Question
Prepare a “Total Debtors Account' with imaginary figures.
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Answer
Prepare Total Debtors Account: Total Debtors Account is prepared to find the missing values (figures) of credit sales or the closing balance of debtors or cash received from the debtors or opening balance of debtors in the following manner:
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A merchant has earned a Net Profit of ₹ 57,200 for the year ended 31st March, 2017. Other balances in his Ledger are as under:
Prepare his Balance Sheet as at 31st March, 2017.
Prepare his Balance Sheet as at 31st March, 2017.The following are the extracts from the trial balance of M/s Bhola & Sons as on March 31, 2017
Closing Stock as on date was valued at ₹ 3,00,000.
You are required to record the necessary journal entries and show how the above items will appear in the trading and profit and loss account and balance sheet of M/s Bhola & Sons.
Closing Stock as on date was valued at ₹ 3,00,000.
You are required to record the necessary journal entries and show how the above items will appear in the trading and profit and loss account and balance sheet of M/s Bhola & Sons.
Name the books of original entry where the following transactions will be recorded with reasons thereof:
- Goods purchased from Ram Lal for ₹ 5,000 on credit.
- Provision for doubtful debts created @ 5% on debtors with books value of ₹ 10,000.
- Defective goods sold to Babita on credit worth ₹ 4,000 were returned by her.
- Purchased furniture on credit from Mr. Ratan Singh for ₹ 15,000 for use in the business.
Distinguish between Current Assets and Fixed Assets.
Extract of a Trial Balance as at March 31, 2017 is as follows:
Additional information: A debtor of ₹ 2,000 could not be recovered. It is decided to maintain Provision for Doubtful Debtors @ 5% on Debtors and Provision for Discount at @ 2%. How these adjustments will be shown in Financial Statements?
|
Sundry Debtors
|
₹ 1,02,000
|
|
Bad Debts
|
₹ 1,400
|
|
Provision for doubtful debts
|
₹ 3,400
|
Prepare a ‘Total Creditors Account with imaginary figures.
Discuss the need of preparing a balance sheet.
Write any three characteristics of Single Entry System.
Extract of a Trial Balance as at March 31, 2017 is as follows:
Additional information: A debtor of ₹ 2,000 could not be recovered. It is decided to maintain Provision for Doubtful Debtors @ 5% on Debtors and Provision for Discount at @ 2%. How these adjustments will be shown in Financial Statements?
|
Sundry Debtors
|
₹ 1,02,000
|
|
Bad Debts
|
₹ 1,400
|
|
Provision for doubtful debts
|
₹ 3,400
|
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