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From the following records kept on single entry basis, prepare final accounts assuming that ratio of gross profit to sales is 25%: 1-1-2007 ₹ 31-12-2007 ₹ Cash at Bank 1,400 1,800 Debtors ? 2,400 Stock ? 1,700 Fixed Assets 10,000 10,000 Creditors 1,600 ? Loan 1,000 800 Transactions during the year 2007: ₹ Collections from debtors 9,300 Cash Sales 1,000 Credit Sales 9,000 Payment to Creditors 6,100 Cash Purchases 1,600 Credit Purchase 6,400 Drawings 1,000 Business Expenses 1,000 Discount Received 200 Discount Allowed 100 |
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Answer» From the following records kept on single entry basis, prepare final accounts assuming that ratio of gross profit to sales is 25%:
Transactions during the year 2007:
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