1.

From the following records kept on single entry basis, prepare final accounts assuming that ratio of gross profit to sales is 25%: 1-1-2018 31-12-2018 ₹ ₹ 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 2018: ₹ Collections from debtors 9,300 Cash Sales 1,000 Credit Sales 9,000 Payment to Creditors 6,100 Cash Purchase 1,600 Credit Purchase 6,400 Drawings 1,000 Business Expenses 1,000 Discount Received 200 Discount Allowed 100

Answer» From the following records kept on single entry basis, prepare final accounts assuming that ratio of gross profit to sales is 25%:











































1-1-2018 31-12-2018
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 2018:















































Collections from debtors 9,300
Cash Sales 1,000
Credit Sales 9,000
Payment to Creditors 6,100
Cash Purchase 1,600
Credit Purchase 6,400
Drawings 1,000
Business Expenses 1,000
Discount Received 200
Discount Allowed 100


Discussion

No Comment Found

Related InterviewSolutions