Question

sokon ist April, 2017
Returns (Dr)
Reums on)
Had Debes
Povision for Doubtful Debts
investments lopa
mers on Investments
27.000 Rent a 250 pm
2,40,000 Debtors
3.10,000 Creditors
7.000 Cash in hand
12.000 Bank Overdraft
1.500 Interest on Bank Overdraft
4.000 Building
20,000 Capital
1.500 Drawings
4,800 Commission (Cr.)
1.200 Outstanding Wages
6,600. Goodwill
24,000. Advertising Development
2.750
40,000
21.500
18,500
50,450
9.500
1.50,000
3.18.000
28,000
6,400
2,000
25,000
20.000
A Prof
Pronald Insurance
Salaries (for il months)
80,000
& Machinery
Opening Balance
Addition on
Ist July 2017
500
200
20.000
1,00.000
Information
30
(6) Stock was not taken on 31st March 2018 but only on 6th April 2018. It was
then valued at $1,00,000. Purchases and Sales between these two dates were
16,000 and 12,000 respectively. Rate of gross profit included in these sales
was 20% on cost.
(in) A debtor for 36,000 is also a creditor for 7,500.
(1) Create a provision for doubtful debts @ 5% on debtors and also provide 3%
for discount on debtors.
(iv) Charge 20% p.a. depreciation on old machinery and 10% p.a. on addition
during the year. Also depreciate Building by 10% p.a.
(v) Commission received in advance amounted to 800.
(vi) Write off 20% of Goodwill and Advertising Development.
Ans. G.P. 1,18,000; N.P. 59,431 and B/S Total 34 19 0311​

Answer 1

Answer:

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Answer 2

Answer:

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