Question

Q.1:- Following trial balance was presented by KUNAL JAIN for the year ending March 31,
2013. You are required to prepare final account.
DEBIT (3)
CREDITI
Debtor & Creditor
70,000(D)
42,000(c)
Drawing & Capital
35,000(d)
4,00,000(c)
Purchase & Sales
3,19,000(d)
4,38,000(c)
Return
12,000(d)
17,000(c)
Bad debts & Provision
14,000(d)
20,000(c)
Discount
4,000(d)
3,000(c)
Wages
60,000
Salary
84,000
Cash/Bank
61,000
Plant & Machinery
1,60,000
Dock charges
16,000
Insurance
30,000
Stock
47,000
Carriage
8,000
Adjustments:
(a) Closing stock was valued +53,000
(b) Machinery of 60,000 was purchased on October 1, 2012. Charge depreciation 10% PA.
(c) Goods costing 27,000 were given to a customer for 9,000 on sales or return basis but
these goods are recorded as actual sales.
(d) Write off 1,000 as further bad debts & create provision for bad debts 20% on debtor.
(e) Salary for two month was paid in advance but wages for two months were outstanding.
(f) Goods costing 24,000 were taken by proprietor for his personal use.

Answer 1

Answer:

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Explanation:

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