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A limited issued 40000 equity shares of rupees 10 each the amount on these shares was payable as rupees 2 on Application rupees 3 on allotment rupees 5 on first and final call all amounts were duly received but Raju who holds 500 equity shares did not pay allotment and first and final call amounts on these shares and Shashi who holds 300 equity shares did not pay first and final call amounts pass journal entries

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Asked by guptaaastha926 2nd March 2024, 6:43 PM

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From the following Trial Balance of M/s XYZ Traders, Prepare the financial statements for the year ending 31 st March, 2020: S.No . Names of the Accounts Debit(Rs. ) Credit(Rs. ) 1 Capital & Drawings 23,500 3,40,000 2 Sales & Purchases 2,11,000 7,90,500 3 Discount 14,000 9,000 4 9% Investments(purchased on 1 st August,2019) 80,000 5 Wages & Salaries 1,19,000 6 Rent & rates 65,500 7 Plant & Machinery 3,00,000 8 Furniture & Fixtures 85,000 9 Taxes & Insurance 94,000 10 12% Loan from Bank 2,50,000 11 Commission 1,08,000 12 Interest on Loan 3,000 13 Power & Fuel 32,000 14 Printing & Stationery 14,600 15 Stores Consumed 21,000 16 Returns 19,500 6,000 17 Bills Receivables & Bills Payables 55,000 43,000 18 Stock on 1 st April,2019 45,000 19 Loose Tools 23,500 20 Outstanding for Stationery 7,000 21 Bad Debts & Provision for Bad Debts 8,000 9,000 22 Creditors & Debtors 2,26,000 1,53,100 23 Office Equipment 55,000 24 Cash in hand & at Bank 1,55,000 25 Advertisement Expenses 66,000 Total 17,15,600 17,15,600 Additional Information: a) Depreciate all fixed assets @10% p.a & loose tools were valued at Rs. 15,000. b) Charge 30% of wages & salaries to the Trading Account. c) Salaries for the months of February & March, 2020 were yet to be paid. d) Insurance includes an annual insurance premium of Rs. 9,600 which was paid on 1 st September,2019. e) Bad debts written off Rs. 6,000 & provision for bad & doubtful debts to be created @ 5%. f) A new machine was bought for Rs. 87,000 on 1 st October, 2019 & wages paid Rs. 13,000 on its installation were debited to wages a/c. g) Commission has been received for 2 ½ years. h) Stock on 31 st March, 2020 was Rs. 1,19,000. i) On 22 nd March, 2019 goods worth Rs. 20,000 were lost due to fire & Insurance Company admitted claim to the extent of 65%.
2nd March 2024, 6:43 PM
2nd March 2024, 6:43 PM

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