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FS With Adjusting Entries - Practice Qs 2
FS With Adjusting Entries - Practice Qs 2
FS With Adjusting Entries - Practice Qs 2
Rs. '000'
Capital 10,921 You are given the following information:
Inventory 2,720 1) The inventory at 31 December 2013 was Rs. 4,270,00
Cash in hand 55 2) Wages and salaries payable at 31 December 2013 we
Bank Overdraft 2,522 3) Rent paid in advance at 31 December 2013 amounted
Sundry receivables 7,009 4) During 2013, the owner withdrew goods valued at Rs
Sundry payables 6,735 been made in the accounts for the withdrawal of the
Motor Vans 2,000 5) One quarter of the motor vehicle expense is the cost
Drawings in cash 2,459 distinct from expenses for business purposes.
Fixtures and Fittings 4,000
Purchases 33,436 Required:
Sales 50,261 Prepare a statement of comprehensive income for the year end
Purchases Returns 120 31 December 2013 and a statement of Financial position as at t
Carriage inwards 546
Rent 626
Salaries and wages 5,226
Motor vehicle expenses 920
Interest expense 56
Carriage outwards 720
Discounts allowed 65
Discounts received 59
Returns inwards 240
Freehold land 10,300
Bad debts 240
2013 was Rs. 4,270,000.
1 December 2013 were 426,000.
ember 2013 amounted to Rs. 100,000.
ew goods valued at Rs. 180,000 for his own use. No entry has
he withdrawal of these goods.
e expense is the cost of the owner's private motoring, as
ness purposes.
Capital
Salaries and wages 426 Inventory 2,720
Cash in hand 55
Sundry Payables 426 Bank overdraft
Sundry receivables 7,009
Sundry payables
Motor Vans 2,000
Drawings in cash 2,869
Fixtures and Fittings 4,000
Prepaid Rent 100 Purchases 33,256
Rent 100 Sales
Purchases Returns
Carriage inwards 546
Drawings 180 Rent 526
Purchases 180 Prepaid rent 100
Salaries and wages 5,652
Motor vehicle expenses 690
Interest expense 56
Carriage outwards 720
Discounts allowed 65
Discounts received
Returns inwards 240
Freehold land 10,300
Drawings 230 Bad debts 240
Motor vehicle expens 230 71,044
-
10,921
2,522
7,161
50,261
120
59
71,044