Illustration 14: The following is the balance sheet of the retail business of Mr. Ram as...

 

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Illustration 14: The following is the balance sheet of the retail business of Mr. Ram as at 31st December, 1993: Rs. Rs. Mr. Ram's capital 1,25,000 Furniture and fittings 25,000 Creditors for goods 30,000 Stocks 75,000 Outstanding expenses (rent) 1,000 Sundry debtors 20,000 Cash at bank 35,000 Cash in hand 1,000 | 1,56,000 1,56,000 You are furnished with the following information: (1) Mr. Ram always sells his goods at a profit of 25% on sales. (2) Goods are sold for cash and credit. Credit customers pay by cheque only. (3) Payments for purchases are always made by cheque. (4) It is the practice of Mr. Ram send to the bank every week-end the takings of the week after paying every week salaries of Rs. 250 to the clerk, sundry expenses of Rs. 50 and personal expenses Rs. 100. Analysis of the bank pass book for the period ending 31st March, 1994 disclosed the following: 301 Rs. Payments to creditors 75,000 Payment of rent 4,000 Amount remitted to the bank 1,35,000 including cheques for Rs. 10,000 received from customers to whom the goods were sold on credit, The following are the balances on 31st March, 1994: Rs. Stock 32,500 Creditors for goods 32,500 Sundry debtors 30,000 On the evening of 31st March, 1974 the cashier absconded with the available cash in the cash box. You are required to prepare a statement showing the amount of cash defalcated by the cashier and also a profit and loss account for the period ended 31st March, 1994 and a balance sheet as on that date. Illustration 14: The following is the balance sheet of the retail business of Mr. Ram as at 31st December, 1993: Rs. Rs. Mr. Ram's capital 1,25,000 Furniture and fittings 25,000 Creditors for goods 30,000 Stocks 75,000 Outstanding expenses (rent) 1,000 Sundry debtors 20,000 Cash at bank 35,000 Cash in hand 1,000 | 1,56,000 1,56,000 You are furnished with the following information: (1) Mr. Ram always sells his goods at a profit of 25% on sales. (2) Goods are sold for cash and credit. Credit customers pay by cheque only. (3) Payments for purchases are always made by cheque. (4) It is the practice of Mr. Ram send to the bank every week-end the takings of the week after paying every week salaries of Rs. 250 to the clerk, sundry expenses of Rs. 50 and personal expenses Rs. 100. Analysis of the bank pass book for the period ending 31st March, 1994 disclosed the following: 301 Rs. Payments to creditors 75,000 Payment of rent 4,000 Amount remitted to the bank 1,35,000 including cheques for Rs. 10,000 received from customers to whom the goods were sold on credit, The following are the balances on 31st March, 1994: Rs. Stock 32,500 Creditors for goods 32,500 Sundry debtors 30,000 On the evening of 31st March, 1974 the cashier absconded with the available cash in the cash box. You are required to prepare a statement showing the amount of cash defalcated by the cashier and also a profit and loss account for the period ended 31st March, 1994 and a balance sheet as on that date.

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Date Paga 8lalomart ohouing the vamaund f Kash dejaleated by the washier Ca... View the full answer