20. Selvam does not keep his books under double entry system. From the following informationprepare trading and Profit and loss A/c and Balance Sheet as on 31-12-2018MachineryCash at bankSundry debtorsStockBills receivableBank loanSundry creditorsCash salesCash purchasesWagesParticulars{20,0008,0006,0007,00060,0001-1-2018Z60,00025,00070,00045,00020,00045,00025,000Credit salesCredit purchasesSalariesInterest on bank loanAdditional capital31-12-2018{60,00033,0001,00,00022,00038,00045,00021,0001,80,00052,00023,5004,50021,000AdvertisementDrawingsAdjustments:Write off depreciation of 10% on machinery. Create a reserve of 1% on debtors for doubtful debts.FOLURZ

The single-entry system is the system in which the seller records only one aspect of the entry. In…

Selvam does not keep his books under double entry system. From the following information prepare trading and Profit and loss A/c and Balance Sheet as on 31-12-2018 Machinery Cash at bank Sundry debtors Stock Bills receivable Bank loan Sundry creditors Cash sales Cash purchases Wages Particulars ₹ 20,000 8,000 6,000 1-1-2018 ₹ 60,000 25,000 70,000 45,000 20,000 7,000 60,000 45,000 25,000 Credit sales Credit purchases Salaries Interest on bank loan Additional capital 31-12-2018 ₹ 60,000 33,000 1,00,000 22,000 38,000 45,000 21,000 1,80,000 52,000 23,500 4,500 21,000 Advertisement Drawings Adjustments: Write off depreciation of 10% on machinery. Create a reserve of 1% on debtors for doubtful debts.

Selvam does not keep his books under double entry system. From the following information prepare trading and Profit and loss A/c and Balance Sheet as on 31-12-2018 Machinery Cash at bank Sundry debtors Stock Bills receivable Bank loan Sundry creditors Cash sales Cash purchases Wages Particulars ₹ 20,000 8,000 6,000 1-1-2018 ₹ 60,000 25,000 70,000 45,000 20,000 7,000 60,000 45,000 25,000 Credit sales Credit purchases Salaries Interest on bank loan Additional capital 31-12-2018 ₹ 60,000 33,000 1,00,000 22,000 38,000 45,000 21,000 1,80,000 52,000 23,500 4,500 21,000 Advertisement Drawings Adjustments: Write off depreciation of 10% on machinery. Create a reserve of 1% on debtors for doubtful debts.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter6: Cash And Receivables

Section: Chapter Questions

Problem 9E: Estimating Bad Debts from Receivables Balances The following information is extracted from Shelton...

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