Question

The following is the summary of cash transactions of an institute for the year ending

Answer 1

Explanation:

Explanation:

Prepare the financial Statements for the year ending 31.3.2016 from the following

details

Credit

Rs.

90.000

76.000

82.000

2.000

20.000

2.000

Debit Balances

Debit

Credit Balances

Rs.

Debtors

80,000 Capital

Purchases

70.000 Creditors

Stock

30,000 Sales

Wages

4,000 Discount

Factory Expenses

2.000 Bank loan

Discount

3,000 Commission

Interest on Loan

1.000

Salary

12,000

Fumiture

20.000

Vehicle

20.000

Office Rent

8,000

Drawings

8,000

Cash

6,000

Sundry Expenses

2.000

Commission

6,000

2,72,000

Adjustments

a. Closing Stock Rs. 18000

b. Salary prepaid Rs 3000

c. Write off bad debts Rs.4000

d. Depreciate furniture by Rs.2000

e. Interest on bank loan outstanding Rs.400

f. Commission carned but not received Rs. 1200

& Rent due but not paid Rs.2000