Ans. (Total Sales Rs. 136200) (III) Q. 17 The Books of Mr. Rachit on 1st Jan. 2003, disclosed the following position: Particulars Amount Particulars Amount Capital 80,000 Furniture 20,000 Sundry Creditors 75,000 Sundry creditors 90,000 Stock 40,000 Cash at bank 5000 1,55,000 1,55,000 During the year 2003, the books were imperfectly kept, but the analysis of the bank transaction reveled the following: Rs. Receipts from customers 350000 Drawings for personal expenses 60000 Payments of salaries 30000 Payments to creditors 220000 Payments of rent Miscellaneous expenses 4000 The schedules on 31-12-2003 of the debtors totaled Rs. 95,000 and of the creditors Rs. 64,000. No inventory of the trial was taken on 31-12-2003, but it was stated that a gross profit of 40 percent on turnover was made during the year. Prepare trading and profit and loss account for the year and a balance sheet as on 31-12-2003. Ans. (G.P. Rs. 142000, N.P. Rs. 93000, B/S Total Rs. 177000) (2010) Q. 18 Sonam Keeps his books on single entry and provides you the following information: Particulars 31-12-2006 31-12-2007 Furniture and fittings 50,000 60,000 Trial 30,000 10,000 Sundry debtors 60,000 70,000 Sundry creditors 20,000 Nil Prepaid expenses Nil 2,000 Outstanding expenses 6,000 10,000 Cash in hand 11,000 3,000 Receipts and payments in 2007; Receipts from debtors 2,10,000
Ans. (Total Sales Rs. 136200) (III) Q. 17 The Books of Mr. Rachit on 1st Jan. 2003, disclosed the following position: Particulars Amount Particulars Amount Capital Sundry Creditors 80,000 75,000 1,55,000 Furniture Sundry creditors Stock Cash at bank 20,000 90,000 40,000 5000 1,55,000 During the year 2003, the books were imperfectly kept, but the analysis of the bank transaction reveled the following: Rs. Receipts from customers 350000 Drawings for personal expenses 60000 Payments of salaries 30000 Payments to creditors 220000 Payments of rent Miscellaneous expenses 4000 The schedules on 31-12-2003 of the debtors totaled Rs. 95,000 and of the creditors Rs. 64,000. No inventory of the was taken on 31-12-2003, but it was stated that a gross profit of 40 percent on turnover was made during the year. Prepare trading and profit and loss account for the year and a balance sheet as on 31-12-2003. Ans. (G.P. Rs. 142000, N.P. Rs. 93000, B/S Total Rs. 177000) (2010) Q. 18 Sonam Keeps his books on single entry and provides you the following information: Particulars 31-12-2006 31-12-2007 Furniture and fittings Sundry debtors Sundry creditors Prepaid expenses Outstanding expenses Cash in hand Receipts and payments in 2007; Receipts from debtors 50,000 30,000 60,000 20,000 Nil 6,000 11,000 60,000 10,000 70,000 Nil 2,000 10,000 3,000 2,10,000 Trial trial
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