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19.18 Double Entry Book Keeping—CBSE XI

You are required to prepare the Final Accounts for the year ending 31st March, 2012 taking
into account the following adjustments:

(i) Closing Stock on 31st March, 2012 was valued at ` 4,340.
(ii) Commission include ` 300 being commission received in advance.
(iii) Salaries have been paid for 11 months.

(iv) Bank Loan has been taken at 10% p.a. interest.
(v) Depreciate building by 50% and Scooter by 15%.
(vi) Write of ` 200 as further bad debts and maintain bad debts provision at 5% on debtors.
(KVS 2015)
[Ans.: Gross Profit—` 17,180; Net Profit—` 4,640; Balance Sheet Total—` 43,540.]

2. Following is the Trial Balance of Prem Prakash as on 31st March, 2024:

Heads of Accounts Debit Credit
Balances Balances
` `
Plant and Machinery ....................................................................................................................................... 5,50,000 ...
Fixtures and Fittings ....................................................................................................................................... 17,200 ...
Prem Prakash’s Capital ....................................................................................................................................... ... 9,32,300
Factory Fuel and Power ....................................................................................................................................... 5,420 ...
Office Salaries ....................................................................................................................................... 37,450 ...
Sales ....................................................................................................................................... ... 12,61,770
Creditors ....................................................................................................................................... ... 2,91,020
Purchases Return ....................................................................................................................................... ... 31,720
Factory Lighting ....................................................................................................................................... 3,920 ...
Travelling Expenses ....................................................................................................................................... 9,250 ...
Carriage on Sales ....................................................................................................................................... 9,600 ...
Cash at Bank ....................................................................................................................................... 22,450 ...
Cash in Hand ....................................................................................................................................... 680 ...
Sundry Debtors ....................................................................................................................................... 4,78,000 ...
Purchases ....................................................................................................................................... 8,32,900 ...
Wages ....................................................................................................................................... 99,150 ...
Rent and Taxes ....................................................................................................................................... 17,650 ...
Office Expenses ....................................................................................................................................... 27,780 ...
Carriage Inwards ....................................................................................................................................... 8,970 ...
Discount ....................................................................................................................................... 4,220 ...
Drawings ....................................................................................................................................... 68,200 ...
Stock on 1st April, 2023 ....................................................................................................................................... 2,17,250 ...
Manufacturing Expenses ....................................................................................................................................... 26,800 ...
Sales Return ....................................................................................................................................... 74,220 ...
Insurance ....................................................................................................................................... 5,700 ...
Total 25,16,810 25,16,810