9. From the following information of Menal, prepare his Final Accounts for the year ended 31st March, 2024:
| Debit Balances | ₹ | Credit Balances | ₹ |
|---|---|---|---|
| Purchases | 2,50,000 | Sales | 5,00,000 |
| Returns Inward | 12,000 | Returns Outward | 10,000 |
| Carriage | 8,000 | Creditors | 1,02,000 |
| Wages | 60,000 | Commission (Cr) | 1,000 |
| Miscellaneous Expenses | 2,000 | 12% Bank Loan | 30,000 |
| Insurance | 1,200 | Capital | 2,40,000 |
| Repairs | 8,000 | Rent Received | 5,000 |
| Debtors | 1,19,000 | ||
| Printing and Stationery | 6,000 | ||
| Advertisement | 15,000 | ||
| Opening Stock | 30,000 | ||
| Cash in Hand | 12,000 | ||
| Interest on Bank Loan | 2,800 | ||
| Machinery | 2,80,000 | ||
| Furniture | 34,000 | ||
| Drawings | 15,000 | ||
| Income tax paid | 5,000 | ||
| Cash at Bank | 28,000 |
Additional Information:
(i) Closing Stock on 31st March, 2024 was ₹21,000.
(ii) Rent of ₹1,200 has been received in advance.
(iii) Outstanding liability for Miscellaneous expenses is ₹12,000.
(iv) Commission earned during the year but not received was ₹2,100.
(v) Goods costing ₹2,000 were taken by the proprietor for his personal use but entry was not passed in the books of account.
T.S.Grewal/2024 Edition/Practical Problems/Q-09
For full question, please refer to the text book T.S.Grewal’s Double Entry Book Keeping-Financial Accounting, Textbook for CBSE Class XI published by Sultan Chand & Sons Pvt. Ltd.
