amt.(Rs)
To Depreciation
On Plant 10,000
On Building 25,000
On Machinery 2,500
37,500
To Net Profit (Balancing Figure) 41,250
95,000 95,000
Balance Sheet
as on 31st December, 2005
Liabilities Amt.(Rs) Assets Amt.(Rs)
Capital 5,00,000
(+) Net Profit 41,250
$$5,41,250
(+) Further Capital 20,000
5,61,250
(-) Drawings 15,000
5,46,250 Cash in Hand 7,000
Creditors 29,000 Cash at Bank 35,000
Investment 20,000
Debtors 85,000
(-) Provision @ 5% $$4,250
80,750
Plant 1,00,000
(-) Depreciation @ 10% 10,000
90,000
Machinery 50,000
(-) Depreciation @ 5% 2,500
47,500
Land and Building 2,50,000
(-) Depreciation @ 10% 25,000
2,25,000
Stock (Closing) 70,000
5,75,250 5,75,250