Following figures are extracted from the books of Bintu:
|
Capital |
2,28,800 |
Stock (Apr 1, 2009) |
38,500 |
|
Drawings |
13,200 |
Wages |
35,200 |
|
Plant and Machinery |
99,000 |
Sundry Creditors |
44,000 |
|
Freehold Property |
66,000 |
Postage and Telegrams |
1,540 |
|
Purchases |
1,10,000 |
Insurance |
1,760 |
|
Returns Outwards |
1,100 |
Gas and Fuel |
2,970 |
|
Salaries |
13,200 |
Bad Debts |
660 |
|
Office Expenses |
2,750 |
Office Rent |
2,860 |
|
Office Furniture |
5,500 |
Freight |
9,900 |
|
Discount (Dr.) |
1,320 |
Loose Tools |
2,200 |
|
Sundry Debtors |
20,260 |
Factory Lighting |
1,100 |
|
Loan to “x” @ 10% p.a. |
Provision for Doubtful Debts |
880 |
|
|
on Apr 1, 2009 |
44,000 |
Interest on loan to “x” |
1,100 |
|
Sales |
2,31,440 |
Cash at bank |
29,260 |
|
Bills Payable |
5,500 |
Cash in hand |
2,640 |
Adjustment
- Stock on Mar 31, 2010 was valued as Rs 72,600
- A new machine was installed during the year costing Rs 15,400, but it was not recorded in the books and no payment was made for it. Wages Rs 1,100 paid for its erection have been debited to wages account.
- Depreciate plant and machinery by 33 1/3%, Furniture by 10% and Freehold property by 5%.
- Loose tools were valued at Rs 1,760 on Mar 31, 2010.
- If the Sundry Debtors Rs 660 are bad and should be written off.
- Maintain a provision of 5% on Sundry Debtors for doubtful debts.
- The manager is entitled to a commission of 10% of the net profits after charging such commission.