The following information is extracted from the books of Safety Distributors, a sole proprietorship owned by...
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The following information is extracted from the books of Safety Distributors, a sole proprietorship owned by Hansi. Safety Distributors made all sales on cash basis keeping a fixed margin of 20% on cost and purchases are made on credit basis. Assets and liabilities of the sole proprietorship are as follows: As at 31st March 2022 378,000 Furniture and office Equipment Inventories Rent paid in Advance Cash at Bank Trade Creditors Accrued Bills (Water and Electricity) The following additional information is also provided: (1) The entire sales income collected on a particular day is deposited into the bank account on the same day. Receipts: (2) On 31st March 2022, an air conditioner for Rs.150,000/- was purchased out of Hansi's own money for the use of the business. Cash Deposited ? ? ? (3) The shop is in a rented building and as per the agreement, the annual rent advance on the 01st day of September in every year. Monthly rent is Rs.8,000/-. Payments: 19,200 5,000 Trade Creditors Rent (4) A summary of the transactions appeared in the business's bank statements for the year is as follows: Salaries and Wages Telephone Bills Water and Electricity Bills Hansi's Drawings (Rs.) As at 31st March 2021 Rs. 5,000,000 310,000 98,500 40,000 27,500 11,500 3,000 3,800,000 96,000 360,000 12,000 75,000 420,000 You are required to: Prepare the Trial Balance of Safety Distributors as at 31st March 2022. paid in The following information is extracted from the books of Safety Distributors, a sole proprietorship owned by Hansi. Safety Distributors made all sales on cash basis keeping a fixed margin of 20% on cost and purchases are made on credit basis. Assets and liabilities of the sole proprietorship are as follows: As at 31st March 2022 378,000 Furniture and office Equipment Inventories Rent paid in Advance Cash at Bank Trade Creditors Accrued Bills (Water and Electricity) The following additional information is also provided: (1) The entire sales income collected on a particular day is deposited into the bank account on the same day. Receipts: (2) On 31st March 2022, an air conditioner for Rs.150,000/- was purchased out of Hansi's own money for the use of the business. Cash Deposited ? ? ? (3) The shop is in a rented building and as per the agreement, the annual rent advance on the 01st day of September in every year. Monthly rent is Rs.8,000/-. Payments: 19,200 5,000 Trade Creditors Rent (4) A summary of the transactions appeared in the business's bank statements for the year is as follows: Salaries and Wages Telephone Bills Water and Electricity Bills Hansi's Drawings (Rs.) As at 31st March 2021 Rs. 5,000,000 310,000 98,500 40,000 27,500 11,500 3,000 3,800,000 96,000 360,000 12,000 75,000 420,000 You are required to: Prepare the Trial Balance of Safety Distributors as at 31st March 2022. paid in
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Related Book For
Intermediate Accounting
ISBN: 978-0324300987
10th Edition
Authors: Loren A Nikolai, D. Bazley and Jefferson P. Jones
Posted Date:
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