Question

Q4. Mr X commenced business with a capital of Rs 5,00,000. He bought furniture for Rs 80000 and computer worth Rs 100000. He also purchased goods for cash Rs 50000 and from Sohan Rs 30000. During the year his cash sales was Rs40000 whereas his credit sales is Rs 20000. He also paid salaries to his staff @ Rs 8000 per month. He insured his assets and paid premium of Rs 5000 anually. His bank interest during the year is Rs 5000. Based on above data show the treatment of following adjustments in final accounts.
(1) closing stock Rs 15000
(2) depriciate fixed assets by 10%.
(3) Salaries for 2 months is unpaid.
(4) Create a provision of 5% for doubtful debts.
(5) Insurance is prepaid to the extent of Rs 1000
(6) Interest accrued is Rs 800 , working note must be given if necessary.​

Answer 1

Answer:

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Explanation:

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