From the following balances extracted from the book of M/s Manju Chawl

1.	From the following balances extracted from the book of M/s Manju Chawla on March 31, 2010. You are requested to prepare the trading and profit and loss account and a balance sheet as on this date. Account TitleAmt. (Rs.)Amt. (Rs.)Opening Stock10,000Purchases and Sales40,00080,000Returns200600Wages6,000Dock and Clearing Charges4,000Lighting500Miscellaneous Income6,000Rent2,000Capital40,000Drawings2,000Debtors and Creditors6,0007,000Cash3,000Investment6,000Patents4,000Land and Machinery43,000Donations and Charity600Sales Tax Collected1,000Furniture11,300¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯1,36,600––––––––––¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯1,36,600–––––––––– Closing Stock was. Rs 2,000. (a) Interest on drawings 7% and interest on capital 5%. (b) Land and machinery is depreciated at 5%. (c) Interest on investment 6%. (d) Unexpired rent Rs 100. (e) Charge 5% depreciation on furniture.
Answer» From the following balances extracted from the book of M/s Manju Chawla on March 31, 2010. You are requested to prepare the trading and profit and loss account and a balance sheet as on this date. $\begin{matrix} Account Title & Amt. (Rs.) & Amt. (Rs.) Opening Stock & 10, 000 Purchases and Sales & 40, 000 & 80, 000 Returns & 200 & 600 Wages & 6, 000 Dock and Clearing Charges & 4, 000 Lighting & 500 Miscellaneous Income & 6, 000 Rent & 2, 000 Capital & 40, 000 Drawings & 2, 000 Debtors and Creditors & 6, 000 & 7, 000 Cash & 3, 000 Investment & 6, 000 Patents & 4, 000 Land and Machinery & 43, 000 Donations and Charity & 600 Sales Tax Collected & 1, 000 Furniture & 11, 300 ¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯ 1, 36, 600 - -------- - & ¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯ 1, 36, 600 - -------- - \end{matrix}$ Closing Stock was. Rs 2,000. (a) Interest on drawings $7 %$ and interest on capital $5 %$ . (b) Land and machinery is depreciated at $5 %$ . (c) Interest on investment $6 %$ . (d) Unexpired rent Rs 100. (e) Charge $5 %$ depreciation on furniture.

From the following balances extracted from the book of M/s Manju Chawla on March 31, 2010. You are requested to prepare the trading and profit and loss account and a balance sheet as on this date. Account TitleAmt. (Rs.)Amt. (Rs.)Opening Stock10,000Purchases and Sales40,00080,000Returns200600Wages6,000Dock and Clearing Charges4,000Lighting500Miscellaneous Income6,000Rent2,000Capital40,000Drawings2,000Debtors and Creditors6,0007,000Cash3,000Investment6,000Patents4,000Land and Machinery43,000Donations and Charity600Sales Tax Collected1,000Furniture11,300¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯1,36,600––––––––––¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯1,36,600–––––––––– Closing Stock was. Rs 2,000. (a) Interest on drawings 7% and interest on capital 5%. (b) Land and machinery is depreciated at 5%. (c) Interest on investment 6%. (d) Unexpired rent Rs 100. (e) Charge 5% depreciation on furniture.

Answer»

From the following balances extracted from the book of M/s Manju Chawla on March 31, 2010. You are requested to prepare the trading and profit and loss account and a balance sheet as on this date.

$\begin{matrix} Account Title & Amt. (Rs.) & Amt. (Rs.) Opening Stock & 10, 000 Purchases and Sales & 40, 000 & 80, 000 Returns & 200 & 600 Wages & 6, 000 Dock and Clearing Charges & 4, 000 Lighting & 500 Miscellaneous Income & 6, 000 Rent & 2, 000 Capital & 40, 000 Drawings & 2, 000 Debtors and Creditors & 6, 000 & 7, 000 Cash & 3, 000 Investment & 6, 000 Patents & 4, 000 Land and Machinery & 43, 000 Donations and Charity & 600 Sales Tax Collected & 1, 000 Furniture & 11, 300 ¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯ 1, 36, 600 - -------- - & ¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯ 1, 36, 600 - -------- - \end{matrix}$

Closing Stock was. Rs 2,000.

(a) Interest on drawings $7 %$ and interest on capital $5 %$ .

(b) Land and machinery is depreciated at $5 %$ .

(d) Unexpired rent Rs 100.

(e) Charge $5 %$ depreciation on furniture.

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