Find net profit : Rs. Rs. Sales 428,000 Purchases 304,400 Wages and salaries 64,000 Rent 14,000 Heating and lighting 5,000 Inventory as at 1 January
Find net profit : Rs.
Rs.
Sales
428,000
Purchases
304,400
Wages and salaries
64,000
Rent
14,000
Heating and lighting
5,000
Inventory as at 1 January 2013
15,000
Drawings
22,000
Allowance for doubtful debts
4,000
Non-current assets
146,000
Accumulated depreciation:
32,000
Trade receivables
51,000
Trade payables
42,000
Cash
6,200
Capital as at 1 January 2013
121,600
627,600
627,600
Further information:.
a) Rs. 400 is owed for heating and lighting expenses.
b)
Rs. 700 has been prepaid for rent.
It is decided that a bad debt of Rs. 1,200 should be written off, and
c)
that the allowance for doubtful debts should be increased to Rs.
4,500.
d) Depreciation is to be provided for the year at 10% on cost
e) Inventory at 31st December 2013 was valued at Rs. 16,500.
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