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project Work 0929 ses everything that is provided for us by either be renewable or nor Vah 7.33 Stock Purchase Bales 30.000 3,500 5.100 1.37 500 Purchases & Saloo Rofumo 5.000 Discount Wage bills Receivable Carriage Inwards Commission Salaries 3 02 000 5.500 1400 84.000 20.000 1.200 4,000 General Expenses & Insuranco Rent & Taxos Postago & Tolograms Packing & Distribution Debtors Creditors Mortgage Loan Reserve for Bad & Doubtful Debts Bank Provision for Tax Profit & Loss Alo Preliminary Expenses 2,600 1,380 2.020 500 750 25.000 12.000 50.000 650 8.600 40.000 10.000 50.000 5.00.550 5.00.550 Following information is also furnished (a) Stock as at 31st Dec 2010 is projected to be worth Rs. 30.000 and Bank Overdraft on 1st Jan 2010 was Rs 66.950 which is treated as a cash equivalent. (b) Reserve for doubtful debts is to be maintained at 5% (c) Rates of depreciation are as follows Plant & Machinery 12% Furniture & Fixtures 15% Vehicles 25% (d) Wages Rs 600 would be outstanding and Commission Rs 1,000 would be accrued. () Haleem may introduce Rs. 40,000 as fresh capital during the year ( Creditors worth Rs 6,000 would be allotted Bills Payable in exchange of their claim () Furniture worth Rs. 10.000 would be purchased on long term credit on 30th June 2010 (h) Bad Debts amounting Rs 600 would be recovered ) 40% of the profit must be appropriated to create a contingency Reserve 0 Rs. 9,000 Preliminary Expenses are to be written off. (k) Tax provision of 50% of profits is to be created & Rs 40,000 is to be paid for previous year tax liability 10% of the sales were on cash basis, Data for the year 2010 is as follows Rs. 3,50,000 (10% cash sales) Sales Rs. 1,00.000 Gross Profit Rs 700 (Rs. 11,800 - Rs. 11.100) Operating Expenses (Net) Rs. 5.300 Depreciation Rs 4,000 Preliminary Expenses written off Rs 40.000 Provision for Tax Rs. 21, 900 Opening Stock Rs. 15,000 Opening Debtors Rs 5,000 Opening Bills Receivables