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Question No 42 Chapter No 18 - USHA Publication 11 Class

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Question No 42 Chapter No 18

Goods withdrawn for business and personal use

42. The following balances are extracted from the books of Saurab :

Ledger balances	Rs	Ledger balances	Rs
Cash in hand	960	Drawings	15,000
Cash at bank	26,320	Claim received against goods	3,200
Land & building	49,000	Wages	45,600
Plant & machinery	30,000	Salaries	9,000
Furniture and fixture	3,500	Bad debts provision	4,200
Loose tools	3,000	Sales returns	3,750
Bill receivable	2,600	Bank charges	430
Purchases adjusted	76,500	Fuel and water	1,550
Bad debts	750	Rent and taxes	1,490
Loan to Raj @10% p.a.	10,000	Discount (Dr.)	300
Interest from Raj	500	Miscellaneous expenses	3,250
Carriage inward	2,100	Sundry debtors	77,800
Capital	1,95,600	Sundry creditors	27,200
Sales	1,96,000	Stock on 31st March, 2018	61,200
Carriage outward	1,400	Fire insurance	1,200

Adjustments:
Prepare the balance sheet and trading and profit and loss account as on and for the year ended 31st March 2018, after giving effect to the following adjustments
(a) Depreciation to be charged on land and building @ 2.5%, on plant and machinery at 10% and furniture and fixture at 10%.
(b) Provision for doubtful debts to be made at 5% and for a discount at 2%.
(c) The unexpired amounts to be carried forward are fire insurance 200 and rates and taxes 500. (d) Loose tools were valued at 1,200 on 31st March 2018.
(e) Of the sundry debtors 800 are bad and should be written/off.
(f) Trade expenses 300 have not yet been paid and wages include 500 spent on installation of machinery purchased

The solution of Question No 42 Chapter No 18:-

Trading A/c

Particular		Amount	Particular		Amount
To Purchases A/c		76,500	By Sale A/c	1,96,000
To wages A/c	45,600		Less: return	3,750	1,92,250
Less: wages paid for installation	500	45,100
To fuel & power A/c		1,550	By Closing Stock A/c		3,200
To carriage inwards A/c		2,100
To Gross Profit A/c		70,200
		1,95,450			1,95,450

Profit/Loss A/c

Particular		Amount	Particular		Amount
To Carriage outwards		1,400	By Gross Profit A/c		70,200
To fire insurance	1,200		By Rent A/c	500
Less: prepaid	200	1,000	Add: Interest accrued	500	1,000
To Rates & taxes	1,490
Less: Paid in advice	500	990
To provision for doubtful debts
Add: bad debts	750
Add: further bad debts	800
Add: new provision	3,850
Less: old provision	4,200	1,200
To discount		300
To provision for discount on debtors		1,463
To Salaries		9,000
To bank charges		430
To miscellaneous Exp.		3,250
To trade exp.		300
To Dep. On land & building		1,225
To Dep. On plant & machinery		3,050
To Dep. Furniture & fixture		350
To Dep. Loose tools		1,800
To Net profit A/c		45,442
		71,200			71,200

Balance Sheet

Labilities		Amount	Assets		Amount
Capital A/c	1,95,600		Debtors	77,800
Add: Net Profit	45,442		Less: bad debts	800
Less: Drawing	15,000	2,26,042	Less: provision	3,850
Creditor		27,200	Less: provision for discount	1,463	71,687
Outstanding trade exp.		300	Cash at bank		960
			Cash at bank		26,320
			Furniture & fitting	3,500
			Less: depreciation	350	3,150
			Loose tools	3,000
			Less: depreciation	1,800	1,200
			Closing Stock		61,200
			Bills receivable		2,600
			Loan to Raj		10,000
			Interest outstanding		500
			Fire insurance prepaid		200
			Rates & taxes prepaid		500
			Plant & machinery	30,000
			Add: wages for installation	500
			Less: depreciation	3,050	27,450
			Land & building	49,000
			Less: depreciation	1,225	47,775

		2,53,542			2,53,542