Following is the Trial Balance as on Dec 31, 2009
|
Particulars |
Dr: Rs. |
Dr: Rs. |
|
Opening Stock |
15,000 |
— |
|
Drawings and Capital |
5,000 |
50,000 |
|
Purchases and Sales (adjusted) |
75,000 |
1,37,500 |
|
Wages |
3,000 |
— |
|
Salaries |
10,000 |
— |
|
Import Duty |
2,500 |
— |
|
Carriage Inwards |
2,000 |
— |
|
Insurance |
2,500 |
— |
|
Advertisement |
5,000 |
— |
|
Furniture |
20,000 |
— |
|
Bad Debts |
2,500 |
— |
|
Book Debts |
25,000 |
— |
|
Creditors |
— |
15,000 |
|
Loose Tools |
12,500 |
— |
|
Reserve for Bad Debts |
— |
1,000 |
|
Rent |
2,500 |
— |
|
Discount Received |
— |
4,000 |
|
Depreciation of Furniture |
2,500 |
— |
|
Depreciation of Loose Tools |
2,500 |
— |
|
Closing Stock |
15,000 |
— |
|
Outstanding Import Duty |
5,000 |
— |
|
Premises |
35,000 |
— |
|
Commission Received |
— |
5,000 |
|
Cash Balance |
10,000 |
— |
|
Bank Balance |
2,500 |
32,500 |
|
2,50,000 |
2,50,000 |
Adjustments
- A customer of Rs 2,500 is also a creditor of Rs 5,000. Create Reserve for Bad Debts @ 5% p.a. after writing off further bad debt of Rs 2,500.
- Depreciate furniture and loose tools @ 25% and by Rs 5,000, respectively, and appreciate premises by Rs 5,000.
- Annual payment is salaries Rs 12,500 and rent Rs 5,000.
- Unexpired import duty and insurance are Rs 500 each.
- Sale of furniture (book value nil) for Rs 1,500 to be accounted for as omitted in the books.
- Withdrawn from the bank by the owner for domestic use of Rs 7,500.
You are required to prepare the final accounts by applying marshalling of balance sheet as on Dec 31, 2009.