MGT101 Ass Sol

 

HYPER STAR TRADERS

Adjustment of entries

For The Period Ended On: 31^st December, 2009.

Adjustment Entry # 01
	Dr.	Cr.
Particulars	Amount	Amount
Bank charges A/C	150
Interest on loan A/C	500
Accrued Bank charges A/c		150
Accrued Interest on Loan A/c		500
Total	650	650
Adjustment entry to record the due payment not yet recorded in the bank books
Adjustment Entry # 02
	Dr.	Cr.
Particulars	Amount	Amount
Accrued dividend receivable A/c	2,000
Dividend Income A/c		2,000
Total	2,000	2,000
Adjustment entry for the dividend accrued receivable on Dec 31, 2009
Adjustment Entry # 03
	Dr.	Cr.
Particulars	Amount	Amount
Bad debts on Sundry debtors A/c	5,000
Sundry debtors A/c		5,000
Total	5,000	5,000
Recording the bad debts on sundry debtors (100,000 x 5% = 5000/-)
Adjustment Entry # 04
	Dr.	Cr.
Particulars	Amount	Amount
House rent expense A/c	5,000
Capital A/c		5,000
Total	5,000	5,000
Adjustment entry for recording house rent paid from owners personal account
Adjustment Entry # 05
	Dr.	Cr.
Particulars	Amount	Amount
Depreciation on plant A/c	40,000
Plant A/c		40,000
Total	40,000	40,000
Adjustment entry for written off the plant value

HYPER STAR TRADERS

INCOME STATEMENT

For The Period Ended On: 31^st December, 2009.

Particulars		Rs.	Rs.	Rs.
	Sales		924,000
less:	Return Inwards		8,000
	Net Sales			916,000
Less:	Cost of Goods Sold
	Opening Stock		120,000
Add:	Net Purchases
	Purchases	680,000
Less:	Return Outwards	4,800
	Net Purchases		675,200
Add:	Wages		45,200
	Total Stock available for sale		840,400
Less:	Closing Stock		200,000
	Net Cost of Sales			640,400
	Gross Profit
Less:	Operating & Admin. Expenses
	Salaries		48,000
	Carriage out		3,600
	Insurance Paid		2,800
	Bank Charges		150
	Interest on Loan		500
	Bad Debts on Sundry Debtors		5,000
	Dep. On  Plant		40,000
	Total Operating Expenses			100050
	Operating Income			175,550
Add:	Other Incomes
	Commission Received		2,000
	Dividend Income		2,000
	Interest Received		800
	Total Other Incomes			4,800
	Net Profit			180350

HYPER STAR TRADERS

BALANCE SHEET

AS ON: 31^st December 2009.

Particulars	Rs.	Particulars		Rs.
Furniture	40,000	Bills Payable		20,000
Plant	160,000	Bank Charges Payable		150
Stock	200,000	Interest Payable		500
Debtors	95,000	creditors		160,000
Investment	60,000	Capital	280,000
Cash	4,000	+ net profit	180,350	460,350
Bill Receivable	44,000
Bank	36,000
Dividend Income Receivable	2,000
	641,000			641,000

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