Page 37 - Chapter-11.pmd

Accounts from Incomplete Records 473

The rate of gross profit is 25% on selling price and out of the total sales
Rs. 85,000 was for cash sales.
100
Hint : Total sales = 4,00,000 = 3 00 000, , ×
75
[Ans : Opening balance of debtors : Rs. 54,000 ; Closing balance of creditors:
Rs. 1,78,500].
28 Mrs. Bhavana keeps his books by Single Entry System. You’re required to
prepare final accounts of her business for the year ended December 31,
2013. Her records relating to cash receipts and cash payments for the above
period showed the following particulars :

Summary of Cash
Dr. Cr.

Receipts Amount Payments Amount
Rs. Rs.
Opening balance of cash 12,000 Paid to creditors 53,000
Further capital 20,000 Business expenses 12,000
Received from debtors 1,20,000 Wage paid 30,000
Bhavana’s drawings 15,000
Balance at bank on 35,000
Dec. 31, 2013
Cash in hand 7,000
1,52,000 1,52,000

The following information is also available :
Jan. 01, 2013 Dec. 31, 2013
Rs. Rs.
Debtors 55,000 85,000
Creditors 22,000 29,000
Stock 35,000 70,000
Plant 10,00,000 1,00,000
Machinery 50,000 50,000
Land & Building 2,50,000 2,50,000
Investment 20,000 20,000
All her sales and purchases were on credit. Provide depreciation on plant
and building by 10% and machinery by 5%, make a provision for bad debts
by 5%.
[Ans : Gross profit ; Rs. 95,000 ; Net profit : Rs. 41,250 ; Total of balance
sheet : Rs. 5, 75,250].

2015-16