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    25 Final Account

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    kingred066
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    25 Final Account

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    kingred066
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    Solve the question

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    25 final account

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    54 views1 page

    25 Final Account

    Uploaded by

    kingred066
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    © All Rights Reserved
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    of 1

    27. From the following balances taken from the books of Mr.

    Bhutto prepare trading and


    profit and loss account for the year ending 31st December 2007 and a balance sheet
    on that date :
    Stock on hand on 31st December 2007 was Rs. 20,000.
    Rs. Rs.
    Purchases 20,250 Drawings 5,000
    Bank overdraft 7,000 Interest Cr. 900
    Bank charges 50 Loose tools 2,200
    Freehold premises 10,000 Life insurance premium 900
    3,000Cash in hand 2,300
    Annuity deposits
    Furniture 4,000 Carriage 600
    Legal charges 200 Investments 5,000
    Insurance 600 Goodwill 10,000
    2,900 Productive expenses 2,000
    General expenses 15,000
    Telephone 600| Plant
    6,900 Rent and taxes 3,500
    Wages 2,500
    Factory fuel 2,300 Office expenses
    25,000 Stock (1-1-92) 9,700
    Creditors 25,000
    Capital 50,000 Debtors 18,000
    Sales 40,920 Bills payable
    Bill receivable 5,320|Loans to staff 2,000

    |Gross Profit Rs 19,170 : Net Profit Rs. 9,720; Balan ce sheet total Rs. 1,03,820)
    Hint : Annuity deposits are assets.

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