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Kindly solve the following problem.
Financial accounting.
1. Bheema does not maintain his book in the double entry
system . His books showed following facts.
Receipts for the year ended 31.12.2007
from sundry Debtors
17625.00
Cash sales
4125.00
paid by bheema (proprietor)
2500.00
total
24250.00
payments made for the year ended 31.02.2007
new machinery purchased
625.00
drawings
1500.00
wages
6725.00
salaries
1125.00
interestpaid
75.00
telephone
125.00
Rent
1200.00
lighting
475.00
sundry expenses
2125.00
sundry creditors
7625.00
total
21600.00
Assets and Liabilities
As on 31.12.2006
As at 31.12.2007
sundry creditors
2525.00
2400.00
sundry Debtors
3750.00
6125.00
Bank
625.00
?
stock
6250.00
3125.00
plant
7500.00
7315.00
from the Above data , prepare TRADING A/C, PROFFIT & LOSS
A/C for the year ended
31st december 2007 and the BALANCE SHEET as on on that date.
Kindly solve the problem
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Answer / madan
As it is mentioned he has not maintained
the books of accounts in double entry
system of book keeping. It is understood
that he has maintained books of accounts in
single entry system of book keeping.. In
single entry system of book keeping we
cannot prepare trading a/c, profit and loss a/
c and Balance sheet.. We can prepare
statement of affairs, statement of profit
and loss and Revised statement of affairs..
This question is a tie breaking question.. -
Madan
| Is This Answer Correct ? | 8 Yes | 3 No |
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