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Assignment 1 The Following List of Balances of Shakya Enterprises As On 31 December 2014 Has Been Provided To You

The second document provides the balance sheet accounts of Mr. Suresh's sole proprietorship retailing business as of December 31, 2014 including assets, liabilities, capital, expenses and revenues. Additional information includes stock balances, provisions, depreciation rates and adjustments that need to

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Srijana adhikari
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28 views

Assignment 1 The Following List of Balances of Shakya Enterprises As On 31 December 2014 Has Been Provided To You

The second document provides the balance sheet accounts of Mr. Suresh's sole proprietorship retailing business as of December 31, 2014 including assets, liabilities, capital, expenses and revenues. Additional information includes stock balances, provisions, depreciation rates and adjustments that need to

Uploaded by

Srijana adhikari
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Assignment 1

The following list of balances of Shakya Enterprises as on 31 December 2014 has been provided
to you.
Rs.
Machinery on 1st Jan 2014
At cost 200000
Accumulated Depreciation 40000
Delivery Van on 1st Jan 2014
At cost 300000
Accumulated Depreciation 90000
Premises 50000
Stock on 1st Jan 2014 30000
Purchase 300000
Sales 800000
Return outward/Purchase Return 15000
Return inward/Sales Return 20000
General Expenses 50000
Selling and distribution expenses 25000
Drawing 30000
Insurance 15000
Carriage 15000
Wages 25000
Custom Duty 10000
Creditors 50000
Debtors 20000
Cash balance 50000
Bank balance 45000
Capital of Shakya Enterprises 500000

Additional information:
i) Stock on 31st Dec 1014 Rs. 50000
ii) Outstanding general expenses Rs. 10000
iii) Provide depreciation on machinery and delivery van @ 10% and 15% respectively
Required:
Prepare Trading and Profit & Loss account for the year ended 31st December 2014
Assignment 2

Mr. Suresh is a sole proprietor of a retailing business. The following ledger balances are extracted from
his books of account as on 31st December 2014.

Capital 200000 General expenses 12000


Cash Balance 20000 Machineries 100000
Bank Balance 22000 Heat and light 2000
Bad debt 1000 Delivery Van 150000
Carriage 15000 Provision for bad debt 5000
Debtors 80000 Purchase 300000
Creditors 25000 Rent and Rates 15000
Discount (Cr.) 2000 Sales 700000
Drawings 5000 Stock (01.10.2014) 10000
Furniture 100000 Wages and salaries 20000
Fixtures and fittings 40000 Salaries and wages 40000

Additional information
a. Stock on 31st December 2014 Rs. 25000
b. An amount of Rs. 5000 was owed for rent and rates
c. The provision of bad debt is to be reduced to Rs. 3000
d. Provide 10% depreciation on Delivery Van and Machinery
e. Proprietor withdrew goods of Rs. 5000 for private use
f. Prepaid wage and salary Rs. 3000
g. Outstanding Salary and wages Rs. 10000
Required
1. Prepare Trial balance before adjusting the above items
2. Prepare Trading and Profit & Loss a/c
3. Prepare Balance sheet

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