28. The following trial balance was taken from the books of Nasir Rasool on 30 June 2005. Capital Drawings Gross profit Motor Vehicle Machinery Furniture Freehold Premises Loose Tools and Equipment Provisions for depreciation on Motor vehicles Machinery Furniture Debtors/Creditors Discounts Bad debts written off Salaries Office expenses Sale of Motor car Transport Insurance General Expenses Stock Cash in hand Cash at bank Rent Rs. 11,420 Required: (a) Nasir Rasool's profit and loss account for the year ended 30 June 2005. (b) His Balance Sheet as at that date. 12,500 9,600 3,100 25,000 2,500 Rs.1,750. (b) Provide 15% depreciation on book value of remaining motor cars. (c) Adjust provision for depreciation on machinery to 50% of its cost. (d) Furniture is expected to last for 15 years and leave a scrap value of Rs.100. (e) Tools are revalued at Rs.2,000. 13,500 4,300 200 8,290 3,100 2,150 1,000 6,120 14,440 360 2,420 120,000 50,000 38,500 4.500 4,200 1,600 9,000 5,600 2,000 Additional Information: (a) A car was sold for Rs.2,000 on 3 March 2005. This was debited to bank account and credited to a sale of Motor Car account. The cost of the car was Rs.2,500 and its book value on 1 July 2004 was 4,600 120,000

28. The following trial balance was taken from the books of Nasir Rasool on 30 June 2005. Capital Drawings Gross profit Motor Vehicle Machinery Furniture Freehold Premises Loose Tools and Equipment Provisions for depreciation on Motor vehicles Machinery Furniture Debtors/Creditors Discounts Bad debts written off Salaries Office expenses Sale of Motor car Transport Insurance General Expenses Stock Cash in hand Cash at bank Rent Rs. 11,420 Required: (a) Nasir Rasool's profit and loss account for the year ended 30 June 2005. (b) His Balance Sheet as at that date. 12,500 9,600 3,100 25,000 2,500 Rs.1,750. (b) Provide 15% depreciation on book value of remaining motor cars. (c) Adjust provision for depreciation on machinery to 50% of its cost. (d) Furniture is expected to last for 15 years and leave a scrap value of Rs.100. (e) Tools are revalued at Rs.2,000. 13,500 4,300 200 8,290 3,100 2,150 1,000 6,120 14,440 360 2,420 120,000 50,000 38,500 4.500 4,200 1,600 9,000 5,600 2,000 Additional Information: (a) A car was sold for Rs.2,000 on 3 March 2005. This was debited to bank account and credited to a sale of Motor Car account. The cost of the car was Rs.2,500 and its book value on 1 July 2004 was 4,600 120,000

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter1: The Role Of Accounting In Business

Section: Chapter Questions

Problem 1.4.4MBA

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