Professional Documents
Culture Documents
Fa 2 B 10-15
Fa 2 B 10-15
Done
Course Contents:
15 13
Sr Category Normal Balance Increase Decrease
1= Mr Qasim started business as sole trad
1= Assets Debit Dr Cr
2= Liabilities Credit Cr Dr Dr Cash
3= Capital Credit Cr Dr Cr Capital
4= Income Credit Cr Dr
5= Expense Debit Dr Cr 2= He Purchased a Building for $8,000.
Dr Building
Cr Cash
Dr Purchase
Cr Payable (Taqi Ltd)
$90,000
$90,000
$8,000
$8,000
$100,000
$100,000
$80,000
$80,000
9=
He returned goods of $10,000 to Taqi Ltd.
Dr Bank $2,000
Cr Receivable (Mr Hammad) $2,000
Dr Drawings $400
Cr Cash $400
Question # 292,293,
Books of Prime Entry
Receivable
o/p XX Cash Received
Credit Sale XX Sale Return
Refund to Customer XX Discount Allowed
Dishonoured Cheque XX Contra
Bad Debt
c/d
XX
Payable Example
Cash Paid XX o/p SBD
Purchase Return XX Credit Purchase $
Discount Received XX Refund from supplier Mr A 2000
Contra XX Dishonoured Cheque Mr B 4000
d Mr C 8000
c/d XX 14000
XX
Receivable (Mr A)
Error:
Sale 2000
1= Day Book Error
38002
RLOB
o/p 37552 750
1200
38002
242) D
243) C
247) 36676
RLCA
o/p 35776
900
36676
252) 75355
PLCA
1606 76961
75355
PLOB
4688 81649
1606
75355
254) A
255) C
256) D
264) A
RLCA
o/p 32750 1275
125000 122500
550
1300
32125
157750 157750
268) C
269) B
272) 78425
PLCA
128 78553
78425
281) 68665
PLCA
68566
99
68665
288) D
289) A
292) A
PLCA
180 3446
392
2874
293) D
RLOB
o/p 50000 750
2000
47250
50000 50000
Ledgers
List of Balances
8225
14000
c/d 8225
8225
List of Balances
$
1175
2350
4700
8225
1 Bushra Aziz
2 Noor ul Habib
3 Maheen Ishfaq Malik
Sakeena Hussain Chaudh 4 Zakriya Jawad
5 Shahsawar Khan
6 Ehtesham Asghar
7 Hammad Hussain
8 Muhammad Faizan
Ubaid Awan 9 Talha Rafique
10 Zulqarnain
11 Ahmed Zaid
Muhammad Wajdan ul H 12 Muhammad Daniyal Faisal Khan
13 Saad Siraj
14 Mehran Javed
15 Muhammad Nouman Naveed
16 Syed Turab Ali
Dawood Omer 17 Raja Ahsan
Muhammad Ibrahim Taj 18 Riffat Hussain
19 Taha Bin Munawar
20 Talha Khalil
21 Syed Qasim Abbas Kazmi
22 Maaz Zahid
23 Syed Muhammad Taqi Naqvi
24 Urwah Til Wasqa
Question # 239,250,251,253
1= Error of Omission:
The Transaction has been completely omitted from the accounting records.
2= Error of Commission:
The Transaction has been recorded in the wrong account of Similar Nature.
3= Error of Principle:
The Transaction has been recorded in the wrong account of Different Nature.
Dr Building $700
Cr Cash $700
Transaction has been recorded in correct account but with transposed amount.
Dr Cash $850
Cr Sale $850
Transaction has been recorded in correct account but with Wrong amount.
Dr Receivable $300
Cr Cash $300
7= Compensating Errors:
Dr Cash $63
Cr Sale $60
Dr Payable $120
Cr Cash $123
294= D
PLCA
Cash (87350-17850 69500 o/p 23450
95100 95100
278) A
Suspesne
o/p 420 Error 2 800
Sale 80
c/d 300
800 800
277= A
276= C
275= D
271= D
270= C
Suspesne
o/p 900
900
c/d 1800
1800 1800
267= D
266= D
253= C
251= C
Suspesne
o/p 280
c/d 280
280 280
250= F,T
239= B
Correction of Errors:
Step 3: Correction
Suspense Account
Dr Receivable $800
Cr Sale $800
Dr Receivable $800
Cr Sale $800
Example:
Credit Sale of $9,000 was correctly recorded in sales account and credited to payables as $900
Dr Receivable $9,000
Cr Sale $9,000
Cr Sale $9,000
Cr Payable $900
Step 3: Correction
Dr Receivable $9,000
Dr Payable $900
Cr Suspense $9,900
Example:
ayables as $900 Motor Car Repairs of $1,900 were correctly recorded in Cash Account and debited to
Motor Car as $9,100.
Step 3: Correction
Business Bank
Asset Liability
Receivable Payable
Bank Statement
o/p (Overdrawn) XX o/p XX
Unpresented / Outstanding XX XX
Uncleared/ Uncredited/
Cheque Outstanding Cheque/ Deposit/
Lodgement
Opening Balance
Prepare both accounts, adjust all items and close both accounts together.
Question # 279,280,281,283,284,285,288,289,292
237= A
240= 38002
RLOB
o/p 37552 2= 750
1= 1200
c/d 38002
38752 38752
RLCA
o/p 38842 2= 750
3= 90
c/d 38002
38842 38842
243= C
244= T,F
246= D
247= 36676
RLCA
o/p 35776
SDB 900
c/d 36676
36676 36676
248= A
249= B
250= F,T
251= C
75355
252=
PLOB
1= 4688 o/p 81649
2= 1606
c/d 75355
81649 81649
PLCA
2= 1606 o/p 76961
c/d 75355
76961 76961
253= C
255= C
257= $700
BS
o/p 38600 UCC 41200
UPC 3300
c/d 700
41900 41900
258= 1&3
260= D
261= CB
Cr RLCA $370
Cr RLCA 450
$820
264= A
RLCA
o/p 32750 o/p 1275
Sales 125000 Cash 122500
Contra 550
Sale Ret 1300
c/d 32125
157750 157750
268= C
270= C
Suspense
o/p 900
900
c/d 1800
1800 1800
272= 78425
PLCA
Dis Rec 128 o/p 78553
c/d 78425
78553 78553
274= D
276= C
277= A
Statement of Profit or Loss for the year ended XYZ
Books of Prime Entry
Revenue
Ledgers Cost of Sale
Net Profit
r Loss for the year ended XYZ Statement of Financial Position as at XYZ
$' $ $
XX Assets
(XX) Non Current Assets
Land & Building XX
XX Plant & Machinery XX
Tools & Equiment XX XX
(XX)
(XX) Current Assets
(XX) Inventory XX
(XX) Receivables XX
(XX) Prepayments XX
(XX) Cash/ Bank XX XX
(XX)
(XX) Total Assets XX
XX
(XX)
(XX) W1) Cost of Sale
(XX) $
(XX) opening Inventory XX
Purchases XX
XX Purchase Return (XX)
Carriage Inwards XX
Irrecoverable Tax XX
Cost of Sale XX
$ $
Capital
Capital XX
Net Profit XX
Drawings (XX) XX
Current Liabilities
Payables XX
Accruals XX
Bank Overdraft XX
Tax XX XX
Duality Concept
Each transaction has dual effect i.e Dr & Cr
Prudence Concept
The Assets/ Income should not be overstated and Expenses/ Liabilities should not be understated.
i.e If an expense is expected it should be recorded immediately but if an income is expected it should not be recorded untill re
Accruals Concept
Incomes and Expenses should be recorded in the period to which they relate regardless of whether cash is exchanged or not.
Matching Concept
Incomes and Expenses should be matched in a an accounting period.
Faithful Representation:
Items should be recorded in the financial statements if they meet the criteria.
Completeness
The financial statement should include information that is complete for decision making needs of the users.
Timeliness
The information should be included in the financial statements on a timely basis to help user take decision.
Consistency:
The treatment of similar items should be the same over time in order to achieve consistency.
Comparability
The Financial statement of an entity should be capable of comparision with previous year, competitor and industry.
Comparability is achieved if the financial statements are consistent.
Going Concern
The financial statements are prepared on the basis that the business will continue to operate for a foreseeable future (12 Mon
business is not going concern then the financial statements will be prepared on break-up basis.
Materiality
Item is material if its omission or misstatement can influence the economic decisions of users.
Relevance:
Item is relevant if it can influence the decisions of users.
The Financial Statement should only include the relevant information to help users take decisions.
Reliabilty:
Information is reliable if it is neutral and unbiased.
d not be recorded untill received.
or and industry.
Sales Purchases
Tax
o/p 5000
Input Tax 12500 Out Tax 17000
Cash 3000
Sale Purchase
At 1-07-2020 the tax payable was $8,300. during the year credit sales
were $95,000 (In) and cash purchases were $70,000 (Ex). Cash of $10,000
was paid to tax authority. Tax is @ 17.5%.
Required: Calculate the tax payable/ recoverable to /from tax authority.
Tax
o/p 8300
Cash 10000
Input Tax 12250 Output Tax 14149
Dr Receivable $95,000
Cr Sale $80,851 At 1-01-2020 the tax payable was $16,250. during the year
were $197,272 (Ex) and cash purchases were $178,089 (In)
Cr Tax $14,149 (95000*17.5/117.5) $3,268 was paid to tax authority. Tax is @ 17.5%.
Required: Calculate the tax payable/ recoverable to /from
Purchase
Tax
Dr Purchase $70,000
Dr Tax $12,250 (70000*17.5/100) Cash 3268
Cr Cash $82,250 Input Tax 26524
Dr Receivabl $231,795
able was $16,250. during the year credit sales Cr Sale $197,272
ash purchases were $178,089 (In). Cash of
thority. Tax is @ 17.5%. Cr Tax 34,523 (197272*17.5/100)
ax payable/ recoverable to /from tax authority.
Purchase
50773
Question # 133,134,135,136,
IAS 2: Inventory
Inventory should be valued at lower off Cost & NRV (Net Relisable Value)
Cost All the cost incurred to bring the inventory to it's present condition & location.
(Purchase Price + Irrecoverable tax + Delivery Charges/ Carriage Inwards etc)
NRV
Expected Selling Price XX
Less: Cost to Sell (XX)
NRV XX
Opening Inventory
Closing Inventory
Dr Inventory (SFP) XX
Cr Cost of Sale (SPL) XX
111= B
112= $40,755
Loss $1,120
115= C
116= 6825
$
o/p Inventory (120*22) 2640
Purchases 8280
c/d In -4095
6825
117= $500
118=
Sale
SP 6500
Cost -5200
Profit (6500*25/125) 1300
119= A
Henry VII Dissuasion Pilgrim
$ $ $
Cost 2280 4080 1280
122= B
123= D
124= B
125= $15,800
126= $9,400,000
$m
Profit $6.5
o/p $1.3
c/d $1.6
$9.4
128= B
129= $12.5
ESP $20.0
PC ($2.0)
DC ($3.0)
LF ($2.5)
NRV $12.5
131= $4,700
Basic Super Luxury
$ $ $
Cost 1200 2250 2700
133= $21,510
Loss $1,450
134= $22,030
Loss $670
135= C
Avg (6820/310) 22
136= 3420
$
o/p Inventory (50*16.3) 815
Purchases 5265
c/d In -2660
Cost of Sale 3420
Date Transaction Units Cost/ Unit Cost
$ $
01/04/2019 o/p 50 16.3 815
15/04/2015 Purchase 270 19.5 5265
320 6080
25/04/2015 Sale -180 19 -3420
c/d 140 2660
Avg 6080/320 19
Example
Loss $400
Example:
The closing inventory of a business is valued at $65,000. Included in this are 20 damaged items at a cost of
$10/ item. The damages items are expected to be sold for $9 each after repair which will cost $6 each.
Damaged Items
$ NRV $
Cost (20*10) 200 ESP (20*9) 180
Repair (20*6) -120
NRV 60
Loss (200-60) $140
Dr SPL $140
Cr inventory $140
Example
The closing inventory of a business is valued at $186,000. Included in this are 1,000
damaged items at a cost of $70/ item. The damages items are expected to be sold
for $90 each after repair which will cost $56 each.
Damaged Items
NRV
Cost (150*5) $750 ESP (150*8) 1200
Repair (150*1) -150
NRV 1050
Bad and Doubtful Debts Aged Receivable Analysis
Dr Cash XX
Cr Bad Debt XX
XX
Example :
Mr Ali has receivables of $68,000 and allowance of $14,000 at 1-01-2020. During the year
2020 Credit sales were $185,000 , Cash of $85,000 was received Discount of $10,000 was
Contra amounted to $5,000. At the Year End it was decided to write off a debt totalling $
irrecoverable and the allowance should be adjusted to 10% of receivables.
70000
Example
Mr Taqi has receivables of $195,000 and allowance of $18,000 at 1-01-2019. During the y
12-2019 Credit sales were $600,000 , Cash of $450,000 was received Discount of $19,000
and Contra amounted to $55,000. At the Year End it was decided to write off a debt total
irrecoverable and the allowance should be adjusted to 5% of receivables.
85000
207) 5350
Allowance
o/p 5650
BD (Dec) 3550
c/d 2100
5650 5650
Bad Debt
Rec 8900
All (Dec) 3550
Expense for 5350
8900 8900
209) B
Receivable
o/p 838000 BD 72000
c/d 766000
838000 838000
Allowance
o/p 48000
BD 12000
c/d 60000
60000 60000
Bad Debt
Rec 72000
All (Inc) 12000
Expense for 84000
84000 84000
214) 800
Receivable
o/p 87000 BD 1350 (800+550)
c/d 90000
87000 87000
Allowance
o/p 2500
BD 200
c/d 2300
2500 2500
Bad Debt
Rec 1350 Cash 350
All 200
Expense for 800
1350 1350
Time Allowed Time Elappsed Risk Ranking Confirmation of Bad Debt
Dr Bad Debt XX
Cr Allowance for XX
Receivable
XX
Allowance (Decrease) XX
Expense for year XX (SPL)
XX
14000
Allowance (Decrease) 5700
Expense for year 64300 (SPL)
70000
18000
85000
Question # 152,153,154,155,156,157,158,159,161,162,163,164,165,166,167,168,169,170,171,174,176,
Purchase At Cost (Purchase Price,Delivery Cost, Installation Cost, Legal fee, Irrecoverable taxes & Directly attributable cost)
Methods
Dep will be charged on Cost Dep will be charged on the Net Book Value
(Cost- Residual/ Scrap Value)/Useful Life Dep will be calculated as a %age of NBV
Example 1: Fassi Plc purchased an asset on 1-06-2022 for $100,000. It has a useful life of 10 years and residual value of $10,000. The company has a year end of 31st - December.
Calculate the Net Book Value of Asset at 31-12-2022 & 2023. Non Current Asset (Cost) Depreciation 2022
2022 Non Current 5250
$ Cash 100,000 c/d 100000 Expense for 5250
Cost at 1-6-22 100,000 100000 100000 5250 5250
Depreciation -5250 (100000-10000)/10*7/12 2023
NBV at 31-12-22 94,750 o/p 100000 c/d 100000
Depreciation -9000 (100000-10000)/10 100000 100000 Depreciation 2023
NBV at 31-12-23 85,750 2024 Non Current 9000
Depreciation -9000 (100000-10000)/10 o/p 100000 Expense for 9000
NBV at 31-12-24 76,750 9000 9000
Profit on Disposal 3,250
Disposal 80,000
Non Current Asset (Accumulated Depreciation) Depreciation 2024
2022 Depreciation 5250 Non Current 9000
c/d 5250 Expense for 9000
5250 5250 9000 9000
2023
o/p 5250
c/d 14250 Depreciation 9000
14250 14250
2024
o/p 14250
Depreciation 9000
Example 2: Motorway Swat Ltd purchased an asset on 1-01-2009 for $85,000. It has a useful life of 40 years and residual value of $5,000. The company has a year end of 31st - December.
$ Non Current Asset (Cost) Non Current Asset (Acc Dep) Depreciation 2009
Cost at 1-1-09 85,000 2009 2009 Depreciation 2000 Non Current 2000
Depreciation -2000 (85000-5000)/40 Cash 85,000 c/d 85000 c/d 2,000 Expense for 2000
NBV at 31-12-09 83,000 85000 85000 2000 2000 2000 2000
Depreciation -2000 (85000-5000)/40 2010 2010 b/d 2,000
NBV at 31-12-10 81,000 o/p 85000 c/d 85000 c/d 4,000 Depreciation 2000 Depreciation 2010
Depreciation -2000 85000 85000 4,000 4,000 Non Current 2000
NBV at 31-12-11 79,000 2011 2011 b/d 4000 Expense for 2000
Depreciation -2000 o/p 85000 c/d 85000 c/d 6,000 Depreciation 2000 2000 2000
NBV at 31-12-12 77,000 85000 85000 6,000 6,000
Depreciation -2000 2012 2012 b/d 6,000 Depreciation 2011
NBV at 31-12-13 75,000 o/p 85000 c/d 85000 c/d 8,000 Depreciation 2000 Non Current 2000
Depreciation -2000 85000 85000 8,000 8,000 Expense for 2000
NBV at 31-12-14 73,000 2013 2013 b/d 8,000 2000 2000
Depreciation -2000 o/p 85000 c/d 85000 c/d 10,000 Depreciation 2000
NBV at 31-12-15 71,000 85000 85000 10,000 10,000 Depreciation 2012
Depreciation -2000 2014 2014 b/d 10,000 Non Current 2000
NBV at 31-12-16 69,000 o/p 85000 c/d 85000 c/d 12,000 Depreciation 2000 Expense for 2000
85000 85000 12,000 12,000 2000 2000
2015 2015 b/d 12,000
o/p 85000 c/d 85000 c/d 14,000 Depreciation 2000 Depreciation 2013
85000 85000 14,000 14,000 Non Current 2000
2016 2016 b/d 14,000 Expense for 2000
o/p 85000 c/d 85000 c/d 16,000 Depreciation 2000 2000 2000
85000 85000 16,000 16,000
Depreciation 2014
Example 3: Bleegh Plc Purchased an asset on 1-06-22 for $100. Depreciation is to be charged at 20% using the reducing balance method. Non Current 2000
The Company has a year end of 31-October. Expense for 2000
2000 2000
Calculate the Net Book Value at 31-10-2022 & 2023
Depreciation 2015
$ Non Current Asset (Cost) Depreciation 2022 Non Current 2000
Cost at 1-06-22 100 2022 Non Current 8.33 Expense for 2000
Depreciation (8.33) (100*20%*5/12) Cash 100 c/d 100 Expense for 8.33 2000 2000
NBV at 31-10-22 91.67 100 100 8.33 8.33
Depreciation (18.33) (91.67*20%) 2023 Depreciation 2016
NBV at 31-10-23 73.33 o/p 100 c/d 100 Depreciation 2023 Non Current 2000
Depreciation (14.67) (73.33*20%) 100 100 Non Current 18.33 Expense for 2000
NBV at 31-10-24 58.67 Expense for 18.33 2000 2000
18.33 18.33
Non Current Asset (Acc Dep)
Depreciation 2022 Depreciation 8.33
c/d 8.33
Policy 1: Proportionate Basis (Monthly Basis) 8.33333333 8.33333333
2023 Depreciation 18
Policy 2: Full in the year of Purchase and None in the Year of Disposal. c/d 18.33 2000 0
18 18
Step 1: Transfer the Cost of Asset from Cost Account to Disposal Account. Disposal A/C
Cost XX Acc Dep XX
Dr Disposal A/C XX Cash XX
Cr Cost A/C XX Profit XX Loss XX
Dr Acc Dep XX
Cr Disposal A/C XX
Dr Cash XX
Cr Disposal A/C XX
Step 1: Transfer the Cost of Asset from Cost Account to Disposal Account. Disposal A/C
Cost XX Acc Dep XX
Dr Disposal A/C XX PEA XX
Cr Cost A/C XX Profit XX Loss XX
Dr Acc Dep XX
Cr Disposal A/C XX
Step 3: Record the Part Exchange Allowance (PEA)
Example 4:
Asset was purchased on 1-01-2010 for $48,000. Depreciation is to be charged on stright line basis with a full charge in the year of purchase and none in the year of
disposal. The Asset has a useful life of 5 years and nil residual value. The Company has a year end of 31-March. The Asset was exchanged with a new one on 1-06-
2012 which cost $60,000 but only $15,000 was paid in Cash. The New asset has a useful life of 5 years.
Old Asset Non Current Asset (Cost) Depreciation 2010
$ 2010 Non Current 9600
Cost at 1-1-10 48,000 Cash 48,000 c/d 48000 Expense 9600
Depreciation -9600 (48000/5) 48000 48000 9600 9600
NBV at 31-03-10 38,400 2011
Depreciation -9600 (48000/5) o/p 48000 c/d 48000 Depreciation 2011
NBV at 31-03-11 28,800 48000 48000 Non Current 9600
Depreciation -9600 (48000/5) 2012 Expense 9600
NBV at 31-03-12 19,200 o/p 48000 c/d 48000 9600 9600
Profit on Disposal 25,800 48000 48000
Disposal 45000 2013
o/p 48000 Disposal 48000
New Asset Disposal (PEA) 45000 Depreciation 2012
Cost at 1-06-12 60,000 Cash 15000 c/d 60000 Non Current 9600
Depreciation -12000 (60000/5) 108000 108000 Expense 9600
NBV at 31-03-13 48,000 Non Current Asset (Accumulated Depreciation) 9600 9600
2010 Depreciation 201 9600
c/d 9600 Depreciation 2013
9600 9600 Non Current 12000
2011 o/p 9600 Expense 12000
c/d 19200 Depreciation 201 9600 12000 12000
19200 19200
2012 o/p 19200 Disposal
c/d 28800 Depreciation 201 9600 Cost 48000 Acc Dep 28800
28800 28800 Cost 45000
2013 o/p 28800 Profit 25800
Disposal 28800 Depreciation 201 12000 73800 73800
c/d 12000
40800 40800
137= D
138= C
140= 2&3
141= 2&4
142= 87,500
Cost
o/p 140,000
Cash 30,000
c/d 170,000
170,000 170,000
Acc Dep
o/p 60,000
Dep 27500 (170000-60000)*25%
c/d 87,500
87,500 87,500
143= D
144= A
145= D
Cost
o/p Disposal 12,000
Cash 11,570
Disposal 4,430 c/d 4,000
16,000 16,000
Acc Dep
Disposal 5,856 o/p
c/d -5,856
0 0
Disposal
Cost 12,000 Acc Dep 5,856
Cost 4,430 (PEA)
Loss 1,714
12,000 12,000
148= A
149= 1984
$
Cost at 1-7-14 15,500
Dep -3100
CV at 31-10-14 12,400
Dep -2480
CV at 31-10-15 9,920
Dep -1984
CV at 31-10-16 7,936
150= D
151= D
$
Cost 80,000
Acc Dep -36000 (80000*15%)*3
CV at July 18 44,000
Loss -5,000
Disposal 39,000
152= 50,600
$
Cost 48,000
Delivery 400
Installation 2,200
50,600
153= B
$
Yr 1 Cost 2400
Dep -480
CV at Yr 2 1920
Dep -384
Cv at Yr 3 1536
Dep -307.2
CV at Yr 4 1228.8
Loss on Disposal -28.8
Disposal 1200
154= 118,000
$
Total CV 125,000
Disposal CV -7,000 (9000-2000)
Revised CV 118,000
155= 360
$
Yr 1 Cost 5,000
Dep -1000
Yr 2 CV 4,000
Dep -800
Yr 3 CV 3,200
Dep -640
Yr 4 CV 2,560
Loss on Disposal -360
Disposal 2,200
156= 2&4
157= 200
$
Cost at 1-4-11 12,000
Dep -2400
CV at 31-12-11 9,600
Dep -2400
CV at 31-12-12 7,200
Dep -2400
Cv at 31-12-13 4,800
Profit on Disposal 200
Disposal 5,000
158= B
159= C
161= 6,250
$
Cost at 1-1-12 100,000
Dep -15000 (100000-10000)/6
Cv at 31-12-12 85,000
Dep -15000 (100000-10000)/6
Cv at 31-12-13 70,000
Dep -3750 (100000-10000)/6*3/12
CV at 1-04-14 66,250
Loss on Disposal -6,250
Disposal 60,000
162= 90,800
Cost
o/p 180,000 Disposal 20,000
c/d 160,000
180,000 180,000
Acc Dep
Disposal 17200 o/p 92,000
Dep 16000
c/d 90,800
108,000 108,000
Dep Exp
Acc Dep 16000
Expense 16000
16000 16000
Disposal
Cost 20,000 Acc Dep 17200
Cash 4,800
Profit 2,000
22000 22000
163= 2,000
164= 16000
165= D
166= C
167= 510,000
Cost
o/p 860,000 Disposal 80,000
Cash 180,000
c/d 960,000
1,040,000 1,040,000
Acc Dep
Disposal 43,000 o/p 397,000
Dep 96000 (960000*10%)
c/d 450,000
493,000 493,000
Disposal
Cost 80,000 Acc Dep 43,000 (80-37=43)
Cash 49,000
Profit 12,000
92,000 92,000
Cost 960,000
Acc Dep -450,000
CV at 30-09-13 510,000
168= B
$
Cost at 1-7-13 126,000
Dep -6300 (126000*15%*4/12)
CV at 31-10-13 119,700
Dep -17955 (119700*15%)
Cv at 31-10-14 101,745
Dep -15261.75 (101745*15%)
Cv at 31-10-15 86,483
Dep -12972.488 (86483*15%)
Cv at 31-10-16 73,511
Dep -10107.73 (73511*15%*11/12)
CV at 30-09-17 63,403
Loss on Disposal -8,603
Disposal Proceeds 54800
169= 1,836
$
Cost May 2011 10,000
Dep -2500 (10000*0.25)
Cv at 31-12-11 7,500
Dep -1875 (7500*25%)
Cv at 31-12-12 5,625
Dep -1406.25 (5625*25%)
Cv at 31-12-13 4,219
Dep -1054.6875 (4219*25%)
CV at 31-12-14 3,164
Profit on Disposal 1,836
Disposal Proceeds 5,000
170= 150,000
$
o/p CV 200,000
Disposal (CV) -30,000 (25000+5000)
Dep -20000
c/d CV 150,000
171= A
174= D
$
Cost 14900
Acc Dep -8940
CV/NBV 5960
Profit 1495
Disposal 7455
176= A
$
Cost at 1-4-11 18,000
Dep -3600
Cv at 31-12-11 14,400
Dep -3600
Cv at 31-12-12 10,800
Dep -3600
CV at 31-12-13 7,200
Profit on Disposal 800
Disposal 8,000
2009
Cost 85000
Acc Dep -2,000
NBV 83000 (SFP)
2016
Cost 85000
Acc Dep -16,000
NBV 69000
Question # 178,179,180,181,182,183,184,185,187,185,186,188,190,191,192,193,194,196,197,198,199,200,202,203,204,205,2
Accruals Concept
Incomes and Expenses should be recorded in the period to which they relate regardless of whether cash is exchanged or not.
Benefits Obtained but cash not paid. Benefits Provided but Cash not Received.
Cash Paid but benefit not obtained. Cash Received but benefits not provide
Expenses
Accruals
Dr Accruals XX XX XX
Cr Cash XX
Example:
Ubaid Plc has a flat for which rent is paid quaterly in arrears on 1st Jan, 1st April, 1st
July and 1st Oct each Year. The annual rent is $40,000 which increased to $50,000
from 1st Jan 2022. Calculate the expense for the year ended 31-July-2022.
01/08/2021 to 31/07/2022
Rent
o/p (40000*1 3333.3333333333
Cash Paid
01-10-2021 (40 10,000
01-01-2022 (40 10,000
01-04-2022 (50 12,500 Expense for y 45833.333333333 (SPL)
01-07-2022 (50 12,500
49166.666666667 49166.666666667
Example
Taqi Ltd has a Bike for which rent is paid quaterly in advance on 1st Jan, 1st April, 1st July and
Year. The annual rent is $6,000 which increased to $6,500 from 1st July 2022. Calculate the e
year ended 31-Oct-2022.
### to ###
o/p Rent
(6000*2/12) 1000
Cash Paid 4000
1-01-22 (6000*3 1,500 Expense for y 6166.6666666667 (SPL) 2166.66667
1-04-22 (6000*3 1,500 6166.66667
1-07-22 (6500*3 1625
1-10-22 (6500*3 1625 c/d (6500*2/ 1083.3333333333
7250 7250
Example
Faizan Ltd has a Property for which rent is paid quaterly in Arrears on 1st Mar, 1st June, 1st S
each Year. The annual rent is $42,000 which increased to $50,000 from 1st Mar 2022. Calcula
expense for the year ended 30-April-2022.
01/05/2021 to 30/04/2022
Rent
o/p (42000*2 7000
Cash Paid
1-06-21 (42000* 10,500
1-09-21 (42000* 10,500 35000
1-12-21 (42000* 10,500 Expense for y 43333.333333333 (SPL) 8333.33333
1-03-22 (42000* 10,500 43333.3333
50333.333333333 50333.333333333
Ahmed Plc has a Property for which rent is paid quaterly in Advance on 1st Mar, 1st June, 1st
Dec each Year. The annual rent is $30,000 which increased to $35,000 from 1st Sep 2021. Ca
expense for the year ended 31-Dec-2021.
01/01/2021 to 31/12/2021
Rent
o/p (30000*2/12 5000
Cash Paid
1-03-21 (30000* 7,500
1-06-21 (30000* 7,500
1-09-21 (35000* 8,750 Expense for y 31666.666666667 (SPL)
1-12-21 (35000* 8,750
37500 37500
Income
Accrued Income
989600 989600
179)
01/07/2015 to 30/06/2016
Insurance
o/p (10800*9/12) 8100
Cash 12,000
c/d (12000*9/12) 9000
,198,199,200,202,203,204,205,206
h not Received.
ts not provide
Prepayment
Dr Expense XX
Cr Prepayment XX
Prepayment
o/p XX
n, 1st April, 1st Cash Paid XX
ed to $50,000 Expense for year XX (SPL)
2022. c/d (SFP) XX
XX XX
16666.6667 40000*5/12
29166.6667 50000*7/12
45833.3333
6000*8/12
6500*4/12
Prepaid Income
Dr Cash XX Dr Income XX
Cr Income XX Cr Prepaid IncomXX
Dr Prepaid Inco XX
Cr Income XX
Prepaid Income
o/p XX
c/d XX
XX XX
Question # 54,64,65,66,67,68,69,70,71,72,73,74,75,77,78,80,8384,85,86,87,88,
Incomplete Records:
1= Using T- Accounts
Prepare and Account, List all items and the differential will be the missing figure.
e.g Credit Sales are found by preparing Receivables account
Credit Purchases are found by preparing Payables account
Sales XX
Cost of Sale
O/p Inventory XX
Purchases XX
c/d Inventory (XX) (XX)
Gross Profit XX
342= D
01/12/2016 to 30/11/2017
Electricity
1540
Expense 1848
c/d (462*2/3) 308
1848 1848
343= C
345= B
Rec 137850
c/d All 2757
346= D
347= A
348= 1= CA
2=NCA
349= B
350= C
351= A
352= C
354=
355= C
357= C
Receivables
o/p 800 Cash 28000
Sales 28500
c/d 1300
29300 29300
358= A
Payables
o/p 70
Cash 1800
Purchases 1930
c/d 200
2000 2000
359= B
Furniture Computer Printer
$ $ $
Cost 800 2800 1500
Acc Dep -200 -1225 -656
CV at start 600 1575 844
Dep -200 -393.75 -211 -804.75
CV at End 400 1181.25 633
360= A
$
NCA
Furniture 400
Computer 1181.25
Printer 633
CA
Inventory 900
Receivable 1300
Cash 3900 (700+30000-26800)
NCL
Bank Loan -4400 (2400+2000)
CL
Payables -200
361= B
362= 5450
363= A
Receivables
o/p 29100 Cash 388400 (381600+6800)
Refund 2100 BD 7200
Contra 9400
Credit Sale 412400
c/d 38600
443600 443600
e.g Sales are $75,000, o/p inventory is $48,000 and closing inventory is $30,000. Profit is calculated as 25% mark-up.
Required: Find the value of Purchases.
$
Sales 75000
Cost of Sale
O/p Inventory 48000
Purchases XX
c/d Inventory -30,000 -60000 (75000-15000)
E.g Sales are $105,000, o/p inventory is $8,000 and Purchases is $95,000. Profit is calculated as 25% Margin. Required
the value of Closing Inventory.
$
Sales 105000
Cost of Sale
O/p Inventory 8000 8,000
Purchases 95000 95000
c/d Inventory -24,250 -78750 (105000-26250) -24,250
78,750
Gross Profit (105000*25/100) 26250
E.g Sales are $95,000, o/p inventory is $18,000, closing inventory is $48,500 and Purchases is $135,000. Profit is calcu
as 20% Margin. Required: Find the value of Inventory Lost.
$
Sales 95,000
COS
o/p Inv 18000
Pur 135,000
c/d Inv -48500 -104500
E.g Sales are $22,500, o/p Inv $6,000, Purchases $40,000. Mark-up is 5%. Find c/d Inventory
$ $
Sales 22,500
COS 6000
o/p 6000 40000
Pur 40,000 -24571
c/d -21,429
21429
Profit (22500*5/105) 1071.42857
Sr Description Dr Cr
$ $
1= Capital 15258
2= Drawings 5970
3= Purchases 73,010
4= Return Inwards 1,076
5= Return Outwards 3,720
6= Discount Received 965
7= Credit Sale 96,520
8= Cash Sale 30,296
9= Custom Duty 11,760
10= Carriage Inwards 2,930
11= Carriage Outwards 1,762
12= Salesman Commission 711
13= Salesman Salary 3,970
14= Office Salaries 9,077
15= Bank Charges 980
16= Loan Interest 450
17= Light and Heat 2,653
18= Sundry Expenses 2,100
19= Rent and Rates 7,315
20= Printing and Postage 2,103
21= Advertising 1,044
22= Bad Debts (1791+101) 1,892 (538-437=101)
23= Allowance for Receivable 538 (437+101)
24= Opening Inventory 7,650
25= Closing Inventory 8,490 8,490
26= Receivables 10,760
27= Payables 7,411
28= Cash at Bank 2,534
29= Cash in Hand 75
30= Motor Expenses 986
Furniture and Equipment
31= Cost 8,000
32= Accumulated Depreciation 3,200 (2400+800)
33= Depreciation Furniture 800 (8000*10%)
New Van
34= Cost 3200
35= Accumulated Depreciation 640 (3200*20%)
36= Depreciation New Van 640
37= Loss on Old Van 100 (2100-1000=1100-1000=100)
38= Loan Account at 9% 5,000
172038 172038
Statement of Profit or Loss for the year ended 31-05-2016 Statement of Financial Position As At 31-05-20
$ $
Credit Sale 96,520 Assets
Cash Sale 30,296 Non Current Assets
Return Inwards -1,076 125,740 Furniture and Equipment
New Van
Cost of Sale
Opening Inventory 7,650 Current Assets
Purchases 73,010 Inventory
Return Outwards -3,720 Receivable (10760-538)
Carriage Inwards 2,930 Cash at Bank
Custom Duty 11,760 Cash in Hand
Closing Inventory -8,490 -83,140
Total Assets
Gross Profit 42,600
Discount Received 965 Capital
Carriage Outwards 1,762 Capital
Salesman Commission 711 Net Profit
Salesman Salary 3,970 Drawings
Office Salaries 9,077
Bank Charges 980 Non Current Liabilities
Loan Interest 450 Loan Account at 9%
Light and Heat 2,653
Sundry Expenses 2,100 Current Liabilities
Rent and Rates 7,315 Payables
Printing and Postage 2,103
Advertising 1,044 Total Capital and Liabilities
Bad Debts (1791+101) 1,892
Motor Expenses 986
Depreciation Furniture 800
Depreciation New Van 640
Loss on Old Van 100 -36,583
1100-1000=100)
nancial Position As At 31-05-2016
$ $
4800 (8000-3200)
2560 7360 (3200-640)
8490
10222
2,534
75 21321
28681
15258
6,982
-5970 16270
5,000 5,000
7411 7411
28681
Sr Description Dr Cr Adjustment Accruals Prepaymen
$ $ Dr Cr
$ $ $ $ $ $
1= Capital 108,000
2= Opening Inventory 92,880
3= Drawings 33,720
4= Rent 13,840 200
5= Purchases 484,272
6= Sales 683,920
7= Electricity 2,000
8= Building at Cost 80,940
9= Building Acc Dep 35,982 15,000
10= Bank 2,538
11=, Receivable 45,500 2,000
12= Payables 40,440
13= Insurance 3,072 100
14= Wages and Salaries 109,580
15= Depreciation 15,000
16= Bad Debt 2,000
17= Accrual 200 200
18= Prepayment 100 100
19= Closing Inventory 94,500 94,500
20= Net Profit
868,342 868,342 111,800 111,800 200 100
Statement of Profit or Loss Statement of Financial Position
Dr Cr Dr Cr
$ $ $ $
108,000
92,880
33,720
14,040
484,272
683,920
2,000
80,940
50,982
2,538
43,500
40,440
2,972
109,580
15,000
2,000
200
100
94,500 94,500
55,676 55,676
778,420 778,420 255,298 255,298
Question # 392,394,395,396,397,398,,400,403,404,405,
Partnership
Partnership is a business where two or more persons work together with a common view to Profit.
Partnership Agreement
1= Name of Business
2= Activities
3= Partners
4= Capital to be Introduced
5= Drawings
6= Interest on Capital
7= Interest on Drawings
8= Salaries of Partners
9= Profit sharing Ratio
10= Dispute Resolution
11= Preparation of Financial Statements & Audit
12= Cessation of partnership
13= Death of partner
etc
Example 1:
Ubaid and Taqi started partnership selling medicines on 1-01-22. Both partners agrred to inv
was agreed at 10%, Taqi was entitled to a salary of $5,000, Drawings were $800 and $2,000 r
the year was $100,000.
U
$
Appropriation Account
Interest on Capital Net Profit 100,000
U (40000*10%) 4000
T (10000*10%) 1000 c/d 40000
Partner's Salary
40000
T 5000
Residue Profit
U (90000*4/5) 72000
T (90000*1/5) 18000 U
$
100000 100000 Drawings 800
Capital U T Total
$ $ $ c/d 75200
Capital 40000 10000 50000
Current Account 75200 22000 97200 76000
Example 2:
Faizan, Taha and Shahsawar were in partnership selling Naswar. All partners agreed at Interest on
Drawings were $1,800, 3,300 and $2,500 respectively. Profit sharing was agreed at 6:4:1. Net Profit
account was $20,000 , $30,000 and $5,000 respectively and the balance on Current account was $5
Appropriation Account
IOC Net Profit 950,000 F
F (20000*5%) 1,000 $
T (30000*5%) 1,500 Drawings 1,800
S (5000*5%) 250
Salary
S 100
Residue Profit c/d 520,827
F (947150*6/11) 516,627
T (947150*4/11) 344,418 522,627
S (947150*1/11) 86,105
950,000 950,000 F
$
Residue Profit 947,150
Saad, Moaz and Ahsan were in partnership selling Chairs. All partners agreed at Interest on Capita
was agreed at 3:2:1. Net Profit for the year was $60,000. At 1-01-2022 the balance on capital accou
balance on Current account was $15,000 , $16,000 and $4,500 respectively. At 31-10-2022 Saad ma
7%.
Saad, Moaz and Ahsan were in partnership selling Chairs. All partners agreed at Interest on Capita
was agreed at 3:2:1. Net Profit for the year was $60,000. At 1-01-2022 the balance on capital accou
balance on Current account was $15,000 , $16,000 and $4,500 respectively. At 31-10-2022 Saad ma
7%.
Appropriation Account
IOC Net Profit 60,000 S
S (30000*15%) 4,500 $
M (15000*15%) 2,250 IOD Drawings 5,800
A (5000*15%) 750 S (5800*7% 68 IOD 68
Salary
A 9,000
Residue Profit c/d 35,416
S (43568*3/6) 21,784
M (43568*2/6) 14,523 41,284
A (43568*1/6) 7,261
60,068 60,068 S
$
Residue Profit 43568 (60000+68-4500-2250-750-9000)
Capital
A B C A B C
$ $ $ $ $ $
o/p XX XX
Goodwill (New Ratio XX XX XX Goodwill XX XX
(Old Ratio)
c/d XX XX XX New Capital XX
XX XX XX XX XX XX
420= C
Capital
G D M G D M
$ $ $ $ $ $
o/p 60000 60000
Goodwill (New Ratio 20000 20000 20000 Goodwill 30000 30000
(Old Ratio)
c/d XX XX 10000 New Capital 30000
XX XX XX XX XX XX
421= B
$
Capital 60,000
Current 15,000
Goodwill 20,000 (60000/3)
95,000
422) C
Capital
J T E J T E
$ $ $ $ $ $
o/p 50000 50000
Goodwill (New Ratio 25000 25000 25000 Goodwill 50000 25000
(Old Ratio)
c/d XX XX 5000 New Capital 30000
XX XX XX XX XX XX
417) D
Appropriation Account
IOC Net Profit 180,000 X
X (32000*4%) 1,280 $
Y (28000*4%) 1,120 Drawings 27,000
Z (20000*4%) 800
Salary
Y 7,500
Residue Profit c/d 93,000
X (169300*4/10) 67,720
Y (169300*4/10) 67,720 120,000
Z (169300*2/10) 33,860
180,000 180,000 X
$
Residue Profit 169300 (180000-1280-1120-800-7500)
418) B
419) C
Salary 7500
IOC 1,120
Profit 67,720
76340
410) D
Appropriation Account
IOC Net Profit 150,000 Alan
AL (32000*4%) 1,000 $
AN (28000*4%) 1,000 Drawings 13,750
R (20000*4%) 500
Salary
Andy 12,500
Residue Profit c/d 39,250
AL (135000*1/3) 45,000
AN (135000*1/3) 45,000 53,000
Ro (135000*1/3) 45,000
409) C
Salary 12500
IOC 1000
Profit 45000
58500
407) A
390) C
A
$
Appropriation Account
Interest on Capital Net Profit XX
A XX
B XX Interest on Drawings c/d XX
Partner's Salary A XX
A XX B XX XX
B XX
Residue Profit
A XX
B XX A
$
XX XX Drawings XX
IOD XX
c/d XX
XX
oth partners agrred to invest $40,000 and $10,000 respectively, Interest on Capital
gs were $800 and $2,000 respectively. Profit sharing was agreed at 4:1. Net Profit for
Capital Account
T U T Profit share of Taqi
$ $ $ $
IOC 1000
New capital 40,000 10,000 Salary 5000
Residue 18000
10000
Total Share 24000
10000 40000 10000
Profit share of Ubaid
$
Current Account IOC 4000
T U T Salary 0
$ $ $ Residue 72000
2000
IOC 4000 1000 Total Share 76000
Salary 5000
22000 Residue Prof 72000 18000
tners agreed at Interest on Capital 5%, Shahsawar was entitled to a salary of $100,
s agreed at 6:4:1. Net Profit for the year was $950,000. At 1-01-2022 the balance on capital
e on Current account was $5,000 , $6,000 and $1,500 respectively.
Current
T S F T S
$ $ $ $ $
3,300 2,500 o/p 5,000 6,000 1,500
IOC 1,000 1,500 250
Salary 100
Residue Profit 516,627 344,418 86,105
348,618 85,455
Capital
T S F T S
$ $ $ $ $
o/p 20,000 30,000 5,000
30,000 5,000
greed at Interest on Capital at 15%, Ahsan was entitled to a salary of $9000. Profit sharing
he balance on capital account was $30,000 , $15,000 and $5,000 respectively and the
vely. At 31-10-2022 Saad made drawings of $5,800 and interest on drawings was agreed at
greed at Interest on Capital at 15%, Ahsan was entitled to a salary of $9000. Profit sharing
he balance on capital account was $30,000 , $15,000 and $5,000 respectively and the
vely. At 31-10-2022 Saad made drawings of $5,800 and interest on drawings was agreed at
Current
M A S M A
$ $ $ $ $
o/p 15,000 16,000 4,500
IOC 4,500 2,250 750
Salary 9,000
Residue Profit 21,784 14,523 7,261
32,773 21,511
Capital
M A S M A
$ $ $ $ $
o/p 30,000 15,000 5,000
15,000 5,000
Capital
Y Z X Y Z
$ $ $ $ $
o/p 32,000 28,000 20,000
28,000 20,000
Capital
Andy Roger Alan Andy Roger
$ $ $ $ $
o/p 20,000 20,000 10,000
20,000 10,000
Current Account
B A B
$ $ $
XX o/p XX XX
XX IOC XX XX
Salary XX XX
XX Residue Profit XX XX
XX XX XX
Total Share Saad Moaz Ahsan
$ $ $
IOC 4,500 2,250 750
Salary 9,000
Profit 21,784 14,523 7,261
IOD (68)
XX
21/06/2022 Tuesday Inventory & Bad Debts
22/06/2022 Wed Accruals & Non Current Assets
23/06/2022 Thu Control, Suspense & Bank Recon
24/06/2022 Fri Incomplete Records & partnership
337= D
336= D
Suspense
o/p 1000
Error 2000
c/d 3000
3000 3000
334= A
Profit Capital
$ $
24952 75841
-250 -250
24702 75591
333= C
332= 900
Suspense
o/p 450
1= 450
c/d 900
900 900
330= C
157728+90
157818
327= D
321= A
Suspense
1= (1475+1745) 3220 2= 790
3= 380
c/d 2050
3220 3220
Dr Rec 5390
Cr Sales 4600
Cr Suspense 790
318= D
317= A
Suspense
1= 180 3= 70
2= 100
c/d 210
280 280
314= B
313= D
311= A
305= B
301= A
0.33333333
o/p All 3000.075 100% (4000*100/133.33)
218= 2000
$
BD 5000
Dec in All -3000
2000
213= 340750
Receivables
o/p 37500 Contra 1750
Credit Sale 357500 BD 3500
Cash Receiv 340750
c/d 49000
395000 395000
212= C
211= 20200
Receivables
o/p 10000 Cash 89000 (90000-1000)
Credit Sale 100000 BD 800
c/d 20200
110000 110000
210=
BD 3200
Inc In All 2333
BD Recovered -450
5083
209= B
133= 21510
131= 4700
B S L
$ $ $
Cost 1200 2250 2700
136= 9.4
$
Profit 6.5
Op 1.3
Cl 1.6
9.4
118= C
119= A
H D P
$ $ $
Cost 2280 4080 1280
130) 87700
Diesel
o/p 12500 o/p 1700
99200 99200
9.11) A
9.5) B
9.4) D
Sales 150000
COS
o/p 12500
Pur 126500
c/d -120000
GP (150000*20/ 30000
BD 275
Dec In All -40
Expense 235
8.8) B
8.7) C
8.5) A
All
o/p 18765
518
c/d 19283
56800*1% 568
37700*20% 7540
14900*75% 11175
19283
7.1) B
Expense 1800
Prepayment 600
7.9) B
Loss 1486
Accrual 1625
Prepayment -834
Net Loss 2277
7.13) A
4728-353 4375
10.5) A
10.8) D
10.10) C
10.13) D
10.19) C
137) D
142) 87,500
Cost
o/p 140,000
New Asset 30,000
c/d 170,000 Cost 170,000
170,000 170,000 Acc Deo -60,000
NBV at St 110,000
Dep 25% -27500
Acc Dep
o/p 60,000
Dep 27500
c/d 87,500
87,500 87,500
143) D
144) A
145) D
Disposal
Cost 12000
Acc Dep 5856
NBV 6144
Loss -1714
Part Exchange 4430
146) 3200
Cheque 11570
Part exchange 4,430
Cost of New Asse 16000
Dep -3200
148) A
158) B
160) 6,000
$
Cost at 1-1-12 100,000
Dep -20000
CV at 31-12-12 80,000
Dep -16000
Cv at 31-12-13 64,000
Profit 6,000
Disposa; 70,000
161) 6,250
$
Cost at 1-1-12 100,000
Dep -15000
CV at 31-12-12 85,000
Dep -15000
Cv at 31-12-13 70,000
Dep (15000*3/12 -3750
CV at 1-04-14 66,250
Loss -6,250
Disposal 60,000
162) 90800
Cost
o/p 180,000 Disposal 20,000 Dep
Acc Dep
Disposal 17200 o/p 92,000
Dep 16000
c/d 90,800
108,000 108,000
Disposal
Cost 20,000 Acc Dep 17200
Proceeds 4800
Profit 2,000
22,000 22,000
163= 2,000
164= 16000
165= D
166= C
167= 510,000
Cost
o/p 860,000 Disposal 80,000
New Asset 180,000
c/d 960,000
1,040,000 1,040,000
Cost 960,000
Acc Dep -450,000
510,000
Acc Dep
Disposal 43000 o/p 397,000
Dep 96000
c/d 450,000
493,000 493,000
Disposal
Cost 80,000 Acc Dep 43,000
Proceeds 49000
Profit 12,000
92,000 92,000
168) B
$
Cost at 1-7-13 126,000
Dep -6300
CV at 31-10-13 119,700
Dep -17955
CV at 31-10-14 101,745
Dep -15261.75
CV at 31-10-15 86,483
Dep -12972.488
CV at 31-10-16 73,511
Dep -10107.73
CV at 30-09-17 63,403
Loss -8,603
Disposal 54800
170) 150,000
$
Cv at 1-8-12 200,000
Disposal -30000 (25000+5000)
Dep -20000
CV at 31-7-13 150,000
174) D
$
Cost 14900
Acc Dep -8940
NBV 5960
Profit 1495
Disposa' 7455
177)