SOURCES OF FINANCE — Commercial Studies STD 10 — Question

Trial Balance as on 31.3.2023 of Ms. Counsel.

	Debit (₹)	Credit (₹)
Purchases and Sales	2,40,000	4,15,000
Wages & Factory Supervisor's Remuneration	35,000
Building	1,80,000
Machinery & Equipment	4,75,000
Commission	2,800	1,600
Freehold Land	1,00,000
Watch Dogs Squad	30,100
Debit Notes & Credit Notes (issued in connection with goods)	10,000	15,000
Creditors & Debtors	60,000	45,000
Salaries & Staff Welfare	38,000
Bill (drawn to guarantee payment)	10,000	7,000
Building Repairs	15,000
Cash & Bank	50,000
Bonus	2,500
Discounts	3,200	14,600
Watch Dogs Upkeep Costs	6,600
Accounts of the owner	35,000	5,95,000
Interest-free Loan		1,00,000
General Reserve		1,30,000
Opening Stock	30,000
	13,23,200	13,23,200

Compile Final Accounts:
(i) Closing Stock at the cost price is ₹8,000 more than the opening stock - but the ruling market price is ₹35,000 only, on 31.3.2023.

The following is the trial balance of Miss H. Seattle as on 31st December, 2022.

	Debit (₹)	Credit (₹)
Salaries	5,500
Wages	33,000
Returns Accounted	10,000	8,000
Carriage Inwards	12,000
Carriage Outwards	10,000
Rent	3,300
Insurance	7,000
Stock on (1/1/2022)	15,000
Rates and Taxes	2,700
Power and Fuel	8,000
Plant and Machinery	1,00,000
Furniture and Fixtures	10,000
Purchases	1,20,000
Sales		2,05,000
Investments (long-term basis)	80,000
Income from Investments		10,000
Commission Receipts		12,000
Discount to Customers and from Creditors	4,000	6,000
Bad Debts Written off	2,000
Cash in Bank	25,000
Cash in Hand	500
Capital		2,20,000
Debtors' and Creditors' Personal Accounts	52,000	39,000
	5,00,000	5,00,000

Compile the final accounts for the owner, after attending to the adjustment given below.
(i) Closing stock is evaluated at the lower market price 42,000 ignoring the cost price, which is higher by ₹4,000.

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From the following trial balance of Mr. A prepare a Trading Account and a Profit and Loss A/c for the year ending 31st Dec., 2022 and a Balance Sheet as on that date:

TRIAL BALANCE
Debit Balance	(₹)	Credit Balance	(₹)
Cash	10,000	Sales	1,80,500
Stock	40,800	Returns	195
Wages	22,525	Loan	20,000
Purchases	1,30,295	Creditors	30,305
Returns inward	2,400	Discount	530
Repairs	1,675	Capital	37,500
Bad Debts	2,310
Interest on Loan	600
Salaries	8,000
Sales Tax	800
Octroi	500
Insurance	1,000
Charity	125
Rent	2,000
Machinery	16,000
Debtors	30,000
	2,69,030		2,69,030

Stock on 31st Dec., 2022 was ₹40,925.

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