Single Entry 287 2. The following are the details as on Ist January, 1998 regarding the affairs of a retail trader who did not mainitain the accounts on the double entry system : Rs. Cash in hand Cash at bank Stock Debtors Creditors 300 5,500 5,600 3,457 4,057 200 Furniture His position at the end of the year was as follows: Rs. Cash in hand Cash at bank Stock Debtors Furniture Creditors 380 2.400 4,680 4,620 250 3,000 During the year, he withdrew Rs. 6,500 out of which he purchased a motor van for Rs. 5,600. Prepare a Statement on 31st December, 1998 showing his trade result. Provide depreciation on Furniture and Motor: Van e 10% on initial cost and write off Rs. 120 as bad debts. A provision for bad debts is to be made 5% (B.Com, M.K.U. (Ans: Profit Rs. 3,900
Single Entry 287 2. The following are the details as on Ist January, 1998 regarding the affairs of a retail trader who did not mainitain the accounts on the double entry system : Rs. Cash in hand Cash at bank Stock Debtors Creditors 300 5,500 5,600 3,457 4,057 200 Furniture His position at the end of the year was as follows: Rs. Cash in hand Cash at bank Stock Debtors Furniture Creditors 380 2.400 4,680 4,620 250 3,000 During the year, he withdrew Rs. 6,500 out of which he purchased a motor van for Rs. 5,600. Prepare a Statement on 31st December, 1998 showing his trade result. Provide depreciation on Furniture and Motor: Van e 10% on initial cost and write off Rs. 120 as bad debts. A provision for bad debts is to be made 5% (B.Com, M.K.U. (Ans: Profit Rs. 3,900
Century 21 Accounting Multicolumn Journal
11th Edition
ISBN:9781337679503
Author:Gilbertson
Publisher:Gilbertson
Chapter5: Cash Control Systems
Section: Chapter Questions
Problem 3AP
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