From the following Trading Accounts and profit and Trial Balance of M/s Mehta and Sons as on Account loss and Balance Sheet Particulars Rs. Particulars Cash in hand 50 Bark overdra Bank Balance 600 3,800 Creditors Capital Debtors Bad Debts 125 Provision for bad debts Stock (opening) 3,480 Sales Purchase 5.475 200 Purchase return Commission Sales return 640 Fumiture and fittings Motor vehicles 6.250 7,500 Building Advertisement 450 118 Interest on bank overdraft 1.250 Taxes and Insurance 782 General Expenses Salaries 3,300 268 12500 200 378 Adjustments: Stick on hand on 31-03-2018 Rs. 5,750 1. Depreciate building @ 5%, Fumiture and fitting @ 10% and Motor vehics@20% Rs. 85 is due for interest on bank overdraft iv. Salaries Rs. 300 and tax Rs. 120 are outstanding V One third of the commission received is in respect of the work to be done next yea vi. Further Bad Debts Rs. 100 and make provision for doubtful debts @10%

Browse free questions and answers by Chapters

• 1 Introduction to Accounting
• 2 Bank Reconciliation Statement
• 3 Financial Statements I
• 4 Application of Computers in Accounting
• 5 Basic Accounting Terms
• 6 Theory Base of Accounting, Accounting Standards and International Financial Reporting Standards (IFRS)
• 7 Bases of Accounting
• 8 Accounting Equation
• 9 Accounting Procedures - Rules of Debit and Credit
• 10 Origin of Transactions - Source Documents and Preparation of Vouchers
• 11 Journal
• 12 Ledger
• 13 Special Purpose Books I - Cash Book
• 14 Special Purpose Books II - Other Books
• 15 Trial Balance
• 16 Depreciation
• 17 Provisions and Reserves
• 18 Accounting for Bills of Exchange
• 19 Rectification of Errors
• 20 Financial Statements of Sole Proprietorship
• 21 Adjustments in Preparation of Financial Statements
• 22 Accounts from Incomplete Records - Single Entry System