1.

Sonam keeps his books on single entry and provides you with the following information: 31-12-2006 ₹ 31-12-2007 ₹ Furniture and Fitting 50,000 60,000 Stock 30,000 10,000 Sundry Debtors 60,000 70,000 Sundry Creditors 20,000 NIL Prepaid Expenses NIL 2,000 Outstanding Expenses 6,000 10,000 Cash in hand 11,000 3,000 Recipts and Payments in 2007: Receipts from Debtors 2,10,000 Paid to Creditors 1,00,000 Cartage 20,000 Drawings 1,20,000 Sundry Expenses 1,60,000 Furniture Purchased for Cash 10,000 Prepare Trading and Profit & Loss Account for the year ended 31 December, 2007 after providing for bad debts at 10%.There was a considerable amount of Cash Sales.

Answer» Sonam keeps his books on single entry and provides you with the following information:














































































31-12-2006

₹		 31-12-2007

₹
Furniture and Fitting 50,000 60,000
Stock 30,000 10,000
Sundry Debtors 60,000 70,000
Sundry Creditors 20,000 NIL
Prepaid Expenses NIL 2,000
Outstanding Expenses 6,000 10,000
Cash in hand 11,000 3,000
Recipts and Payments in 2007:
Receipts from Debtors 2,10,000
Paid to Creditors 1,00,000
Cartage 20,000
Drawings 1,20,000
Sundry Expenses 1,60,000
Furniture Purchased for Cash 10,000



Prepare Trading and Profit & Loss Account for the year ended 31 December, 2007 after providing for bad debts at 10%.

There was a considerable amount of Cash Sales.


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