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Homework answers / question archive / Following is the Trial Balance of FOX Industries Limited as on 31st December 2006 Particulars Particulars Rs As 280,000 4290 Share capital Purchases return Sales Loan on mortgage Discount Provision for bad Debts Sundry Creditors Total 572,140 85,000 780 2500 17,210 961,920 OFFICE SALARIES 19860 MACHINERY 128,400 OPENING STOCK 72,940 PURCHASES 292,620 SALES RETURN 3210 Travellers' salaries and 32,760 commission Factory Fuel 4280 Office Expense 3220 Interest on Loan 4250 Carriage inward 4310 Carriage Outward 3420 Freehold premises 142,000 Office rent and rates 2710 Factory rates and 2220 insurance Office furniture 5000 Machinery repairs 3980 Royalties paid 4710 Bad debts 219 Sundry debtors 62,840 Cash in hand 3270 Cash at bank 22,730 Bills receivable 17,860 Manufacturing wages 123,140 Total 961,920 Additional Information: A

Following is the Trial Balance of FOX Industries Limited as on 31st December 2006 Particulars Particulars Rs As 280,000 4290 Share capital Purchases return Sales Loan on mortgage Discount Provision for bad Debts Sundry Creditors Total 572,140 85,000 780 2500 17,210 961,920 OFFICE SALARIES 19860 MACHINERY 128,400 OPENING STOCK 72,940 PURCHASES 292,620 SALES RETURN 3210 Travellers' salaries and 32,760 commission Factory Fuel 4280 Office Expense 3220 Interest on Loan 4250 Carriage inward 4310 Carriage Outward 3420 Freehold premises 142,000 Office rent and rates 2710 Factory rates and 2220 insurance Office furniture 5000 Machinery repairs 3980 Royalties paid 4710 Bad debts 219 Sundry debtors 62,840 Cash in hand 3270 Cash at bank 22,730 Bills receivable 17,860 Manufacturing wages 123,140 Total 961,920 Additional Information: A

Accounting

Following is the Trial Balance of FOX Industries Limited as on 31st December 2006 Particulars Particulars Rs As 280,000 4290 Share capital Purchases return Sales Loan on mortgage Discount Provision for bad Debts Sundry Creditors Total 572,140 85,000 780 2500 17,210 961,920 OFFICE SALARIES 19860 MACHINERY 128,400 OPENING STOCK 72,940 PURCHASES 292,620 SALES RETURN 3210 Travellers' salaries and 32,760 commission Factory Fuel 4280 Office Expense 3220 Interest on Loan 4250 Carriage inward 4310 Carriage Outward 3420 Freehold premises 142,000 Office rent and rates 2710 Factory rates and 2220 insurance Office furniture 5000 Machinery repairs 3980 Royalties paid 4710 Bad debts 219 Sundry debtors 62,840 Cash in hand 3270 Cash at bank 22,730 Bills receivable 17,860 Manufacturing wages 123,140 Total 961,920 Additional Information: A. Closing stock Rs. 87,210 B. Depreciation to be provided on machinery and plant at 10% and office furniture at 5% C. The provision for bad debts is to be increased by Rs. 4,000. D. Outstanding wages Rs. 3,210 and salaries Rs.920. E. Insurance premium Rs. 2,400 is included in machinery repairs by mistake. Requires: Prepare trading and profit and loss account for the year ended 31st December 2006 and a balance sheet as on that date.

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