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wages paid by mohan for installation of machine should be debited to:

Asked by gurindersingh76528 21st January 2024, 6:45 AM

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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%.
21st January 2024, 6:45 AM
21st January 2024, 6:45 AM

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