49.From the following Trial Balance and the adjustments given in respect of Laxmi Consumer Co-operative Society...
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49.From the following Trial Balance and the adjustments given in respect of Laxmi Consumer Co-operative Society Ltd. Nagpur, Prepare Final Accounts for the year ended on 31st March, 2017: Debit Balances. Opening Stock Share Capital Deposit from Members Printing and stationery Investment in Shares of Cooperative Bank Investment in Shares of Trial Balance As on 31st March, 2017 Dr ₹ 1,00,000 Cooperatives Loan from Bank(Unsecured) Loan to Members Interest earned on Loan Purchases Sales Office equipments Office Rent Salaries Travelling expenses Carriage Inwards Freight Interest paid Reserve Fund Cash in hand Cash at Bank Adjustments: 1.Closing Stock 7,00,000 2.Outstanding office rent 10,000 30,000 6,00,000 3,60,000 13,50,000 37,00,000 2,50,000 50,000 2,50,000 50,000 35,000 15,000 80,000 5,10,000 20,00,000 Cr ₹ 7,50,000 9,00,000 9,20,000 4,50,000 45,00,000 18,60,000 93,80,000 93,80,000 3.Office equipment are to be Depreciated @ 5% p.a. 4.Create reserve for Bad and doubtful debts of 45,000. 5.Audit fees are to be paid of 20,000 6.Director recommended a dividend to Members @ 10% p.a. (GP=13,50,000;NP-12,52,500; BP-8,64,375;BS-=57,70,000) 49.From the following Trial Balance and the adjustments given in respect of Laxmi Consumer Co-operative Society Ltd. Nagpur, Prepare Final Accounts for the year ended on 31st March, 2017: Debit Balances. Opening Stock Share Capital Deposit from Members Printing and stationery Investment in Shares of Cooperative Bank Investment in Shares of Trial Balance As on 31st March, 2017 Dr ₹ 1,00,000 Cooperatives Loan from Bank(Unsecured) Loan to Members Interest earned on Loan Purchases Sales Office equipments Office Rent Salaries Travelling expenses Carriage Inwards Freight Interest paid Reserve Fund Cash in hand Cash at Bank Adjustments: 1.Closing Stock 7,00,000 2.Outstanding office rent 10,000 30,000 6,00,000 3,60,000 13,50,000 37,00,000 2,50,000 50,000 2,50,000 50,000 35,000 15,000 80,000 5,10,000 20,00,000 Cr ₹ 7,50,000 9,00,000 9,20,000 4,50,000 45,00,000 18,60,000 93,80,000 93,80,000 3.Office equipment are to be Depreciated @ 5% p.a. 4.Create reserve for Bad and doubtful debts of 45,000. 5.Audit fees are to be paid of 20,000 6.Director recommended a dividend to Members @ 10% p.a. (GP=13,50,000;NP-12,52,500; BP-8,64,375;BS-=57,70,000)
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Trading account of Laxmi Consumer Cooperative Society Ltd for the year ending 31st March 2017 Amount... View the full answer
Related Book For
Financial Accounting A User Perspective
ISBN: 978-0470676608
6th Canadian Edition
Authors: Robert E Hoskin, Maureen R Fizzell, Donald C Cherry
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