Page 201 - ISCDEBK-XI

20.34 Double Entry Book Keeping—ISC XI

Particulars Dr. (`) Cr. (`)

Purchases ................................................................................................................................................................................. 1,30,295 ...
Sales ........................................................................................................................................................................................... ... 1,80,500
Cash in Hand ........................................................................................................................................................................... 500 ...
Cash at Bank ............................................................................................................................................................................ 9,500 ...
Stock on 1st April, 2021 ....................................................................................................................................................... 40,000 ...
Wages ........................................................................................................................................................................................ 22,525 ...
Sales Return ............................................................................................................................................................................ 2,400
Purchases Return ................................................................................................................................................................... ... 195
Repairs ....................................................................................................................................................................................... 1,675 ...
Debtors .................................................................................................................................................................................... 30,000 ...
Creditors ................................................................................................................................................................................... ... 30,305
Bad Debts ................................................................................................................................................................................. 2,310 ...
Discount Allowed .................................................................................................................................................................. 800
Discount Received ................................................................................................................................................................ ... 530
Capital........................................................................................................................................................................................ ... 37,500
Interest on Loan ..................................................................................................................................................................... 600 ...
Salaries ...................................................................................................................................................................................... 8,000 ...
Postage and Telegram ......................................................................................................................................................... 800 ...
Freight Inwards ...................................................................................................................................................................... 500 ...
Insurance .................................................................................................................................................................................. 1,000 ...
Charity ....................................................................................................................................................................................... 125 ...
Rent ............................................................................................................................................................................................ 2,000 ...
Machinery ................................................................................................................................................................................ 16,000 ...
Loan @ 12% p.a. ..................................................................................................................................................................... ... 20,000
Total 2,69,030 2,69,030

Adjustments:

(i) Purchases include a machine purchased on 1st October, 2021 for ` 4,000 and Wages
include ` 2,000 paid on its installation.
(ii) Provide for depreciation on Machinery @ 10% p.a.
(iii) Value of Stock on 31st March, 2022 was ` 40,925.

(iv) Salaries unpaid ` 800 and Rent is paid up to 30th June, 2022.

(v) Write off further bad debts ` 400 and create a provision of 5% on debtors for doubtful debts.
(vi) Prepaid Insurance is ` 300.