X & Co had the following balances as on 31st March, 2018. Pass the opening
entry
Rs.
Machinery
25,000
Sundry Debtors
20,000
Sundry Creditors
12,000
Bank Overdraft
3,000
Reserve Fund
5,000
Prepaid Insurance
1,000
Outstanding Salaries
2,000
Furniture
8,000
Bills Receivable
4,000
Bills Payable
1,000
(Ans: Capital - Rs.35,000)
journalise the following transactions in the books ramesh.
Answers
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1
Answer:
Trading Account
for the year ended March 31, 2018
Dr.
Cr.
Particulars
Amount
(Rs)
Particulars
Amount
(Rs)
Opening stock
16,000
Sales
42,000
Purchases
20,000
Closing Stock
16,000
Wages
8,000
Manufacturing Expenses
1,500
Carriage
1,600
Gross Profit (Balance Figure)
10,900
58,000
58,000
Profit and Loss Account
for the year ended March 31, 2018
Dr.
Cr.
Particulars
Amount
(Rs)
Particulars
Amount
(Rs)
Salaries
8,000
Gross Profit
10,900
Repairs
1,900
Net Loss (Balancing Figure)
24,900
Rent
4,500
Add: Unpaid Rent
500
5,000
Bad Debts
5,000
Depreciation on:
Plant and machinery
12,000
Delivery Vehicle
3,900
15,900
35,800
35,800
Explanation:
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