The following balances were extracted from the books of M/s Panchsheel

1.	The following balances were extracted from the books of M/s Panchsheel Garments on December 31, 2010. Account TitleAmt. (Rs.)Account TitleAmt. (Rs.)Opening Stock16,000Sales1,12,000Purchase67,600Return Outwards3,200Return Inwards4,600Discount1,400Carriage Inwards1,400Bank Overdraft10,000General Expenses2,400Commission1,800Insurance4,000Creditors16,000Scooter Expenses200Capital50,000Salary8,800Cash in Hand4,000Scooter8,000Furniture5,200Buildings65,000Debtors6,000Wages1,200¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯1,94,400––––––––––¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯1,94,400–––––––––– Prepare the trading and profit and loss account for the year ended December 31, 2010 and a balance sheet as on that date (a) Unexpired insurance Rs. 1,000 (b) Salary due but not paid Rs. 1,800. (c) Wages outstanding Rs. 200. (d) Interest on capital 5%. (e) Scooter is depreciated 5%. (f) Furniture is depreciated 10% (g) Closing stock is Rs. 15,000
Answer» The following balances were extracted from the books of M/s Panchsheel Garments on December 31, 2010. $\begin{matrix} Account Title & Amt. (Rs.) & Account Title & Amt. (Rs.) Opening Stock & 16, 000 & Sales & 1, 12, 000 Purchase & 67, 600 & Return Outwards & 3, 200 Return Inwards & 4, 600 & Discount & 1, 400 Carriage Inwards & 1, 400 & Bank Overdraft & 10, 000 General Expenses & 2, 400 & Commission & 1, 800 Insurance & 4, 000 & Creditors & 16, 000 Scooter Expenses & 200 & Capital & 50, 000 Salary & 8, 800 Cash in Hand & 4, 000 Scooter & 8, 000 Furniture & 5, 200 Buildings & 65, 000 Debtors & 6, 000 Wages & 1, 200 ¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯ 1, 94, 400 - -------- - & ¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯ 1, 94, 400 - -------- - \end{matrix}$ Prepare the trading and profit and loss account for the year ended December 31, 2010 and a balance sheet as on that date (a) Unexpired insurance Rs. 1,000 (b) Salary due but not paid Rs. 1,800. (c) Wages outstanding Rs. 200. (d) Interest on capital 5 $%$ . (e) Scooter is depreciated 5 $%$ . (f) Furniture is depreciated 10 $%$ (g) Closing stock is Rs. 15,000

The following balances were extracted from the books of M/s Panchsheel Garments on December 31, 2010. Account TitleAmt. (Rs.)Account TitleAmt. (Rs.)Opening Stock16,000Sales1,12,000Purchase67,600Return Outwards3,200Return Inwards4,600Discount1,400Carriage Inwards1,400Bank Overdraft10,000General Expenses2,400Commission1,800Insurance4,000Creditors16,000Scooter Expenses200Capital50,000Salary8,800Cash in Hand4,000Scooter8,000Furniture5,200Buildings65,000Debtors6,000Wages1,200¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯1,94,400––––––––––¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯1,94,400–––––––––– Prepare the trading and profit and loss account for the year ended December 31, 2010 and a balance sheet as on that date (a) Unexpired insurance Rs. 1,000 (b) Salary due but not paid Rs. 1,800. (c) Wages outstanding Rs. 200. (d) Interest on capital 5%. (e) Scooter is depreciated 5%. (f) Furniture is depreciated 10% (g) Closing stock is Rs. 15,000

Answer»

The following balances were extracted from the books of M/s Panchsheel Garments on December 31, 2010.

$\begin{matrix} Account Title & Amt. (Rs.) & Account Title & Amt. (Rs.) Opening Stock & 16, 000 & Sales & 1, 12, 000 Purchase & 67, 600 & Return Outwards & 3, 200 Return Inwards & 4, 600 & Discount & 1, 400 Carriage Inwards & 1, 400 & Bank Overdraft & 10, 000 General Expenses & 2, 400 & Commission & 1, 800 Insurance & 4, 000 & Creditors & 16, 000 Scooter Expenses & 200 & Capital & 50, 000 Salary & 8, 800 Cash in Hand & 4, 000 Scooter & 8, 000 Furniture & 5, 200 Buildings & 65, 000 Debtors & 6, 000 Wages & 1, 200 ¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯ 1, 94, 400 - -------- - & ¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯ 1, 94, 400 - -------- - \end{matrix}$

Prepare the trading and profit and loss account for the year ended December 31, 2010 and a balance sheet as on that date

(a) Unexpired insurance Rs. 1,000

(b) Salary due but not paid Rs. 1,800.

(d) Interest on capital 5 $%$ .

(e) Scooter is depreciated 5 $%$ .

(f) Furniture is depreciated 10 $%$

(g) Closing stock is Rs. 15,000

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