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Mukesh Khanna has not kept proper books. However, he gives you the following information relating to the year 2018-19: SUMMARY OF HIS CASH BOOK (₹) (₹) To Balance b/d 8,100 By Payment to Creditors 56,200 To Received from Debtors 75,000 By Carriage 1,270 To Cash Sales 52,000 By Salaries 24,000 To Sales of Old Newspapers 420 By Rent 16,000 To Loan from Mrs. Khanna 15% p.a. on 1st July, 2018 8,000 By Purchases of Cycle for his son 1,500 By Furniture Purchased 12,000 By Balance c/d 32,550 1,43,520 1,43,520 The following balances existed on 1st April, 2018 - Debtors ₹ 24,200; Furniture ₹ 18,000; Stock ₹ 30,000; Creditors ₹ 18,000.The following balances existed on 31st March, 2019 - Debtors ₹ 20,800; Furniture ₹ 30,000; Stock ₹ 35,950; Creditors ₹ 34,600.Adjustments:-(1) Depreciate Furniture by 10%.(2) Provide upto-date interest on Mrs. Khanna's Loan.Prepare Trading and Profit and Loss A/c for the year ending 31st March, 2019 and a Balance Sheet as at that date. |
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Answer» Mukesh Khanna has not kept proper books. However, he gives you the following information relating to the year 2018-19:
The following balances existed on 1st April, 2018 - Debtors ₹ 24,200; Furniture ₹ 18,000; Stock ₹ 30,000; Creditors ₹ 18,000. The following balances existed on 31st March, 2019 - Debtors ₹ 20,800; Furniture ₹ 30,000; Stock ₹ 35,950; Creditors ₹ 34,600. Adjustments:- (1) Depreciate Furniture by 10%. (2) Provide upto-date interest on Mrs. Khanna's Loan. Prepare Trading and Profit and Loss A/c for the year ending 31st March, 2019 and a Balance Sheet as at that date. |
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