Question - 10

Prepare final accounts for the year ended 31st March 2000 from the given balances and adjustments :

Capital Rs. 14,000
Goodwill Rs. 2,000
Production Exp. Rs. 2,100
Bad debts Rs. 50
Discount (Cr.) Rs. 60
Wages Rs. 4,010
Tax & Insurance rs. 365
Plant Rs. 3,200
Building Rs. 6,000
Cash Rs. 450
Gen. Exp. Rs. 1,850
Bill receivable Rs. 3,000
Opening Stock Rs. 2,425
Purchases returns Rs. 283
Carriage on purchase Rs. 140
Creditors Rs. 8,246
Debtors Rs. 10,180
Purchase Rs. 17,105
Sales Rs. 25,220
Carriage on sales Rs. 311
Bills payable Rs. 3,230
Bank overdraft Rs. 2,147

Adjustments:
  1. Closing stock Rs. 5,001.
  2. Depreciate building by 7% and machine by 10%.
  3. Outstanding wages Rs. 150
  4. Prepaid insurance Rs. 75.
  5. Accrued rent Rs. 500
  6. Goods of Rs. 400 withdrew for personal use and goods for Rs. 60 given for charity.
  7. Manager is entitled commission 5% after deducting commission.